Bear Markets Quotes

It is important to bear in mind that political campaigns are designed by the same people who sell toothpaste and cars.

Josh bear-hugs St Clair. "I'm sorry you're off the market." "Don't tell Anna, but I bought one for you, too," St Clair says.

Life is not a boat, bearing us far away on a cruel, relentless tide from all we love. You are not lost on me on some forever distant shore. Life is a wheel.

Is he not approved in the height a villain that hath slandered, scorned, dishonoured my kinswoman? O that I were a man! What, bear her in hand until they come to take hands, and then, with public accusation, uncovered slander, unmitigated rancour - O God, that I were a man! I would eat his heart in the market-place.

The face of the one you love is the best mirror of all. It shows you your own happiness and your own pain and it helps you to bear both, because to bear either alone is to be overwhelmed by the flood.

There is only one side of the market and it is not the bull side or the bear side, but the right side.

I reflected how many satisfied, happy people there really are! What a suffocating force it is! You look at life: the insolence and idleness of the strong, the ignorance and brutishness of the weak, incredible poverty all about us, overcrowding, degeneration, drunkenness, hypocrisy, lying... Yet all is calm and stillness in the houses and in the streets; of the fifty thousand living in a town, there s not one who would cry out, who would give vent to his indignation aloud. We see the people going to market for provisions, eating by day, sleeping by night, talking their silly nonsense, getting married, growing old, serenely escorting their dead to the cemetery; but we do not see and we do not hear those who suffer, and what is terrible in life goes on somewhere behind the scenes...Everything is so quiet and peaceful, and nothing protests but mute statistics: so many people gone out of their minds, so many gallons of vodka drunk, so many children dead from malnutrition... And this order of things s evidently necessary; evidently the happy man only feels at ease because the unhappy bear their burdens in silence, and without that silence happiness would be impossible.

The intelligent investor realizes that stocks become more risky, not less, as their prices rise—and less risky, not more, as their prices fall. The intelligent investor dreads a bull market, since it makes stocks more costly to buy. And conversely (so long as you keep enough cash on hand to meet your spending needs), you should welcome a bear market, since it puts stocks back on sale. 8

But we bear so much that seems unthinkable. The only truly unbearable burden is living without love.

People have been stabbed over spicy chicken sandwiches. The duck farm industry could benefit from that kind of violence to help increase sales.

It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight! It is no trick at all to be right on the market. You always find lots of early bulls in bull markets and early bears in bear markets. I've known many men who were right at exactly the right time, and began buying or selling stocks when prices were at the very level which should show the greatest profit. And their experience invariably matched mine--that is, they made no real money out of it. Men who can both be right and sit tight are uncommon.

Cucumbers are technically a fruit and in the same family as pumpkins, melons and squash, so it may benefit those markets, although, to be honest, giant melons don't strike me as potentially that commercial.

Wildlife, we are constantly told, would run loose across our towns and cities were it not for the sport hunters to control their population, as birds would blanket the skies without the culling services of Ducks Unlimited and other groups. Yet here they are breeding wild animals, year after year replenishing the stock, all for the sole purpose of selling and killing them, deer and bears and elephants so many products being readied for the market. Animals such as deer, we are told, have no predators in many areas, and therefore need systematic culling. Yet when attempts are made to reintroduce natural predators such as wolves and coyotes into these very areas, sport hunters themselves are the first to resist it. Weaker animals in the wild, we hear, will only die miserable deaths by starvation and exposure without sport hunters to control their population. Yet it's the bigger, stronger animals they're killing and wounding--the very opposite of natural selection--often with bows and pistols that only compound and prolong the victim's suffering.

Invest like a bull, sit like a bear and watch like an eagle. (mantra for long term investing)

I've never had a spicy chicken sandwich worth getting stabbed over. But that's the kind of organic marketing experience I'd like to bring to duck farming.

How many happy, satisfied people there are, after all, I said to myself. What an overwhelming force! Just consider this life--the insolence and idleness of the strong, the ignorance and bestiality of the weak, all around intolerable poverty, cramped dwellings, degeneracy, drunkenness, hypocrisy, lying...and yet peace and order apparently prevail in all those homes and in the streets. Of the fifty thousand inhabitants of a town, not one will be found to cry out, to proclaim his indignation aloud. We see those who go to the market to buy food, who eat in the daytime and sleep at night, who prattle away, marry, grow old, carry their dead to the cemeteries. But we neither hear nor see those who suffer, and the terrible things in life are played out behind the scenes. All is calm and quiet, and statistics, which are dumb, protest: so many have gone mad, so many barrels of drink have been consumed, so many children died of malnutrition...and apparently this is as it should be. Apparently those who are happy can only enjoy themselves because the unhappy bear their burdens in silence, and but for this silence happiness would be impossible. It is a kind of universal hypnosis. There ought to be a man with a hammer behind the door of every happy man, to remind him by his constant knocks that there are unhappy people, and that happy as he himself may be, life will sooner or later show him its claws, catastrophe will overtake him--sickness, poverty, loss--and nobody will see it, just as he now neither sees nor hears the misfortunes of others. But there is no man with a hammer, the happy man goes on living and the petty vicissitudes of life touch him lightly, like the wind in an aspen-tree, and all is well.

The government enforces a monopoly over the production and distribution of its alleged 'services' and brings violence to bear against would-be competitors. In so doing, it reveals the fraud at the heart of its impudent claims and gives sufficient proof that it is not a genuine protector, but a mere protection racket.

Short a bear market, go long in a bull market, either play, you do it on a hunch, harbor a whole lot of hope, then sit back and try not to bite your nails. Because no one knows anything for sure. Foresight is a hunch. Everyone is making it up as best they can, and life’s winners are those who smile at the truth of it and can cut a wake through a Sargasso of ego, guesswork, bullshit and chance.

In a bravura demonstration of stonewalling, righteousness, and hurt sincerity, Steve Jobs successfully took to the stage the other day to deny the problem, dismiss the criticism, and spread the blame among other smartphone makers,” Michael Wolff of newser.com wrote. “This is a level of modern marketing, corporate spin, and crisis management about which you can only ask with stupefied incredulity and awe: How do they get away with it? Or, more accurately, how does he get away with it?” Wolff attributed it to Jobs’s mesmerizing effect as “the last charismatic individual.” Other CEOs would be offering abject apologies and swallowing massive recalls, but Jobs didn’t have to. “The grim, skeletal appearance, the absolutism, the ecclesiastical bearing, the sense of his relationship with the sacred, really works, and, in this instance, allows him the privilege of magisterially deciding what is meaningful and what is trivial.

I was having dinner…in London…when eventually he got, as the Europeans always do, to the part about “Your country’s never been invaded.” And so I said, “Let me tell you who those bad guys are. They’re us. WE BE BAD. We’re the baddest-assed sons of bitches that ever jogged in Reeboks. We’re three-quarters grizzly bear and two-thirds car wreck and descended from a stock market crash on our mother’s side. You take your Germany, France, and Spain, roll them all together and it wouldn’t give us room to park our cars. We’re the big boys, Jack, the original, giant, economy-sized, new and improved butt kickers of all time. When we snort coke in Houston, people lose their hats in Cap d’Antibes. And we’ve got an American Express card credit limit higher than your piss-ant metric numbers go. You say our country’s never been invaded? You’re right, little buddy. Because I’d like to see the needle-dicked foreigners who’d have the guts to try. We drink napalm to get our hearts started in the morning. A rape and a mugging is our way of saying 'Cheerio.' Hell can’t hold our sock-hops. We walk taller, talk louder, spit further, fuck longer and buy more things than you know the names of. I’d rather be a junkie in a New York City jail than king, queen, and jack of all Europeans. We eat little countries like this for breakfast and shit them out before lunch.

If a child was sick, maybe her mother was tense. Valium was marketed above all to women, pitched as way of bearing the stress of lives as wives and mothers. Before the feminist movement, women were presumed to need that kind of help for the rest of their lives, thus there was no worry then about its addictiveness.

Just look at this life: the insolence and idleness of the strong, the ignorance and brutishness of the weak, impossible poverty all around us, overcrowding, degeneracy, drunkenness, hypocrisy, lies...Yet in all the houses and streets it's quiet, peaceful; of the fifty thousand people who live in town there is not one who would cry out or become loudly indignant. We see those who go to the market to buy food, eat during the day, sleep during the night, who talk their nonsense, get married, grow old, complacently drag their dead to the cemetery; but we don't see or hear those who suffer, and the horrors of life go on somewhere behind the scenes. Everything is quiet, peaceful, and only mute statistics protest: so many gone mad, so many buckets drunk, so many children dead of malnutrition... And this order is obviously necessary; obviously the happy man feels good only because the unhappy bear their burden silently, and without that silence happiness would be impossible. It's a general hypnosis. At the door of every happy, contented man somebody should stand with a little hammer, constantly tapping, to remind him that unhappy people exist, that however happy he may be, sooner or later life will show him its claws, some calamity will befall him--illness, poverty, loss--and nobody will hear or see, just as he doesn't hear or see others now. But there is nobody with a little hammer, the happy man lives on, and the petty cares of life stir him only slightly, as wind stirs an aspen--and everything is fine.

