Finances Short Quotes

First, Lord: No tattoos. May neither Chinese symbol for truth nor Winnie-the-Pooh holding the FSU logo stain her tender haunches. May she be Beautiful but not Damaged, for it’s the Damage that draws the creepy soccer coach’s eye, not the Beauty. When the Crystal Meth is offered, May she remember the parents who cut her grapes in half And stick with Beer. Guide her, protect her When crossing the street, stepping onto boats, swimming in the ocean, swimming in pools, walking near pools, standing on the subway platform, crossing 86th Street, stepping off of boats, using mall restrooms, getting on and off escalators, driving on country roads while arguing, leaning on large windows, walking in parking lots, riding Ferris wheels, roller-coasters, log flumes, or anything called “Hell Drop,” “Tower of Torture,” or “The Death Spiral Rock ‘N Zero G Roll featuring Aerosmith,” and standing on any kind of balcony ever, anywhere, at any age. Lead her away from Acting but not all the way to Finance. Something where she can make her own hours but still feel intellectually fulfilled and get outside sometimes And not have to wear high heels. What would that be, Lord? Architecture? Midwifery? Golf course design? I’m asking You, because if I knew, I’d be doing it, Youdammit. May she play the Drums to the fiery rhythm of her Own Heart with the sinewy strength of her Own Arms, so she need Not Lie With Drummers. Grant her a Rough Patch from twelve to seventeen. Let her draw horses and be interested in Barbies for much too long, For childhood is short – a Tiger Flower blooming Magenta for one day – And adulthood is long and dry-humping in cars will wait. O Lord, break the Internet forever, That she may be spared the misspelled invective of her peers And the online marketing campaign for Rape Hostel V: Girls Just Wanna Get Stabbed. And when she one day turns on me and calls me a Bitch in front of Hollister, Give me the strength, Lord, to yank her directly into a cab in front of her friends, For I will not have that Shit. I will not have it. And should she choose to be a Mother one day, be my eyes, Lord, that I may see her, lying on a blanket on the floor at 4:50 A.M., all-at-once exhausted, bored, and in love with the little creature whose poop is leaking up its back. “My mother did this for me once,” she will realize as she cleans feces off her baby’s neck. “My mother did this for me.” And the delayed gratitude will wash over her as it does each generation and she will make a Mental Note to call me. And she will forget. But I’ll know, because I peeped it with Your God eyes.

Neoliberalization has meant ,in short,the financialization of everything.There was unquestionably a power shift away from production to the world of finance.

When you’re a conservative Republican, you never think people are making money by ripping other people off,” he said. His mind was now fully open to the possibility. “I now realized there was an entire industry, called consumer finance, that basically existed to rip people off.

The world always pays you less than you are worth. Don't sell yourself short even further.

The genuine object of debate raised by the [2008 financial] crisis ought to be how to overcome the short-termism to which we have been led by a consumerism intrinsically destructive of all genuine investment in the future, a short-termism which has systematically, and not accidentally, been translated into decomposition of investment into speculation.

Money has the power to buy you things. But a much bigger power of money is in generating more money for you. Those who are able to manifest the latter, are never short of it.

The last man she'd dated said something to her, shortly before they broke up: 'I don't know, maybe I'm boring, but I never really feel like you're there when we're out to dinner. You live in your head. I can't. No room for me in there. I don't know, maybe you'd be more interested in me if I were a book.' She had hated him at the time, and hated herself a little, but later, looking back, Hutter had decided that even if that particular boyfriend had been a book, he would've been one from the Business & Finance aisle and she would've passed him by and looked for something in SF & Fantasy.

The desire to avoid short-term hardships leads to major dislocations in [housing] markets.

One of the reasons Wall Street had cooked up this new industry called structured finance was that its old-fashioned business was every day less profitable. The profits in stockbroking, along with those in the more conventional sorts of bond broking, had been squashed by Internet competition.

Pope Benedict XVI was the first to predict the crisis in the global financial system…Italian Finance Minister Giulio Tremonti said. “The prediction that an undisciplined economy would collapse by its own rules can be found” in an article written by Cardinal Joseph Ratzinger [in 1985], Tremonti said yesterday at Milan’s Cattolica University. —Bloomberg News, November 20, 2008

The trick in any field - from finance to careers to relationships - is being able to survive the short-run problems so you can stick around long enough to enjoy the long-term growth.