In Hollywood, the real stars are all in animation. Alvin and the Chipmunks don't throw star fits, don't demand custom-designed Winnebagos, and are a breeze at costume fittings. Cruella DeVille, Gorgo, Rainbow Brite, Gus-Gus, Uncle Scrooge, and the Care Bears are all superstars and they don't have drug problems, marital difficulties, or paternity suits to blacken their images. They don't age, balk at promoting, or sass highly paid directors. Plus, you can market them to death and they never feel exploited. I'd like to do a big-budget snuff film starring every last one of them.

There was a lightness in Jem's chest that he realized, finally, was joy. He saw the joy mirrored in his parabatai's face. The face of the one you love is the best mirror of all. It shows you your own happiness and your own pain and it helps you to bear both, because to bear either alone is to be overwhelmed by the flood.

I thought that I would go to Romania and that when I got there I would go to some small town and buy secondhand clothes in the market. Shoes. A blanket. I’d burn everything I owned. My passport. Maybe I’d just put my clothes in the trash. Change money in the street. Then I’d hike into the mountains. Stay off the road. Take no chances. Crossing the ancestral lands by foot. Maybe by night. There are bears and wolves up there. I looked it up. You could have a small fire at night. Maybe find a cave. A mountain stream. I’d have a canteen for water for when the time came that I was too weak to move about. After a while the water would taste extraordinary. It would taste like music. I’d wrap myself in the blanket at night against the cold and watch the bones take shape beneath my skin and I would pray that I might see the truth of the world before I died. Sometimes at night the animals would come to the edge of the fire and move about and their shadows would move among the trees and I would understand that when the last fire was ashes they would come and carry me away and I would be their eucharist. And that would be my life. And I would be happy.

It takes a man a long time to learn all the lessons of all his mistakes. They say there are two sides to everything. But there is only one side to the stock market; and it is not the bull side or the bear side, but the right side. It took me longer to get that general principle fixed firmly in my mind

Valium was marketed above all to women, pitched as way of bearing the stress of lives as wives and mothers. Before the feminist movement, women were presumed to need that kind of help for the rest of their lives, thus there was no worry then about its addictiveness.

The trader's ideal entry point is after a stock consolidates in a new trading range and pulls back close to the moving average, then breaks out again above resistance.

Bear markets are like bad colds. You hate them, but you know eventually you'll feel better.

In fact, half the companies in the Fortune 500 were started during a bear market or recession. Half. The

2020 is the year of the bear market.

After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this: It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight! It is no trick at all to be right on the market. You always find lots of early bulls in bull markets and early bears in bear markets. I've known many men who were right at exactly the right time, and began buying or selling stocks when prices were at the very level which should show the greatest profit. And their experience invariably matched mine that is, they made no real money out of it. Men who can both be right and sit tight are uncommon. I found it one of the hardest things to learn. But it is only after a stock operator has firmly grasped this that he can make big money. It is literally true that millions come easier to a trader after he knows how to trade than hundreds did in the days of his ignorance.

The fact that your brain becomes more risk seeking in bull markets and more conservative in bear markets means that you are neurologically predisposed to violate the first rule of investing, “buy low and sell high.” Our flawed brain leads us to subjectively experience low levels of risk when risk is actually quite high, a concept that Howard Marks refers to as the “perversity of risk.

other motion-picture stars, many of whom had promised to invest in his new corporation, Sebring International. While keeping his original salon at 725 North Fairfax in Los Angeles, he planned to open a series of franchised shops and to market a line of men’s toiletries bearing his name. The first shop had been opened in San Francisco in May 1969, Abigail Folger and Colonel and Mrs. Paul Tate being among those at the grand opening.

Recycling is better--I won't write "good"--for the environment. But without economics--without supply and demand of raw materials--recycling is nothing more than a meaningless exercise in glorifying garbage. No doubt it's better than throwing something into an incinerator, and worse than fixing something that can be refurbished. It's what you do if you can't bear to see something landfilled. Placing a box or a can or a bottle in a recycling bin doesn't mean you've recycled anything, and it doesn't make you a better, greener person: it just means you've outsourced your problem. Sometimes that outsourcing is near home; and sometimes it's overseas. But wherever it goes, the global market and demand for raw materials is the ultimate arbiter. Fortunately, if that realization leaves you feeling bad, there's always the alternative: stop buying so much crap in the first place. (269)

David had been photographing endangered species in the Hawaiian rainforest and elsewhere for years, and his collections of photographs and Suzie's tarot cards seemed somehow related. Because species disappear when their habitat does, he photographed them against the nowhere of a black backdrop (which sometimes meant propping up a black velvet cloth in the most unlikely places and discouraging climates), and so each creature, each plant, stood as though for a formal portrait alone against the darkness. The photographs looked like cards too, card from the deck of the world in which each creature describes a history, a way of being in the world, a set of possibilities, a deck from which cards are being thrown away, one after another. Plants and animals are a language, even in our reduced, domesticated English, where children grow like weeds or come out smelling like roses, the market is made up of bulls and bears, politics of hawks and doves. Like cards, flora and fauna could be read again and again, not only alone but in combination, in the endlessly shifting combinations of a nature that tells its own stories and colors ours, a nature we are losing without even knowing the extent of that loss.

In the 1960's, some old-timers on Wall Street-the men who remembered the trauma of the 1929 Crash and the Great Depression-gave me a warning: "When we fade from this business, something will be lost. That is the memory of 1929." Because of that personal recollection, they said, they acted with more caution, than they otherwise might. Collectively, their generation provided an in-built brake on the wildest form of speculation, an insurance policy against financial excess and consequent catastrophe. Their memories provided a practical form of long-term dependence in the financial markets. Is it any wonder that in 1987 when most of those men were gone and their wisdom forgotten, the market encountered its first crash in nearly sixty years? Or that, two decades later, we would see the biggest bull market, and the worst bear market, in generations? Yet standard financial theory holds that, in modeling markets, all that matters is today's news and the expectations of tomorrow's news.

During the Great Depression there were six big rallies in the stock market (of between 16 percent and 48 percent) in a bear market that declined a total of 89 percent. All of those rallies were triggered by government actions that were intended to reduce the fundamental imbalance.

Something is broken when the food comes on a Styrofoam tray wrapped in slippery plastic, a carcass of a being whose only chance at life was a cramped cage. That is not a gift of life; it is a theft. How, in our modern world, can we find our way to understand the earth as a gift again, to make our relations with the world sacred again? I know we cannot all become hunter-gatherers—the living world could not bear our weight—but even in a market economy, can we behave “as if ” the living world were a gift? We could start by listening to Wally. There are those who will try to sell the gifts, but, as Wally says of sweetgrass for sale, “Don’t buy it.” Refusal to participate is a moral choice. Water is a gift for all, not meant to be bought and sold. Don’t buy it. When food has been wrenched from the earth, depleting the soil and poisoning our relatives in the name of higher yields, don’t buy it.

Left to their own devices, human bodies rot, decompose, come apart, and sink gloriously back into the earth from whence they came. Using embalming and heavy protective caskets to stop this process is a desperate attempt to stave off the inevitable, and demonstrates our clear terror of decomposition. The death industry markets caskets and embalming under the rubric of helping bodies look “natural,” but our current death customs are as natural as training majestic creatures like bears and elephants to dance in cute little outfits, or erecting replicas of the Eiffel Tower and Venetian canals in the middle of the harsh American desert.

The reality is that the American people have no desire for an empire. This is not to say that they don't want the benefits, both economic and strategic. It simply means that they don't want to pay the price. Economically, Americans want the growth potential of open markets but not the pains. Politically, they want to have an enormous influence, but not the resentment of the world. Military, they want to be protected from dangers but not to bear the burdens of long-term strategy.

Flint's pond! Such is the poverty of our nomenclature. What right had the unclean and stupid farmer, whose farm abutted on this sky water, whose shores he has ruthlessly laid bare, to give his name to it? Some skin-flint, who loved better the reflecting surface of a dollar, or a bright cent, in which he could see his own brazen face; who regarded even the wild ducks which settled in it as trespassers; his fingers grown into crooked and bony talons from the long habit of grasping harpy-like; — so it is not named for me. I go not there to see him nor to hear of him; who never saw it, who never bathed in it, who never loved it, who never protected it, who never spoke a good word for it, nor thanked God that He had made it. Rather let it be named from the fishes that swim in it, the wild fowl or quadrupeds which frequent it, the wild flowers which grow by its shores, or some wild man or child the thread of whose history is interwoven with its own; not from him who could show no title to it but the deed which a like-minded neighbor or legislature gave him who thought only of its money value; whose presence perchance cursed — him all the shores; who exhausted the land around it, and would fain have exhausted the waters within it; who regretted only that it was not English hay or cranberry meadow — there was nothing to redeem it, forsooth, in his eyes — and would have drained and sold it for the mud at its bottom. It did not turn his mill, and it was no privilege to him to behold it. I respect not his labors, his farm where everything has its price, who would carry the landscape, who would carry his God, to market, if he could get anything for him; who goes to market for his god as it is; on whose farm nothing grows free, whose fields bear no crops, whose meadows no flowers, whose trees no fruits, but dollars; who loves not the beauty of his fruits, whose fruits are not ripe for him till they are turned to dollars. Give me the poverty that enjoys true wealth.

But the average man doesn’t wish to be told that it is a bull or a bear market. What he desires is to be told specifically which particular stock to buy or sell. He wants to get something for nothing. He does not wish to work. He doesn’t even wish to have to think. It is too much bother to have to count the money that he picks up from the ground.

what I defend above all is the possibility and the necessity of the critical intellectual, who is firstly critical of the intellectual doxa secreted by the doxosophers. there is no genuine democracy without genuine opposing critical powers. the intellectual is one of those, of the first magnitude. that is why I think that the work of demolishing the critical intellectual, living or dead - marx, nietzsche, sartre, foucault, and some others who are grouped together under the label pansee 68- is as dangerous as the demolition of the public interest and that it is part of the same process of restoration. of course I would prefer it if intellectuals had all, and always, lived up to the immense historical responsibility they bear and if they had always invested in their actions not only their moral authority but also their intellectual competence- like, to cite just one example, pierre vidal-naquet, who has engaged all his mastery of historical method in a critique of the abuses of history. having said that, in the words of karl kraus, 'between two evils, I refuse to choose the lesser.' whole I have little indulgence for 'irresponsible' intellectuals, I have even less respect for the 'intellectuals' of the political-administrative establishment, polymorphous polygraphs who polish their annual essays between two meetings of boards of directors, three publishers' parties and miscellaneous television appearances.

Two of the things to look out for are that operational cash flows should match or be close to profit levels, and current assets should exceed current liabilities.

my one great fear about advertising and media is that they, too, will become irrevocably unbundled, that marketers will no longer have need of media,

The greatest fear of a professional investor, who manages money for a living, is capital withdrawals at the wrong time.

Recessions are there to take your investment game to the next level. A recession should help you reach your targets sooner.

Diversification does not guarantee protection from losses. It provides a weighted-average return of the portfolio.

Never let the fear of striking out get in your way. Babe Ruth

I'm about to make an absurd BearPaw Duck Farm meme. To make a proper marketing GIF, there's only one rule: No matter what flavor you are hoping to achieve, you can never sprinkle in too much saxophone.

Life is not a boat, bearing us far away from cruel, relentless tide from a we love. You are not lost to me on some forever distant shore. Life is a wheel. If life is a wheel, it will bring you back to me. All I must do is keep faith.

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And I thought how many satisfied, happy people really do exist in this world! And what a powerful force they are! Just take a look at this life of ours and you will see the arrogance and idleness of the strong, the ignorance and bestiality of the weak. Everywhere there's unspeakable poverty, overcrowding, degeneracy, drunkenness, hypocrisy and stupid lies... And yet peace and quiet reign in every house and street. Out of fifty thousand people you won't find one who is prepared to shout out loud and make a strong protest. We see people buying food in the market, eating during the day, sleeping at night-time, talking nonsense, marrying, growing old and then contentedly carting their dead off to the cemetery. But we don't hear or see those who suffer: the real tragedies of life are enacted somewhere behind the scenes. Everything is calm and peaceful and the only protest comes from statistics - and they can't talk. Figures show that so many went mad, so many bottles of vodka were emptied, so many children died from malnutrition. And clearly this kind of system is what people need. It,s obvious that the happy man feels contented only because the unhappy ones bear their burden without saying a word: if it weren't for their silence, happiness would be quite impossible. It's a kind of mass hypnosis. Someone ought to stand with a hammer at the door of every contented man, continually banging on it to remind him that there are unhappy people around and that however happy he may be at that time, sooner or later life will show him its claws and disaster will overtake him in the form of illness, poverty, bereavement and there will be no one to hear or see him. But there isn't anyone holding a hammer, so our happy man goes his own sweet way and is only gently ruffled by life's trivial cares, as an aspen is ruffled by the breeze. All's well as far as he's concerned

ECONOMIC RULES OF THE DYSFUNCTIONAL MEDICAL MARKET More treatment is always better. Default to the most expensive option. A lifetime of treatment is preferable to a cure. Amenities and marketing matter more than good care. As technologies age, prices can rise rather than fall. There is no free choice. Patients are stuck. And they’re stuck buying American. More competitors vying for business doesn’t mean better prices; it can drive prices up, not down. Economies of scale don’t translate to lower prices. With their market power, big providers can simply demand more. There is no such thing as a fixed price for a procedure or test. And the uninsured pay the highest prices of all. There are no standards for billing. There’s money to be made in billing for anything and everything. Prices will rise to whatever the market will bear.

Our understanding of the world of business is all mixed up with storytelling and mythology. Which is funny because we’re missing the real story by focusing on individuals. In fact, half the companies in the Fortune 500 were started during a bear market or recession. Half. The point is that most people start from disadvantage (often with no idea they are doing so) and do just fine. It’s not unfair, it’s universal. Those who survive it, survive because they took things day by day—that’s the real secret. Focus on the moment, not the monsters that may or may not be up ahead.

Bear with me a moment, now. Chicken-sexing. Since hens have a far greater commercial value than males, cocks, roosters, it is apparently vital to determine the sex of a newly hatched chick. In order to know whether to expend capital on raising it or not, you see. A cock is nearly worthless, apparently, on the open market. The sex characteristics of newly hatched chicks, however, are entirely internal, and it is impossible with the naked eye to tell whether a given chick is a hen or a cock. This is what I have been told, at any rate. A professional chicken-sexer, however, can nevertheless tell. The sex. He can go through a brood of freshly hatched chicks, examining each one entirely by eye, and tell the poultry farmer which chicks to keep and which are cocks. The cocks are to be allowed to perish. “Hen, hen, cock, cock, hen,” and so on and so forth. This is apparently in Australia. The profession. And they are nearly always right. Correct. The fowl determined to be hens do in fact grow up to be hens and return the poultry farmer’s investment. What the chicken-sexer cannot do, however, is explain how he knows. The sex. It’s apparently often a patrilineal profession, handed down from father to son. Australia, New Zealand. Have him hold up a new-hatched chick, a young cock shall we say, and ask him how he can tell that it is a cock, and the professional chicken-sexer will apparently shrug his shoulders and say “Looks like a cock to me.” Doubtless adding “mate,” much the way you or I would add “my friend” or “sir.

Being needed is incredibly satisfying, and helping others can be deeply fulfilling. Focusing on our own goals to the exclusion of others, especially the causes and the people we value the most, can feel downright selfish and self-centered. But it doesn’t have to. Master marketer Seth Godin says, “You can say no with respect, you can say no promptly, and you can say no with a lead to someone who might say yes. But just saying yes because you can’t bear the short-term pain of saying no is not going to help you do the work.” Godin gets it. You can keep your yes and say no in a way that works for you and for others.

All the cartoonists at heart liked him, and there was seldom or never anything bitter or really unfriendly in their portrayals of him; they were uniformly good-natured.” Caricatures even transformed his failure during a mid-November bear hunt into a triumph, conjuring an image of the president steadfastly refusing to shoot a small bear furnished for the occasion. As renditions of the original Clifford Berryman cartoon proliferated, the bear dwindled in size until he appeared as a tiny cub, prompting toy store owners to market stuffed bears in honor of Teddy Roosevelt. Soon the Teddy bear became one of the most cherished toys of all time.

Poets have recently been misappropriating words in order to describe poetry as an economy that, outside the poem itself, has little to do with the dominance of the market but nearly everything to do with the dominance of the state. Across the United States poets have turned to economic models from a basic need to articulatea value for a livelihood dedicated, in whole or in part, to the poetic process. Their wages cannot, of course, be determined in the bear market for free verse.Popular neglect makes it easy for poets to assume that poetry is a gift and not a commodity. Too often they ignore the state's role as mediator between gift and market through the system of grants and copyright.

Two days later, when Adeline's father returns, he comes bearing a fresh pad of parchment, and a bundle of black lead pencils, bound with string, and the first thing she does is pick the best one, and sink it down into the ground behind their garden, and pray that the next time her father leaves, she will be with him. But if the gods hear, they do not answer. She never goes to the market again.

Since the end of the postwar economic boom, certain strategies have been intensified to stimulate consumption, especially strategies aimed at American youth that project sexual activity as instant fulfillment and violence as the locus of machismo identity. This market activity has contributed greatly to the disorientation and confusion of American youth, and those with less education and fewer opportunities bear the brunt of this cultural chaos.

For all its celebration of markets and individual initiative, this alliance of government and finance often produces results that bear a striking resemblance to the worst excesses of bureaucratization in the former Soviet Union or former colonial backwaters of the Global South. There is a rich anthropological literature, for instance, on the cult of certificates, licenses, and diplomas in the former colonial world. Often the argument is that in countries like Bangladesh, Trinidad, or Cameroon, which hover between the stifling legacy of colonial domination and their own magical traditions, official credentials are seen as a kind of material fetish—magical objects conveying power in their own right, entirely apart from the real knowledge, experience, or training they’re supposed to represent. But since the eighties, the real explosion of credentialism has been in what are supposedly the most “advanced” economies, like the United States, Great Britain, or Canada.