They use their minds to create wealth—not by taking existing materials and turning them into more valuable goods, but by taking existing wealth and putting it toward more valuable uses. In short, financiers don’t create the products that enrich our lives—they help create (and nurture) all the businesses that create the products that enrich our lives.

The world of finance hails the invention of the wheel over and over again, often in a slightly more unstable version. All financial innovation involves in one form or another, the creation of debt secured in greater or lesser adequacy by real assets.

She had worked her way up the ladder at Merrill Lynch, and then, shortly after Robert and I moved back to New York, she admitted to him that she hated the culture of finance. She told him she had to leave. He was disappointed that she hadn’t been happy with what had made him happy; that was obvious. But he was never disappointed in her.

Bridge loans provide short-term financing until long-term financing is secured. If you’re having trouble getting full financing, try seeking a bridge loan for the time being.

Human behavior and information bias play a huge role in transaction prices. It creates short-term opportunities that can be exploited.

I now realized there was an entire industry, called consumer finance, that basically existed to rip people off.

Speculation, it has been noted, comes when popular imagination settles on something seemingly new in the field of commerce or finance.

An asset is worth what someone is willing to pay for it; and the value of an asset is the cash it will generate over its life.

Pope Benedict XVI was the first to predict the crisis in the global financial system…Italian Finance Minister Giulio Tremonti said.

It is widely accepted that anything that reduces short-term volatility must also reduce long-term return.

David Dardashti emigrated to the United States as a child and attended UC Berkeley shortly after. He flourished in academia and left college with a Bachelor's degree in Economics.

His experience with Household Finance had disabused him of any hope that the government would intercede to prevent rich corporations from doing bad things to poor people.

But it is a common mistake to emphasise what you can measure at the expense of more important things that you can’t. It is generally better to be approximately right than precisely wrong.

Our primary objective in every mortgage transaction should be to borrow in a way that reduces debt, improves financial stability, and helps us get debt free in as short a time as possible!

Companies should optimize working capital management because it allows them to maximize efficiency and profitability. Efficient management of working capital ensures that a company has enough liquidity to meet its short-term obligations while minimizing excess capital tied up in non-productive assets, ultimately enhancing cash flow, reducing financing costs, and improving overall financial health.

Some take pains to be biblical, but many [Christian financial teachers, writers, investment counselors, and seminar leaders] simply parrot their secular colleagues. Other than beginning and ending with prayer, mentioning Christ, and sprinkling in some Bible verses, there's no fundamental difference. They reinforce people's materialist attitudes and lifestyles. They suggest a variety of profitable plans in which people can spend or stockpile the bulk of their resources. In short, to borrow a term from Jesus, some Christian financial experts are helping people to be the most successful 'rich fools' they can be.

In short, finance gives you the opportunity to dramatically increase your consumption by doing nothing—or, more precisely, by choosing not to consume everything you produce today, but instead providing the productive economy with savings that can be used to generate additional economic value with minimal effort on your part. For all of the demonization of financiers, this is as close to magic as you can get.

Corporate loans can be short-term or long-term, depending on the business's needs. Each business’s leaders should think very methodically about future revenue projections and macro conditions, among other things.

It's not easy to stand apart from mass hysteria - to believe that most of what's in the financial news is wrong, to believe that most important financial people are either lying or deluded - without being insane.

How do you explain to an innocent citizen of the free world the importance of a credit default swap on a double-A tranche of a subprime-backed collateralized debt obligation? He tried, but his English in-laws just looked at him strangely. They understood that someone else had just lost a great deal of money and Ben had just made a great deal of money, but never got much past that. "I can't really talk to them about it," he says. "They're English.

On its surface, the booming market in side bets on subprime mortgage bonds seemed to be the financial equivalent of fantasy football: a benign, if silly, facsimile of investing. Alas, there was a difference between fantasy football and fantasy finance: When a fantasy football player drafts Peyton Manning to be on his team, he doesn’t create a second Peyton Manning. When Mike Burry bought a credit default swap based on a Long Beach Savings subprime–backed bond, he enabled Goldman Sachs to create another bond identical to the original in every respect but one: There were no actual home loans or home buyers. Only the gains and losses from the side bet on the bonds were real.

the Wall Street firm became a black box. The shareholders who financed the risk taking had no real understanding of what the risk takers were doing, and, as the risk taking grew ever more complex, their understanding diminished.

Not only the portraits on the walls, but also the shelves in the library were thinned out. The disappearance of certain books and brochures happened discretely, usually the day after the arrival of a new message from above. Rubashov made his sarcastic commentaries on it while dictating to Arlova, who received them in silence. Most of the works on foreign trade and currency disappeared from the shelves – their author, the People’s Commissar for Finance, had just been arrested; also nearly all old Party Congress reports treating the same subject; most books and reference-books on the history and antecedents of the Revolution; most works by living authors on problems of birth control; the manuals on the structure of the People’s Army; treatises on trade unionism and the right to strike in the People’s State; practically every study of the problems of political constitution more than two years old, and, finally, even the volumes of the Encyclopedia published by the Academy – a new revised edition being promised shortly. New books arrived, too: the classics of social science appeared with new footnotes and commentaries, the old histories were replaced by new histories, the old memoirs of dead revolutionary leaders were replaced by new memoirs of the same defunct. Rubashov remarked jokingly to Arlova that the only thing left to be done was to publish a new and revised edition of the back numbers of all newspapers.

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Pope Benedict XVI was the first to predict the crisis in the global financial system… Italian Finance Minister Giulio Tremonti said. “The prediction that an undisciplined economy would collapse by its own rules can be found” in an article written by Cardinal Joseph Ratzinger

When you’re a conservative Republican, you never think people are making money by ripping other people off,” he said. His mind was now fully open to the possibility. “I now realized there was an entire industry, called consumer finance, that basically existed to rip people off.” Denied

First, he evaluates a business on its long-term rather than its short-term prospects. Second, he always looks for businesses he understands. (This led him to avoid many Internet-related investments.) And third, when he examines financial statements, he places the greatest emphasis on a measure of cash flow that he calls owner earnings.

One of our primary goals has been to put an end to population growth. Moreover, we had to decrease world population numbers dramatically. In order to do this, we needed methods that could kill large numbers of people in a very short time. We have financed top-secret research projects for the production of deadly viruses. Some experiments have failed but others have yielded results.” 

The shareholders who financed the risk taking had no real understanding of what the risk takers were doing, and, as the risk taking grew ever more complex, their understanding diminished. All that was clear was that the profits to be had from smart people making complicated bets overwhelmed anything that could be had from servicing customers, or allocating capital to productive enterprise.

When Steve Eisman stumbled into this new, rapidly growing industry of specialty finance, the mortgage bond was about to be put to a new use: making loans that did not qualify for government guarantees. The purpose was to extend credit to less and less creditworthy homeowners, not so that they might buy a house but so that they could cash out whatever equity they had in the house they already owned.

Except for the two years he had lived with cowboys in North Dakota,and being the employer of a dozen or so servants,Roosevelt had never had to suffer any prolonged intimacy with the working class.From infancy,he had enjoyed the perquisites of money and social position.The money,through his own mismanagement,had often run short,and he was by no means wealthy even now, but he had always taken exclusivity for granted.

A more recent concern relates to “financialization” and associated short-termism. Financialization is the growing importance of norms, metrics, and incentives from the financial sector to the wider economy. Some of the concerns expressed are that, for example, managers are increasingly awarded stock options to align their incentives with those of shareholders; companies are often explicitly managed to increase short-term shareholder value; and financial engineering, such as share buybacks and earnings management, has become a more important part of senior managers’ jobs. The end result is that rather than finance serving business, business serves finance: the tail wags the dog. What John Kay described as “obliquity,” the idea that making money was a consequence of, or a second-order benefit of, serving one’s customers and building good businesses, is driven out (Kay 2010).