There is a tendency among environmentalists to single out the big players in the market as the principal culprits: to pin environmental crime on those – like oil companies, motor manufacturers, logging corporations, agribusinesses, supermarkets – that make their profits by exporting their costs to others (including others who are not yet born). But this is to mistake the effect for the cause. In a free economy such ways of making money emerge by an invisible hand from choices made by all of us. It is the demand for cars, oil, cheap food and expendable luxuries that is the real cause of the industries that provide these things. Of course it is true that the big players externalize their costs whenever they can. But so do we. Whenever we travel by air, visit the supermarket, or consume fossil fuels, we are exporting our costs to others, and to future generations. A free economy is driven by individual demand. And in a free economy individuals, just as much as big businesses, strive to pass on their costs to others, while keeping the benefits. The solution is not the socialist one, of abolishing the free economy, since this merely places massive economic power in the hands of unaccountable bureaucrats, who are equally in the business of exporting their costs, while enjoying secure rents on the social product.16 The solution is to adjust our demands, so as to bear the costs of them ourselves, and to find the way to put pressure on businesses to do likewise. And

We don’t worry about who manages the bank or what they do with our money. Even if we hear on the news that our bank has started to lend large sums of money to piano-playing cats, which we think is a bad idea, we would not feel the need to show up at the bank the next morning to ask for all of our money back. If you had lent your money to an individual and they in turn lent your money to piano-playing cats, you would demand your money back immediately. But because you deposit your money into a bank account insured by the federal government, you feel no need to keep a watchful eye on what your bank does with the money. Insurance removes the incentive for customers to police a bank. It can also remove the incentive for banks to police themselves because they do not bear the full or even the most serious consequences of their actions. Removing the natural tendencies of the market to notice and punish bad choices creates a moral hazard that may result in well-funded cats and other undetected market risks.

The capaciously strong in soul among women will ultimately detect an infinite grossness in the demand for purity infinite, spotless bloom. Earlier or later they see they have been victims of the singular Egoist, have worn a mask of ignorance to be named innocent, have turned themselves into market produce for his delight, and have really abandoned the commodity in ministering to the lust for it, suffered themselves to be dragged ages back in playing upon the fleshly innocence of happy accident to gratify his jealous greed of possession, when it should have been their task to set the soul above the fairest fortune and the gift of strength in women beyond ornamental whiteness. Are they not of nature warriors, like men?—men's mates to bear them heroes instead of puppets? But the devouring male Egoist prefers them as inanimate overwrought polished pure metal precious vessels, fresh from the hands of the artificer, for him to walk away with hugging, call all his own, drink of, and fill and drink of, and forget that he stole them.

On 17th January 1569, Agnes Bowker of Market Harborough, Leicestershire, allegedly gave birth to a cat. According to the midwife, Elizabeth Harrison, Agnes had told her of how "the likeness of a bear, sometimes like a dog, sometimes like a man" had carnal knowledge of her in its various guises. Harrison went on to describe how Agnes gave birth to the cat, "the hinder part coming first". The other six women who were present at the birth were questioned, but none seemed very sure of what had happened. One Margaret Harrison said "that she was at the birth of the monster with her child in her arms,

You didn’t warn us about this, Readier,’ said Stowley resentfully. Gilt waved his hands. ‘We must speculate to accumulate!’ he said. ‘The Post Office? Trickery and sleight of hand. Oh, von Lipwig is an ideas man, but that’s all he is. He’s made a splash, but he’s not got the stamina for the long haul. Yet as it turns out he will do us a favour. Perhaps we have been . . . a little smug, a little lax, but we have learned our lesson! Spurred by the competition we are investing several hundred thousand dollars—’ ‘Several hundred?’ said Greenyham. Gilt waved him into silence, and continued: ‘—several hundred thousand dollars in a challenging, relevant and exciting systemic overhaul of our entire organization, focusing on our core competencies while maintaining full and listening co-operation with the communities we are proud to serve. We fully realize that our energetic attempts to mobilize the flawed infrastructure we inherited have been less than totally satisfactory, and hope and trust that our valued and loyal customers will bear with us in the coming months as we interact synergistically with change management in our striving for excellence. That is our mission.’ An awed silence followed.

Since the soon-to-be outnumber the living; since the living have greater impact on the unborn than ever before thanks to depletion of natural systems, atmospheric disruption, toxic residue, burgeoning technology, global markets, genetic engineering, and sheer population numbers; since our scientific and historic understandings now comfortably examine processes embracing eons; and now that our plan-ahead horizon has shrunk to five years or less—it would seem that a grave disconnect is in progress. Our everhastier decisions and actions do not respond to our long-term understanding, or to the gravity of responsibility we bear. “The

I started thinking about how many contented, happy people there are in actual fact! What an oppressive force! Think about this life of ours: the insolence and idleness of the strong, the ignorance and bestiality of the weak, unbelievable poverty everywhere, overcrowding, degeneracy, drunkenness, hypocrisy, deceit... Meanwhile all is quiet and peaceful in people's homes and outside on the street; out of the fifty thousand people who live in the town, there is not one single person prepared to shout out about it or kick up a fuss. We see the people who go to the market for their groceries, travelling about in the daytime, sleeping at night, the kind of people who spout nonsense, get married, grow old, and dutifully cart their dead off to the cemetery; but we do not see or hear those who are suffering, and all the terrible things in life happen somewhere offstage. Everything is quiet and peaceful, and the only protest is voiced by dumb statistics: so many people have gone mad, so many bottles of vodka have been drunk, so many children have died from malnutrition... And this arrangement is clearly necessary: it's obvious that the contented person only feels good because those who are unhappy bear their burden in silence; without that silence happiness would be inconceivable. It's a collective hypnosis. There ought to be someone with a little hammer outside the door of every contented, happy person, constantly tapping away to remind him that there are unhappy people in the world, and that however happy he may be, sooner or later life will show its claws; misfortune will strike - illness, poverty, loss - and no one will be there to see or hear it, just as they now cannot see or hear others. But there is no person with a little hammer; happy people are wrapped up in their own lives, and the minor problems of life affect them only slightly, like aspen leaves in a breeze, and everything is just fine.

Forgetting herself entirely, Pandora let her head loll back against Gabriel's shoulder. "What kind of glue does Ivo use?" she asked languidly. "Glue?" he echoed after a moment, his mouth close to her temple, grazing softly. "For his kites." "Ah." He paused while a wave retreated. "Joiner's glue, I believe." "That's not strong enough," Pandora said, relaxed and pensive. "He should use chrome glue." "Where would he find that?" One of his hands caressed her side gently. "A druggist can make it. One part acid chromate of lime to five parts gelatin." Amusement filtered through his voice. "Does your mind ever slow down, sweetheart?" "Not even for sleeping," she said. Gabriel steadied her against another wave. "How do you know so much about glue?" The agreeable trance began to fade as Pandora considered how to answer him. After her long hesitation, Gabriel tilted his head and gave her a questioning sideways glance. "The subject of glue is complicated, I gather." I'm going to have to tell him at some point, Pandora thought. It might as well be now. After taking a deep breath, she blurted out, "I design and construct board games. I've researched every possible kind of glue required for manufacturing them. Not just for the construction of the boxes, but the best kind to adhere lithographs to the boards and lids. I've registered a patent for the first game, and soon I intend to apply for two more." Gabriel absorbed the information in remarkably short order. "Have you considered selling the patents to a publisher?" "No, I want to make the games at my own factory. I have a production schedule. The first one will be out by Christmas. My brother-in-law, Mr. Winterborne, helped me to write a business plan. The market in board games is quite new, and he thinks my company will be successful." "I'm sure it will be. But a young woman in your position has no need of a livelihood." "I do if I want to be self-supporting." "Surely the safety of marriage is preferable to the burdens of being a business proprietor." Pandora turned to face him fully. "Not if 'safety' means being owned. As things stand now, I have the freedom to work and keep my earnings. But if I marry you, everything I have, including my company, would immediately become yours. You would have complete authority over me. Every shilling I made would go directly to you- it wouldn't even pass through my hands. I'd never be able to sign a contract, or hire employees, or buy property. In the eyes of the law, a husband and wife are one person, and that person is the husband. I can't bear the thought of it. It's why I never want to marry.

It was a Game called Yes and No, where Scrooge’s nephew had to think of something, and the rest must find out what; he only answering to their questions yes or no, as the case was. The brisk fire of questioning to which he was exposed, elicited from him that he was thinking of an animal, a live animal, rather a disagreeable animal, a savage animal, an animal that growled and grunted sometimes, and talked sometimes, and lived in London, and walked about the streets, and wasn’t made a show of, and wasn’t led by anybody, and didn’t live in a menagerie, and was never killed in a market, and was not a horse, or an ass, or a cow, or a bull, or a tiger, or a dog, or a pig, or a cat, or a bear. At every fresh question that was put to him, this nephew burst into a fresh roar of laughter; and was so inexpressibly tickled, that he was obliged to get up off the sofa and stamp. At last the plump sister, falling into a similar state, cried out: “I have found it out! I know what it is, Fred! I know what it is!” “What is it?” cried Fred. “It’s your Uncle Scro-o-o-o-oge!” Which it certainly was. Admiration was the universal sentiment, though some objected that the reply to “Is it a bear?” ought to have been “Yes;” inasmuch as an answer in the negative was sufficient to have diverted their thoughts from Mr. Scrooge, supposing they had ever had any tendency that way.