Forcing new loans upon the bankrupt on condition that they shrink their income is nothing short of cruel and unusual punishment. Greece was never bailed out. With their ‘rescue’ loan and their troika of bailiffs enthusiastically slashing incomes, the EU and IMF effectively condemned Greece to a modern version of the Dickensian debtors’ prison and then threw away the key. Debtors’ prisons were ultimately abandoned because, despite their cruelty, they neither deterred the accumulation of new bad debts nor helped creditors get their money back. For capitalism to advance in the nineteenth century, the absurd notion that all debts are sacred had to be ditched and replaced with the notion of limited liability. After all, if all debts are guaranteed, why should lenders lend responsibly? And why should some debts carry a higher interest rate than other debts, reflecting the higher risk of going bad? Bankruptcy and debt write-downs became for capitalism what hell had always been for Christian dogma – unpleasant yet essential – but curiously bankruptcy-denial was revived in the twenty-first century to deal with the Greek state’s insolvency. Why? Did the EU and the IMF not realize what they were doing? They knew exactly what they were doing. Despite their meticulous propaganda, in which they insisted that they were trying to save Greece, to grant the Greek people a second chance, to help reform Greece’s chronically crooked state and so on, the world’s most powerful institutions and governments were under no illusions. […] Banks restructure the debt of stressed corporations every day, not out of philanthropy but out of enlightened self-interest. But the problem was that, now that we had accepted the EU–IMF bailout, we were no longer dealing with banks but with politicians who had lied to their parliaments to convince them to relieve the banks of Greece’s debt and take it on themselves. A debt restructuring would require them to go back to their parliaments and confess their earlier sin, something they would never do voluntarily, fearful of the repercussions. The only alternative was to continue the pretence by giving the Greek government another wad of money with which to pretend to meet its debt repayments to the EU and the IMF: a second bailout.

Steamboat Willie put Walt Disney on the map as an animator. Business success was another story. Disney’s first studio went bankrupt. His films were monstrously expensive to produce, and financed at outrageous terms. By the mid-1930s Disney had produced more than 400 cartoons. Most of them were short, most of them were beloved by viewers, and most of them lost a fortune. Snow White and the Seven Dwarfs changed everything. The $8 million it earned in the first six months of 1938 was an order of magnitude higher than anything the company earned previously. It transformed Disney Studios. All company debts were paid off. Key employees got retention bonuses. The company purchased a new state-of-the-art studio in Burbank, where it remains today. An Oscar turned Walt from famous to full-blown celebrity. By 1938 he had produced several hundred hours of film. But in business terms, the 83 minutes of Snow White were all that mattered.

McConnell was the case that declared constitutional the next clamp-down on campaign finance, the 2002 McCain-Feingold Act, which barred political parties from taking soft money and blocked union and corporate political ad spending shortly before an election. At the time, it was hard not to think that the law grew, at least in part, out of an embarrassed Senator John McCain’s wish to transfer the blame to “the system” for his having unwittingly helped a constituent and contributor who turned out to be a $3 billion savings-and-loan fraudster.

For centuries, it wasn’t government that kept the best records; merchants did. They were the ones who refined methods of accounting, bookkeeping, costs, and incomes, and they were at the core of the development of banking and notes of credit that are the precursors to all contemporary finance. Rulers, however, needed and coveted the revenue that merchants generated. Hence the evolution of the mercantile system, which saw various empires attempt to monopolize trade with their far-flung colonies and keep out foreign powers and foreign merchants.

When the same or closely similar circumstances occur again, sometimes in only a few years, they are hailed by a new, often youthful, and always supremely self-confident generation as a brilliantly innovative discovery in the financial and larger economic world. There can be few fields of human endeavor in which history counts for so little as in the world of finance. Past experience, to the extent that it is part of memory at all, is dismissed as the primitive refuge of those who do not have the insight to appreciate the incredible wonders of the present. (A Short History of Financial Euphoria, 1990)

Here are my simple rules for identifying market tops and bottoms: 1. Market tops are relatively easy to recognize. Buyers generally become overconfident and almost always believe “this time is different.” It’s usually not. 2. There’s always a surplus of relatively cheap debt capital to finance acquisitions and investments in a hot market. In some cases, lenders won’t even charge cash interest, and they often relax or suspend typical loan restrictions as well. Leverage levels escalate compared to historical averages, with borrowing sometimes reaching as high as ten times or more compared to equity. Buyers will start accepting overoptimistic accounting adjustments and financial forecasts to justify taking on high levels of debt. Unfortunately most of these forecasts tend not to materialize once the economy starts decelerating or declining. 3. Another indicator that a market is peaking is the number of people you know who start getting rich. The number of investors claiming outperformance grows with the market. Loose credit conditions and a rising tide can make it easy for individuals without any particular strategy or process to make money “accidentally.” But making money in strong markets can be short-lived. Smart investors perform well through a combination of self-discipline and sound risk assessment, even when market conditions reverse.

I determined absolutely that never would I join a company in which finance came before the work or in which bankers or financiers had a part. And further that, if there were no way to get started in the kind of business that I thought could be managed in the interest of the public, then I simply would not get started at all. For my own short experience, together with what I saw going on around me, was quite enough proof that business as a mere money-making game was not worth giving much thought to and was distinctly no place for a man who wanted to accomplish anything. Also it did not seem to me to be the way to make money. I have yet to have it demonstrated that it is the way. For the only foundation of real business is service.

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At a talk I gave at a church months later, I spoke about Charlie and the plight of incarcerated children. Afterward, an older married couple approached me and insisted that they had to help Charlie. I tried to dissuade these kind people from thinking they could do anything, but I gave them my card and told them they could call me. I didn't expect to hear from them, but within days they called, and they were persistent. We eventually agreed that they would write a letter to Charlie and send it to me to pass on to him. When I received the letter weeks later, I read it. It was remarkable. Mr. and Mrs. Jennings were a white couple in their mid-seventies from a small community northeast of Birmingham. They were kind and generous people who were active in their local United Methodist church. They never missed a Sunday service and were especially drawn to children in crisis. They spoke softly and always seemed to be smiling but never appeared to be anything less than completely genuine and compassionate. They were affectionate with each other in a way that was endearing, frequently holding hands and leaning into each other. They dressed like farmers and owned ten acres of land, where they grew vegetables and lived simply. Their one and only grandchild, whom they had helped raise, had committed suicide when he was a teenager, and they had never stopped grieving for him. Their grandson struggled with mental health problems during his short life, but he was a smart kid and they had been putting money away to send him to college. They explained in their letter that they wanted to use the money they'd saved for their grandson to help Charlie. Eventually, Charlie and this couple began corresponding with one another, building up to the day when the Jenningses met Charlie at the juvenile detention facility. They later told me that they "loved him instantly." Charlie's grandmother had died a few months after she first called me, and his mother was still struggling after the tragedy of the shooting and Charlie's incarceration. Charlie had been apprehensive about meeting with the Jenningses because he thought they wouldn't like him, but he told me after they left how much they seemed to care about him and how comforting that was. The Jenningses became his family. At one point early on, I tried to caution them against expecting too much from Charlie after his release. 'You know, he's been through a lot. I'm not sure he can just carry on as if nothing has ever happened. I want you to understand he may not be able to do everything you'd like him to do.' They never accepted my warnings. Mrs. Jennings was rarely disagreeable or argumentative, but I had learned that she would grunt when someone said something she didn't completely accept. She told me, 'We've all been through a lot, Bryan, all of us. I know that some have been through more than others. But if we don't expect more from each other, hope better for one another, and recover from the hurt we experience, we are surely doomed.' The Jenningses helped Charlie get his general equivalency degree in detention and insisted on financing his college education. They were there, along with his mother, to take him home when he was released.

It may be remarked in passing that success is an ugly thing. Men are deceived by its false resemblances to merit. To the crowd, success ears almost the features of true mastery, and the greatest dupe of this counterfeit talent is History. Juvenal and Tacitus alone mistrust it. In these days an almost official philosophy has come to dwell in the house of Success, wear its livery, receive callers in its ante-chamber. Success in principle and for its own sake. Prosperity presupposes ability. Win a lottery-prize and you are a clever man. Winners are adulated. To be born with a caul is everything; luck is what matters. Be fortunate and you will be thought great. With a handful of tremendous exceptions which constitute the glory of a century, the popular esteem is singularly short-sighted. Gilt is as good as gold. No harm in being a chance arrival provided you arrive. The populace is an aged Narcissus which worships itself and applauds the commonplace. The tremendous qualities of Moses, an Aeschylus, a Dante, a Michelangelo or a Napoleon are readily ascribed by the multitude to any man, in any sphere, who has got what he set out to get - the notary who becomes a deputy, the hack playwright who produces a mock-Corneille, the eunuch who acquires a harem, the journeyman-general who by accident wins the decisive battle of an epoch. The profiteer who supplies the army of the Sambre-et-Meuse with boot-soles of cardboard and earns himself an income of four hundred thousand a year; the huckster who espouses usury and brings her to bed of seven or eight millions; the preacher who becomes bishop by loudly braying; the bailiff of a great estate who so enriches himself that on retirement he is made Minister of Finance - all this is what men call genius, just as they call a painted face beauty and a richly attired figure majesty. The confound the brilliance of the firmament with the star-shaped footprints of a duck in the mud.