It is the old practice of bear-baiting, new and improved by modern innovation. A company in Maine makes a similar device called the “Phantom Whitetail,” digitally reproducing “12 different sounds proven to arouse the curiosity of Whitetail Deer,” including the “estrus bleat” and “fawn distress.’’35 And here again every free-market justification can be found for such products. People freely buy and sell them. Government should stay out of it. The manufacturer needs to make a living. They’re a time-saver, and on and on. But we’re left with the same moral question. What sort of dominion is that? What kind of person would use such a thing, drawing in animals by the sounds of their helpless young?

Over the last three centuries our historical reception of folk and fairy tales has been so negatively twisted by aesthetic norms, educational standards and market conditions that we can no longer distinguish folk tales from fairy tales nor recognize that the impact of these narratives stems from their imaginative grasp and symbolic depiction of social realities. Folk and fairy tales are generally confused with one another and taken as make-believe stories with no direct reference to a particular community or historical tradition. Their own specific ideology and aesthetics are rarely seen in the light of a diachronic historical development which has great bearing on our cultural self-understanding.

And really, that’s the most important thing he does with his days. It’s a small, measurable success, in the face of diminishing sales and an empty double bed and a set of skills which were marketable one hundred years ago, but now look quaint and even sad. Every afternoon for the last six months he has been fighting an uneven battle with himself not to overturn the trolley with its many keys, and scatter them across the room. His better nature has won only because the image of himself on his knees, remorsefully gathering them again, repairing scratched case clocks and whispering apologies to the ghost of his grandfather—and for strange and different reasons also his father—is more than he can bear.

THE economic consequences of fluctuations in the objective exchange-value of money have such important bearings on the life of the community and of the individual that as soon as the State had abandoned the attempt to exploit for fiscal ends its authority in monetary matters, and as soon as the large-scale development of the modern economic community had enabled the State to exert a decisive influence on the kind of money chosen by the market, it was an obvious step to think of attaining certain socio-political aims by influencing these consequences in a systematic manner. Modern currency policy is something essentially new; it differs fundamentally from earlier State activity in the monetary sphere.

The flat tire that threw Julio into a temporary panic and the divorce that almost killed Jim don’t act directly as physical causes producing a physical effect—as, for instance, one billiard ball hitting another and making it carom in a predictable direction. The outside event appears in consciousness purely as information, without necessarily having a positive or negative value attached to it. It is the self that interprets that raw information in the context of its own interests, and determines whether it is harmful or not. For instance, if Julio had had more money or some credit, his problem would have been perfectly innocuous. If in the past he had invested more psychic energy in making friends on the job, the flat tire would not have created panic, because he could have always asked one of his co-workers to give him a ride for a few days. And if he had had a stronger sense of self-confidence, the temporary setback would not have affected him as much because he would have trusted his ability to overcome it eventually. Similarly, if Jim had been more independent, the divorce would not have affected him as deeply. But at his age his goals must have still been bound up too closely with those of his mother and father, so that the split between them also split his sense of self. Had he had closer friends or a longer record of goals successfully achieved, his self would have had the strength to maintain its integrity. He was lucky that after the breakdown his parents realized the predicament and sought help for themselves and their son, reestablishing a stable enough relationship with Jim to allow him to go on with the task of building a sturdy self. Every piece of information we process gets evaluated for its bearing on the self. Does it threaten our goals, does it support them, or is it neutral? News of the fall of the stock market will upset the banker, but it might reinforce the sense of self of the political activist. A new piece of information will either create disorder in consciousness, by getting us all worked up to face the threat, or it will reinforce our goals, thereby freeing up psychic energy.

At all times it is a bewildering thing to the poor weaver to see his employer removing from house to house, each one grander than the last, till he ends in building one more magnificent than all, or withdraws his money from the concern, or sells his mill, to buy an estate in the country, while all the time the weaver, who thinks he and his fellows are the real makers of this wealth, is struggling on for bread for his children, through the vicissitudes of lowered wages, short hours, fewer hands employed, etc. And when he knows trade is bad, and could understand (at least partially) that there are not buyers enough in the market to purchase the goods already made, and consequently that there is no demand for more; when he would bear and endure much without complaining, could he also see that his employers were bearing their share; he is, I say, bewildered and (to use his own word) "aggravated" to see that all goes on just as usual with the millowners. Large houses are still occupied, while spinners' and weavers' cottages stand empty, because the families that once filled them are obliged to live in rooms or cellars. Carriages still roll along the streets, concerts are still crowded by subscribers, the shops for expensive luxuries still find daily customers, while the workman loiters away his unemployed time in watching these things, and thinking of the pale, uncomplaining wife at home, and the wailing children asking in vain for enough of food--of the sinking health, of the dying life of those near and dear to him. The contrast is too great. Why should he alone suffer from bad times?

Your statement ... tells a very fine story; but pray, was not your stock a little heavy a while ago? downward tendency? Sort of low spirits among holders on the subject of that stock?" "Yes, there was a depression. But how came it? who devised it? The 'bears,' sir. The depression of our stock was solely owing to the growling, the hypocritical growling, of the bears." "How hypocritical?" ""Why, the most montrous of all hypocrites are these bears: hypocrites by inversion; hypocrites in the simulation of things dark instead of bright; souls that thrive, less upon depression, than the fiction of depression; professors of the wicked art of manufacturing depressions; spurious Jeremiahs; sham Heraclituses, who, the lugubrious day done, return, like sham Lazaruses among the beggars, to make merry over the gains got by their pretended sore heads--scoundrelly bears!" "You are warm against these bears?" "If I am, it is less from the remembrance of their stratagems as to our stock, than from the persuasion that these same destroyers of confidence, and gloomy philosophers of the stock-market, though false in themselves, are yet true types of most destroyer of confidence and gloomy philosophers, the world over. Fellows who, whether in stocks, politics, bread-stuffs, morals, metaphysics, religion--be it what it may--trump up their black panics in the naturally-quiet brightness, solely with a view to some sort of covert advantage. That corpse of calamity which the gloomy philosopher parades, is but his Good-Enough-Morgan." "I rather like that," knowingly drawled the youth. ~The Confidence-Man: His Masquerade

To win the good-will of the people thou governest there are two things, among others, that thou must do; one is to be civil to all (this, however, I told thee before), and the other to take care that food be abundant, for there is nothing that vexes the heart of the poor more than hunger and high prices. Make not many proclamations; but those thou makest take care that they be good ones, and above all that they be observed and carried out; for proclamations that are not observed are the same as if they did not exist; nay, they encourage the idea that the prince who had the wisdom and authority to make them had not the power to enforce them; and laws that threaten and are not enforced come to be like the log, the king of the frogs, that frightened them at first, but that in time they despised and mounted upon. Be a father to virtue and a stepfather to vice. Be not always strict, nor yet always lenient, but observe a mean between these two extremes, for in that is the aim of wisdom. Visit the gaols, the slaughter-houses, and the market-places; for the presence of the governor is of great importance in such places; it comforts the prisoners who are in hopes of a speedy release, it is the bugbear of the butchers who have then to give just weight, and it is the terror of the market-women for the same reason. Let it not be seen that thou art (even if perchance thou art, which I do not believe) covetous, a follower of women, or a glutton; for when the people and those that have dealings with thee become aware of thy special weakness they will bring their batteries to bear upon thee in that quarter, till they have brought thee down to the depths of perdition.

The term may have been coined in 1845, but the seeds of Manifest Destiny arrived with Christopher Columbus when he stumbled onto the shores of North America—the self-styled “New World.” Since then, the death grip of its ideology has been the operating principle of the American Empire—a fervent, fanatical, at times religious mandate to carry out economic and geo-political acts that will always benefit the chosen few, which, in today’s parlance is the “one percent.” In fact, this Draconian gospel of exceptionalism has been the all-powerful dogma fueling American imperialism and free-market fundamentalism at the core of U.S. armed atrocities—both domestic and foreign. Writer and cabinetmaker Charles Sullivan offers this allegory: “It is the unquestioned religion of America that also bears a strange resemblance to the ideology of the cancer cell.

Much of the story we have told falls outside the boundaries of modern academic disciplines and their respective histories. Contemporary economics focuses on issues of efficiency in allocation, political science on institutions of governmental power, political theory on questions of justice, sociology on social groups as defined by interactions outside the market. Some division of intellectual labor is of course productive, and the conceptual lenses that each discipline brings to bear may genuinely help us see an aspect of reality that would otherwise remain undetected. Yet those concerned with the moral implications and ramifications of the market--as any self-critical person in modern society ought to be--get a very skewed picture when they view it through only one of these lenses. Seeing the market with the added perspectives offered by the thinkers treated here provides us with a richer and more rounded view.

An attempt is sometimes made to demonstrate the desirability of measures directed against speculation by reference to the fact that there are times when there is nobody in opposition to the bears in the foreign-exchange market so that they alone are able to determine the rate of exchange. That, of course, is not correct. Yet it must be noticed that speculation has a peculiar effect in the case of a currency whose progressive depreciation is to be expected while it is impossible to foresee when the depreciation will stop, if at all. While, in general, speculation reduces the gap between the highest and lowest prices without altering the average price-level, here, where the movement will presumably continue in the same direction, this naturally can not be the case. The effect of speculation here is to permit the fluctuation, which would otherwise proceed more uniformly, to proceed by fits and starts with the interposition of pauses.