The national idea . . . [that] regarded the frontiers of the state as being determined by the natural boundaries of the nation, is now transformed into the notion of elevating one’s own nation above all others. The ideal now is to secure for one’s own nation the domination of the world, an aspiration which is as unbounded as the capitalist lust for profit from which it springs. . . . These efforts become an economic necessity, because every failure to advance reduces the profit and the competitiveness of finance capital, and may finally turn the smaller economic territory into a mere tributary of a larger one. . . . Since the subjugation of foreign nations takes place by force—that is, in a perfectly natural way—it appears to the ruling nation that this domination is due to some special natural qualities, in short to its racial characteristics. Thus there emerges a racist ideology, cloaked in the garb of natural science, a justification for finance capital’s lust for power, which is thus shown to have the specificity and necessity of a natural phenomenon.

The subprime market tapped a segment of the American public that did not typically have anything to do with Wall Street: the tranche between the fifth and the twenty-ninth percentile in their credit ratings. That is, the lenders were making loans to people who were less creditworthy than 71 percent of the population. Which of these poor Americans were likely to jump which way with their finances? How much did their home prices need to fall for their loans to blow up? Which mortgage originators were the most corrupt? Which Wall Street firms were creating the most dishonest mortgage bonds? What kind of people, in which parts of the country, exhibited the highest degree of financial irresponsibility? The default rate in Georgia was five times higher than that in Florida, even though the two states had the same unemployment rate. Why? Indiana had a 25 percent default rate; California, only 5 percent, even though Californians were, on the face of it, far less fiscally responsible. Why? Vinny and Danny flew down to Miami, where they wandered around empty neighborhoods built with subprime loans, and saw with their own eyes how bad things were. “They’d

According to the corporate media, which allows all shades of opinion from the far right to the middle-of-the-road, America has vicious enemies on all continents (except maybe Antarctica). These Evildoers, driven by Satan, want to destroy us and take all we own. Hence, by this analysis, our president must have no compunction about spilling blood; in short, like it or not, he must have the soul--or soullessness--of a serial killer. A rival "leftish" view, banned from the corporate media but widely available on Internet, holds that the world does not consist entirely of endless enemies, but does contain many, many peoples who want to get out from under the heel of the IMF, the World Bank and the multi-nationals. "Our" government, in this view, actually belongs not to us but to these giant money-cows, who finance the two major parties and ensure that no third party ever gets decent coverage in their media. The government then acts as Company Cop for the rich, suppressing all attempts at rebellion or national liberation, etc. Thus, once again, via a dissenting ideology, we arrive at the conclusion that the president must think, feel and act like a serial killer.

And as a long-short fund, he'd also been obligated to take short positions — betting against companies — which was a tactic that, to most experts in finance, was uncontroversial. The thinking went, when companies were performing poorly, or were mismanaged, or were in an industry that was being overrun, or were simply likely to fail, taking a short position wasn't just logical — it protected the marketplace by pointing out overpriced stocks, prevented fraud by acting as a check against dubious management, and poked holes in potential bubbles. Short sellers also added liquidity and volume to a stock — because they were obligated to buy the stock back at some point in the future. Yes, short sellers profited when companies failed, but usually a short seller wasn't banking on a company failing — just that the stock's price would eventually correct toward its true valuation. Sometimes, though, a trader picked up a short position because the company in question really was going to fail. Because, perhaps, it was in an industry that was dying; had management that seemed completely unable or unwilling to pivot; and had deep fundamental issues in its financing that seemed impossible to overcome.

If the global pie stayed the same size, there was no margin for credit. Credit is the difference between today’s pie and tomorrow’s pie. If the pie stays the same, why extend credit? It would be an unacceptable risk unless you believed that the baker or king asking for your money might be able to steal a slice from a competitor. So it was hard to get a loan in the premodern world, and when you got one it was usually small, short-term, and subject to high interest rates. Upstart entrepreneurs thus found it difficult to open new bakeries and great kings who wanted to build palaces or wage wars had no choice but to raise the necessary funds through high taxes and tariffs. That was fine for kings (as long as their subjects remained docile), but a scullery maid who had a great idea for a bakery and wanted to move up in the world generally could only dream of wealth while scrubbing down the royal kitchen’s floors. The Magic Circle of the Modern Economy It was lose-lose. Because credit was limited, people had trouble financing new businesses. Because there were few new businesses, the economy did not grow. Because it did not grow, people assumed it never would, and those who had capital were wary of extending credit. The expectation of stagnation fulfilled itself.