Mr. Duffy Napp has just transmitted a nine-word e-mail asking that I immediately send a letter of reference to your firm on his behalf; his request has summoned from the basement of my heart a star-spangled constellation of joy, so eager am I to see Mr. Napp well established at Maladin IT. As for the basis of our acquaintanceship: I am a professor in an English department whose members consult Tech Help—aka Mr. Napp—only in moments of desperation. For example, let us imagine that a computer screen, on the penultimate page of a lengthy document, winks coyly, twice, and before the “save” button can be deployed, adopts a Stygian façade. In such a circumstance one’s only recourse—unpalatable though it may be—is to plead for assistance from a yawning adolescent who will roll his eyes at the prospect of one’s limited capabilities and helpless despair. I often imagine that in olden days people like myself would crawl to the doorway of Tech Help on our knees, bearing baskets of food, offerings of the harvest, the inner organs of neighbors and friends— all in exchange for a tenuous promise from these careless and inattentive gods that the thoughts we entrusted to our computers will be restored unharmed. Colleagues have warned me that the departure of Mr. Napp, our only remaining Tech Help employee, will leave us in darkness. I am ready. I have girded my loins and dispatched a secular prayer in the hope that, given the abysmal job market, a former mason or carpenter or salesman—someone over the age of twenty-five—is at this very moment being retrained in the subtle art of the computer and will, upon taking over from Mr. Napp, refrain (at least in the presence of anxious faculty seeking his or her help) from sending text messages or videos of costumed dogs to both colleagues and friends. I can almost imagine it: a person who would speak in full sentences—perhaps a person raised by a Hutterite grandparent on a working farm.

who bears the burden of the minimum wage? As suggested earlier, it is the workers who are the most marginal, that is, those who employers perceive as being less productive, more costly, or otherwise less desirable to employ than other workers. In the U.S. there are at least two segments of the labor force that share marginal worker characteristics to a greater extent than do other segments of the labor force. The first group consists of youths in general. They are low-skilled or marginal because of their age, immaturity, and lack of work experience. The second group, which contains members of the first, are racial minorities, such as blacks and Hispanics who, as a result of historical factors, are disproportionately represented among low-skilled workers. They are not only made less employable by minimum wages; opportunities to upgrade their skills through on-the-job training are also severely limited when they find it hard to get jobs.[43] It is precisely these labor market participants who are disproportionately represented among the unemployment statistics.

To the untrained eye, the Wall Street people who rode from the Connecticut suburbs to Grand Central were an undifferentiated mass, but within that mass Danny noted many small and important distinctions. If they were on their BlackBerrys, they were probably hedge fund guys, checking their profits and losses in the Asian markets. If they slept on the train they were probably sell-side people—brokers, who had no skin in the game. Anyone carrying a briefcase or a bag was probably not employed on the sell side, as the only reason you’d carry a bag was to haul around brokerage research, and the brokers didn’t read their own reports—at least not in their spare time. Anyone carrying a copy of the New York Times was probably a lawyer or a back-office person or someone who worked in the financial markets without actually being in the markets. Their clothes told you a lot, too. The guys who ran money dressed as if they were going to a Yankees game. Their financial performance was supposed to be all that mattered about them, and so it caused suspicion if they dressed too well. If you saw a buy-side guy in a suit, it usually meant that he was in trouble, or scheduled to meet with someone who had given him money, or both. Beyond that, it was hard to tell much about a buy-side person from what he was wearing. The sell side, on the other hand, might as well have been wearing their business cards: The guy in the blazer and khakis was a broker at a second-tier firm; the guy in the three-thousand-dollar suit and the hair just so was an investment banker at J.P. Morgan or someplace like that. Danny could guess where people worked by where they sat on the train. The Goldman Sachs, Deutsche Bank, and Merrill Lynch people, who were headed downtown, edged to the front—though when Danny thought about it, few Goldman people actually rode the train anymore. They all had private cars. Hedge fund guys such as himself worked uptown and so exited Grand Central to the north, where taxis appeared haphazardly and out of nowhere to meet them, like farm trout rising to corn kernels. The Lehman and Bear Stearns people used to head for the same exit as he did, but they were done. One reason why, on September 18, 2008, there weren’t nearly as many people on the northeast corner of Forty-seventh Street and Madison Avenue at 6:40 in the morning as there had been on September 18, 2007.

I think it’s helpful to take an organized approach to what I call the “twin risks.” What I’m talking about here is the fact that investors have to deal daily with two possible sources of error. The first is obvious: the risk of losing money. The second is a bit more subtle: the risk of missing opportunity. Investors can eliminate either one, but doing so will expose them entirely to the other. So most people balance the two. What should an investor’s normal stance be regarding the two risks: evenly balanced, or favoring one or the other? The answer depends mostly on one’s goals, circumstances, personality and ability to withstand risk (and on the same things with regard to one’s clients, if any). And separate and apart from his normal posture, should the investor alter the balance from time to time? And if so, how? I think investors should try to appropriately adjust their stance if they (a) feel they have the requisite insight and (b) are willing to expend effort and bear the risk of being wrong. They should do this based on where the market is in its cycle. In short, when the market is high in its cycle, they should emphasize limiting the potential for losing money, and when the market is low in its cycle, they should emphasize reducing the risk of missing opportunity.

Later that week, I was bicycling down a pavement in the City of London when I passed a company called DLE, which stands for Davis Langdon & Everest. Hmm, I thought, as I skidded to a halt. I took a deep breath and then confidently walked into their ultraclean, ultrasmart reception, and asked to be put through to the CEO’s office, saying it was both urgent and confidential. Once I had the CEO’s secretary on the line, I pleaded with her to help me get just two minutes of her boss’s time. Eventually after three attempts, due to a combination of pity and intrigue, she agreed to ask the CEO to see me for “literally two minutes.” Bingo. I was escorted into a lift and then ushered into the calm of the CEO’s top-floor office. I was very nervous. The two head guys, Paul Morrell and Alastair Collins, came in, looking suspiciously at this scruffy youngster holding a pamphlet. (They later described it as one of the worst-laid-out proposals they had ever seen.) But they both had the grace to listen. By some miracle, they caught the dream and my enthusiasm, and for the sake of £10,000 (which to me was the world, but to them was a marketing punt), they agreed to back my attempt to put the DLE flag on top of the world. I promised an awesome photograph for their boardroom. We stood up, shook hands, and we have remained great friends ever since. I love deals like that.

What’s an IPO, exactly? A company decides it wants to “float” part of its equity on the public markets, allowing employees and founders to sell private shares to pay them off for years of service, as well as sell shares out of the corporate treasury to have some money in the bank. Large investment banks (such as my former employer Goldman Sachs) form what’s called a “syndicate” (“mafia” might be a better term) wherein they offer to effectively buy those shares from Facebook, and then sell them into the capital markets, usually by pushing it via their sales force onto wealthy clients or institutional investors. That syndicate either guarantees a price (“firm commitment”) or promises to get the best price it can (“best effort”). In the former case, the bank is taking real execution risk, and stands to lose money if it doesn’t engineer a “pop” in the stock on opening day. To mitigate the risk, the bank convinces the offering company to expect a lower price, while simultaneously jacking up what real price the market will bear with a zealous sales pitch to the market’s deepest pockets. Thus, it is absolutely jejune to think that a stock’s rise on opening day is due to clamoring and unexpected interest. Similar to Captain Renault in Casablanca, Wall Street bankers are shocked—shocked!—that there should be such a large and positive price dislocation in the market they just rigged.

Domenico, my pen pal and the master of ceremonies, emerges from the kitchen in a cobalt suit bearing a plate of bite-sized snacks: ricotta caramel, smoked hake, baby artichoke with shaved bottarga. The first course lands on the table with a wink from Domenico: raw shrimp, raw sheep, and a shower of wild herbs and flowers- an edible landscape of the island. I raise my fork tentatively, expecting the intensity of a mountain flock, but the sheep is amazingly delicate- somehow lighter than the tiny shrimp beside it. The intensity arrives with the next dish, the calf's liver we bought at the market, transformed from a dense purple lobe into an orb of pâté, coated in crushed hazelnuts, surrounded by fruit from the market this morning. The boneless sea anemones come cloaked in crispy semolina and bobbing atop a sticky potato-parsley puree. Bread is fundamental to the island, and S'Apposentu's frequent carb deliveries prove the point: a hulking basket overflowing with half a dozen housemade varieties from thin, crispy breadsticks to a dense sourdough loaf encased in a dark, gently bitter crust. The last savory course, one of Roberto's signature dishes, is the most stunning of all: ravioli stuffed with suckling pig and bathed in a pecorino fondue. This is modernist cooking at its most magnificent: two fundamental flavors of the island (spit-roasted pig and sheep's-milk cheese) cooked down and refined into a few explosive bites. The kind of dish you build a career on.

Preparation - Poem by Malay Roy Choudhury Who claims I'm ruined? Because I'm without fangs and claws? Are they necessary? How do you forget the knife plunged in abdomen up to the hilt? Green cardamom leaves for the buck, art of hatred and anger and of war, gagged and tied Santhal women, pink of lungs shattered by a restless dagger? Pride of sword pulled back from heart? I don't have songs or music. Only shrieks, when mouth is opened wordless odour of the jungle; corner of kin & sin-sanyas; Didn't pray for a tongue to take back the groans power to gnash and bear it. Fearless gunpowder bleats: stupidity is the sole faith-maimed generosity- I leap on the gambling table, knife in my teeth Encircle me rush in from tea and coffee plateaux in your gumboots of pleasant wages The way Jarasandha's genital is bisected and diamond glow Skill of beating up is the only wisdom in misery I play the burgler's stick like a flute brittle affection of thev wax-skin apple She-ants undress their wings before copulating I thump my thighs with alternate shrieks: VACATE THE UNIVERSE get out you omnicompetent conchshell in scratching monkeyhand lotus and mace and discuss-blade Let there be salt-rebellion of your own saline sweat along the gunpowder let the flint run towards explosion Marketeers of words daubed in darkness in the midnight filled with young dog's grief in the sicknoon of a grasshopper sunk in insecticide I reappear to exhibit the charm of the stiletto. (Translation of Bengali poem 'Prostuti')

I am listening to Istanbul" I am listening to Istanbul, intent, my eyes closed; At first there blows a gentle breeze And the leaves on the trees Softly flutter or sway; Out there, far away, The bells of water carriers incessantly ring; I am listening to Istanbul, intent, my eyes closed. I am listening to Istanbul, intent, my eyes closed; Then suddenly birds fly by, Flocks of birds, high up, in a hue and cry While nets are drawn in the fishing grounds And a woman’s feet begin to dabble in the water. I am listening to Istanbul, intent, my eyes closed. I am listening to Istanbul, intent, my eyes closed. The Grand Bazaar is serene and cool, A hubbub at the hub of the market, Mosque yards are brimful of pigeons, At the docks while hammers bang and clang Spring winds bear the smell of sweat; I am listening to Istanbul, intent, my eyes closed. I am listening to Istanbul, intent, my eyes closed; Still giddy since bygone bacchanals, A seaside mansion with dingy boathouses is fast asleep, Amid the din and drone of southern winds, reposed, I am listening to Istanbul, intent, my eyes closed. I am listening to Istanbul, intent, my eyes closed. Now a dainty girl walks by on the sidewalk: Cusswords, tunes and songs, malapert remarks; Something falls on the ground out of her hand, It’s a rose I guess. I am listening to Istanbul, intent, my eyes closed. I am listening to Istanbul, intent, my eyes closed; A bird flutters round your skirt; I know your brow is moist with sweat And your lips are wet. A silver moon rises beyond the pine trees: I can sense it all in your heart’s throbbing. I am listening to Istanbul, intent, my eyes closed.

Millions have been taught that if they don’t believe, if they don’t accept in the right way, that is, the way the person telling them the Gospel does, and they were hit by a car and died later that same day, God would have no choice but to punish them forever in conscious torment in hell. God would, in essence, become a fundamentally different being to them in that moment of death, a different being to them forever. A loving heavenly Father who will go to extraordinary lengths to have a relationship with them would, in the blink of an eye, become a cruel, mean, vicious tormenter who would ensure that they had no escape from an endless future of agony. Does God become somebody totally different the moment you die? That kind of God is simply devastating. Psychologically crushing. We can’t bear it. No one can. And that is the secret deep in the heart of many people, especially Christians: they don’t love God. They can’t, because the God they’ve been presented with and taught about can’t be loved. That God is terrifying and traumatizing and unbearable. And so there are conferences about how churches can be more “relevant” and “missional” and “welcoming,” and there are vast resources, many, many books and films, for those who want to “reach out” and “connect” and “build relationships” with people who aren’t part of the church. And that can be helpful. But at the heart of it, we have to ask: Just what kind of God is behind all this? Because if something is wrong with your God, if your God is loving one second and cruel the next, if your God will punish people for all of eternity for sins committed in a few short years, no amount of clever marketing or compelling language or good music or great coffee will be able to disguise that one, true, glaring, untenable, unacceptable, awful reality.[32]

In that sleep and in sleeps to follow the judge did visit. Who would come other? A great shambling mutant, silent and serene. Whatever his antecedents he was something wholly other than their sum, nor was there system by which to divide him back into his origins for he would not go. Whoever would seek out his history through what unraveling of loins and ledgerbooks must stand at last darkened and dumb at the shore of a void without terminus or origin and whatever science he might bring to bear upon the dusty primal matter blowing down out of the millennia will discover no trace of any ultimate atavistic egg by which to reckon his commencing. In the white and empty room he stood in his bespoken suit with his hat in his hand and he peered down with his small and lashless pig’s eyes wherein this child just sixteen years on earth could read whole bodies of decisions not accountable to the courts of men and he saw his own name which nowhere else could he have ciphered out at all logged into the records as a thing already accomplished, a traveler known in jurisdictions existing only in the claims of certain pensioners or on old dated maps. In his delirium he ransacked the linens of his pallet for arms but there were none. The judge smiled. The fool was no longer there but another man and this other man he could never see in his entirety but he seemed an artisan and a worker in metal. The judge enshadowed him where he crouched at his trade but he was a coldforger who worked with hammer and die, perhaps under some indictment and an exile from men’s fires, hammering out like his own conjectural destiny all through the night of his becoming some coinage for a dawn that would not be. It is this false moneyer with his gravers and burins who seeks favor with the judge and he is at contriving from cold slag brute in the crucible a face that will pass, an image that will render this residual specie current in the markets where men barter. Of this is the judge judge and the night does not end.

There is always, for some reason, an element of sadness mingled with my thoughts of human happiness, and, on this occasion, at the sight of a happy man I was overcome by an oppressive feeling that was close upon despair. It was particularly oppressive at night. A bed was made up for me in the room next to my brother’s bedroom, and I could hear that he was awake, and that he kept getting up and going to the plate of gooseberries and taking one. I reflected how many satisfied, happy people there really are! ‘What a suffocating force it is! You look at life: the insolence and idleness of the strong, the ignorance and brutishness of the weak, incredible poverty all about us, overcrowding, degeneration, drunkenness, hypocrisy, lying... Yet all is calm and stillness in the houses and in the streets; of the fifty thousand living in a town, there is not one who would cry out, who would give vent to his indignation aloud. We see the people going to market for provisions, eating by day, sleeping by night, talking their silly nonsense, getting married, growing old, serenely escorting their dead to the cemetery; but we do not see and we do not hear those who suffer, and what is terrible in life goes on somewhere behind the scenes... Everything is quiet and peaceful, and nothing protests but mute statistics: so many people gone out of their minds, so many gallons of vodka drunk, so many children dead from malnutrition... And this order of things is evidently necessary; evidently the happy man only feels at ease because the unhappy bear their burdens in silence, and without that silence happiness would be impossible. It’s a case of general hypnotism. There ought to be behind the door of every happy, contented man some one standing with a hammer continually reminding him with a tap that there are unhappy people; that however happy he may be, life will show him her laws sooner or later, trouble will come for him—disease, poverty, losses, and no one will see or hear, just as now he neither sees nor hears others. But there is no man with a hammer; the happy man lives at his ease, and trivial daily cares faintly agitate him like the wind in the aspen-tree—and all goes well.

Liberal anticulture rests on three pillars: first, the wholesale conquest of nature, which consequently makes nature into an independent object requiring salvation by the notional elimination of humanity; second, a new experience of time as a pastless present in which the future is a foreign land; and third, an order that renders place fungible and bereft of definitional meaning. These three cornerstones of human experience—nature, time and place—form the basis of culture, and liberalism’s success is premised upon their uprooting and replacement with facsimiles that bear the same names. The advance of this anticulture takes two primary forms. Anticulture is the consequence of a regime of standardizing law replacing widely observed informal norms that come to be discarded as forms of oppression; and it is the simultaneous consequence of a universal and homogenous market, resulting in a monoculture that, like its agricultural analogue, colonizes and destroys actual cultures rooted in experience, history, and place. These two visages of the liberal anticulture thus free us from other specific people and embedded relationships, replacing custom with abstract and depersonalized law, liberating us from personal obligations and debts, replacing what have come to be perceived as burdens on our individual autonomous freedom with pervasive legal threat and generalized financial indebtedness. In the effort to secure the radical autonomy of individuals, liberal law and the liberal market replace actual culture with an encompassing anticulture. This anticulture is the arena of our liberty—yet increasingly, it is rightly perceived as the locus of our bondage and even a threat to our continued existence. The simultaneous heady joy and gnawing anxieties of a liberated humanity, shorn of the compass of tradition and inheritance that were the hallmarks of embedded culture, are indicators of liberalism’s waxing success and accumulating failure. The paradox is our growing belief that we are thralls to the very sources of our liberation—pervasive legal surveillance and control of people alongside technological control of nature. As the empire of liberty grows, the reality of liberty recedes. The anticulture of liberalism—supposedly the source of our liberation—accelerates liberalism’s success and demise.

Is power like the vis viva and the quantite d’avancement? That is, is it conserved by the universe, or is it like shares of a stock, which may have great value one day, and be worthless the next? If power is like stock shares, then it follows that the immense sum thereof lately lost by B[olingbroke] has vanished like shadows in sunlight. For no matter how much wealth is lost in stock crashes, it never seems to turn up, but if power is conserved, then B’s must have gone somewhere. Where is it? Some say ‘twas scooped up by my Lord R, who hid it under a rock, lest my Lord M come from across the sea and snatch it away. My friends among the Whigs say that any power lost by a Tory is infallibly and insensibly distributed among all the people, but no matter how assiduously I search the lower rooms of the clink for B’s lost power, I cannot seem to find any there, which explodes that argument, for there are assuredly very many people in those dark salons. I propose a novel theory of power, which is inspired by . . . the engine for raising water by fire. As a mill makes flour, a loom makes cloth and a forge makes steel, so we are assured this engine shall make power. If the backers of this device speak truly, and I have no reason to deprecate their honesty, it proves that power is not a conserved quantity, for of such quantities, it is never possible to make more. The amount of power in the world, it follows, is ever increasing, and the rate of increase grows ever faster as more of these engines are built. A man who hordes power is therefore like a miser who sits on a heap of coins in a realm where the currency is being continually debased by the production of more coins than the market can bear. So that what was a great fortune, when first he raked it together, insensibly becomes a slag heap, and is found to be devoid of value. When at last he takes it to the marketplace to be spent. Thus my Lord B and his vaunted power hoard what is true of him is likely to be true of his lackeys, particularly his most base and slavish followers such as Mr. Charles White. This varmint has asserted that he owns me. He fancies that to own a man is to have power, yet he has got nothing by claiming to own me, while I who was supposed to be rendered powerless, am now writing for a Grub Street newspaper that is being perused by you, esteemed reader.

...the centrality of competitiveness as the key to growth is a recurrent EU motif. Two decades of EC directives on increasing competition in every area, from telecommunications to power generation to collateralizing wholesale funding markets for banks, all bear the same ordoliberal imprint. Similarly, the consistent focus on the periphery states’ loss of competitiveness and the need for deep wage and cost reductions therein, while the role of surplus countries in generating the crisis is utterly ignored, speaks to a deeply ordoliberal understanding of economic management. Savers, after all, cannot be sinners. Similarly, the most recent German innovation of a constitutional debt brake (Schuldenbremse) for all EU countries regardless of their business cycles or structural positions, coupled with a new rules-based fiscal treaty as the solution to the crisis, is simply an ever-tighter ordo by another name. If states have broken the rules, the only possible policy is a diet of strict austerity to bring them back into conformity with the rules, plus automatic sanctions for those who cannot stay within the rules. There are no fallacies of composition, only good and bad policies. And since states, from an ordoliberal viewpoint, cannot be relied upon to provide the necessary austerity because they are prone to capture, we must have rules and an independent monetary authority to ensure that states conform to the ordo imperative; hence, the ECB. Then, and only then, will growth return. In the case of Greece and Italy in 2011, if that meant deposing a few democratically elected governments, then so be it. The most remarkable thing about this ordoliberalization of Europe is how it replicates the same error often attributed to the Anglo-American economies: the insistence that all developing states follow their liberal instruction sheets to get rich, the so-called Washington Consensus approach to development that we shall discuss shortly. The basic objection made by late-developing states, such as the countries of East Asia, to the Washington Consensus/Anglo-American idea “liberalize and then growth follows” was twofold. First, this understanding mistakes the outcomes of growth, stable public finances, low inflation, cost competitiveness, and so on, for the causes of growth. Second, the liberal path to growth only makes sense if you are an early developer, since you have no competitors—pace the United Kingdom in the eighteenth century and the United States in the nineteenth century. Yet in the contemporary world, development is almost always state led.

I awake with a start, shaking the cobwebs of sleep from my mind. It’s pitch-dark out, the wind howling. It takes a couple seconds to get my bearings, to realize I’m in my parents’ bed, Ryder beside me, on his side, facing me. Our hands are still joined, though our fingers are slack now. “Hey, you,” he says sleepily. “That one was loud, huh?” “What was?” “Thunder. Rattled the windows pretty bad.” “What time is it?” “Middle of the night, I’d say.” I could check my phone, but that would require sitting up and letting go of his hand. Right now, I don’t want to do that. I’m too comfortable. “Have you gotten any sleep at all?” I ask him, my mouth dry and cottony. “I think I drifted off for a little bit. Till…you know…the thunder started up again.” “Oh. Sorry.” “It should calm down some when the eye moves through.” “If there’s still an eye by the time it gets here. The center of circulation usually starts breaking up once it goes inland.” Yeah, all those hours watching the Weather Channel occasionally come in handy. He gives my hand a gentle squeeze. “Wow, maybe you should consider studying meteorology. You know, if the whole film-school thing doesn’t work out for you.” “I could double major,” I shoot back. “I bet you could.” “What are you going to study?” I ask, curious now. “I mean, besides football. You’ve got to major in something, don’t you?” He doesn’t answer right away. I wonder what’s going through his head--why he’s hesitating. “Astrophysics,” he says at last. “Yeah, right.” I roll my eyes. “Fine, if you don’t want to tell me…” “I’m serious. Astrophysics for undergrad. And then maybe…astronomy.” “What, you mean in graduate school?” He just nods. “You’re serious? You’re going to major in something that tough? I mean, most football players major in something like phys ed or underwater basket weaving, don’t they?” “Greg McElroy majored in business marketing,” he says with a shrug, ignoring my jab. “Yeah, but…astrophysics? What’s the point, if you’re just going to play pro football after you graduate anyway?” “Who says I want to play pro football?” he asks, releasing my hand. “Are you kidding me?” I sit up, staring at him in disbelief. He’s the best quarterback in the state of Mississippi. I mean, football is what he does…It’s his life. Why wouldn’t he play pro ball? He rolls over onto his back, staring at the ceiling, his arms folded behind his head. “Right, I’m just some dumb jock.” “Oh, please. Everyone knows you’re the smartest kid in our class. You always have been. I’d give anything for it to come as easily to me as it does to you.” He sits up abruptly, facing me. “You think it’s easy for me? I work my ass off. You have no idea what I’m working toward. Or what I’m up against,” he adds, shaking his head. “Probably not,” I concede. “Anyway, if anyone can major in astrophysics and play SEC ball at the same time, you can. But you might want to lose the attitude.” He drops his head into his hands. “I’m sorry, Jem. It’s just…everyone has all these expectations. My parents, the football coach--” “You think I don’t get that? Trust me. I get it better than just about anyone.” He lets out a sigh. “I guess our families have pretty much planned out our lives for us, haven’t they?” “They think they have, that’s for sure,” I say.

Auto-Zoomar. Talbert knelt in the a tergo posture, his palms touching the wing-like shoulder blades of the young woman. A conceptual flight. At ten-second intervals the Polaroid projected a photograph on to the screen beside the bed. He watched the auto-zoom close in on the union of their thighs and hips. Details of the face and body of the film actress appeared on the screen, mimetized elements of the planetarium they had visited that morning. Soon the parallax would close, establishing the equivalent geometry of the sexual act with the junctions of this wall and ceiling. ‘Not in the Literal Sense.’Conscious of Catherine Austin’s nervous hips as she stood beside him, Dr Nathan studied the photograph of the young woman. ‘Karen Novotny,’ he read off the caption. ‘Dr Austin, may I assure you that the prognosis is hardly favourable for Miss Novotny. As far as Talbert is concerned the young woman is a mere modulus in his union with the film actress.’ With kindly eyes he looked up at Catherine Austin. ‘Surely it’s self-evident - Talbert’s intention is to have intercourse with Miss Taylor, though needless to say not in the literal sense of that term.’ Action Sequence. Hiding among the traffic in the near-side lane, Koester followed the white Pontiac along the highway. When they turned into the studio entrance he left his car among the pines and climbed through the perimeter fence. In the shooting stage Talbert was staring through a series of colour transparencies. Karen Novotny waited passively beside him, her hands held like limp birds. As they grappled he could feel the exploding musculature of Talbert’s shoulders. A flurry of heavy blows beat him to the floor. Vomiting through his bloodied lips, he saw Talbert run after the young woman as she darted towards the car. The Sex Kit.‘In a sense,’ Dr Nathan explained to Koester, ‘one may regard this as a kit, which Talbert has devised, entitled “Karen Novotny” - it might even be feasible to market it commercially. It contains the following items: (1) Pad of pubic hair, (2) a latex face mask, (3) six detachable mouths, (4) a set of smiles, (5) a pair of breasts, left nipple marked by a small ulcer, (6) a set of non-chafe orifices, (7) photo cut-outs of a number of narrative situations - the girl doing this and that, (8) a list of dialogue samples, of inane chatter, (9) a set of noise levels, (10) descriptive techniques for a variety of sex acts, (11) a torn anal detrusor muscle, (12) a glossary of idioms and catch phrases, (13) an analysis of odour traces (from various vents), mostly purines, etc., (14) a chart of body temperatures (axillary, buccal, rectal), (15) slides of vaginal smears, chiefly Ortho-Gynol jelly, (16) a set of blood pressures, systolic 120, diastolic 70 rising to 200/150 at onset of orgasm . . . ’ Deferring to Koester, Dr Nathan put down the typescript. ‘There are one or two other bits and pieces, but together the inventory is an adequate picture of a woman, who could easily be reconstituted from it. In fact, such a list may well be more stimulating than the real thing. Now that sex is becoming more and more a conceptual act, an intellectualization divorced from affect and physiology alike, one has to bear in mind the positive merits of the sexual perversions. Talbert’s library of cheap photo-pornography is in fact a vital literature, a kindling of the few taste buds left in the jaded palates of our so-called sexuality.