The Mother’s Prayer for Its Daughter First, Lord: No tattoos. May neither the Chinese symbol for truth nor Winnie-the-Pooh holding the FSU logo stain her tender haunches. May she be Beautiful but not Damaged, for it’s the Damage that draws the creepy soccer coach’s eye, not the Beauty. When the Crystal Meth is offered, May she remember the parents who cut her grapes in half And stick with Beer. Guide her, protect her When crossing the street, stepping onto boats, swimming in the ocean, swimming in pools, walking near pools, standing on the subway platform, crossing 86th Street, stepping off of boats, using mall restrooms, getting on and off escalators, driving on country roads while arguing, leaning on large windows, walking in parking lots, riding Ferris wheels, roller-coasters, log flumes, or anything called “Hell Drop,” “Tower of Torture,” or “The Death Spiral Rock ‘N Zero G Roll featuring Aerosmith,” and standing on any kind of balcony ever, anywhere, at any age. Lead her away from Acting but not all the way to Finance. Something where she can make her own hours but still feel intellectually fulfilled and get outside sometimes And not have to wear high heels. What would that be, Lord? Architecture? Midwifery? Golf course design? I’m asking You, because if I knew, I’d be doing it, Youdammit. May she play the Drums to the fiery rhythm of her Own Heart with the sinewy strength of her Own Arms, so she need Not Lie With Drummers. Grant her a Rough Patch from twelve to seventeen. Let her draw horses and be interested in Barbies for much too long, For Childhood is short—a Tiger Flower blooming Magenta for one day— And Adulthood is long and Dry-Humping in Cars will wait. O Lord, break the Internet forever, That she may be spared the misspelled invective of her peers And the online marketing campaign for Rape Hostel V: Girls Just Wanna Get Stabbed. And when she one day turns on me and calls me a Bitch in front of Hollister, Give me the strength, Lord, to yank her directly into a cab in front of her friends, For I will not have that Shit. I will not have it. And should she choose to be a Mother one day, be my eyes, Lord, That I may see her, lying on a blanket on the floor at 4:50 A.M., all-at-once exhausted, bored, and in love with the little creature whose poop is leaking up its back. “My mother did this for me once,” she will realize as she cleans feces off her baby’s neck. “My mother did this for me.” And the delayed gratitude will wash over her as it does each generation and she will make a Mental Note to call me. And she will forget. But I’ll know, because I peeped it with Your God eyes. Amen

Allowing the utmost latitude to the love of power which any reasonable man can require, I confess I am at a loss to discover what temptation the persons intrusted with the administration of the general government could ever feel to divest the States of the authorities of that description. The regulation of the mere domestic police of a State appears to me to hold out slender allurements to ambition. Commerce, finance, negotiation, and war seem to comprehend all the objects which have charms for minds governed by that passion; and all the powers necessary to those objects ought, in the first instance, to be lodged in the national depository. The administration of private justice between the citizens of the same State, the supervision of agriculture and of other concerns of a similar nature, all those things, in short, which are proper to be provided for by local legislation, can never be desirable cares of a general jurisdiction. It is therefore improbable that there should exist a disposition in the federal councils to usurp the powers with which they are connected; because the attempt to exercise those powers would be as troublesome as it would be nugatory; and the possession of them, for that reason, would contribute nothing to the dignity, to the importance, or to the splendor of the national government.

My Future Self My future self and I become closer and closer as time goes by. I must admit that I neglected and ignored her until she punched me in the gut, grabbed me by the hair and turned my butt around to introduce herself. Well, at least that’s what it felt like every time I left the convalescent hospital after doing skills training for a certification I needed to help me start my residential care business. I was going to be providing specialized, 24/7 residential care and supervising direct care staff for non-verbal, non-ambulatory adult men in diapers! I ran to the Red Cross and took the certified nurse assistant class so I would at least know something about the job I would soon be hiring people to do and to make sure my clients received the best care. The training facility was a Medicaid hospital. I would drive home in tears after seeing what happens when people are not able to afford long-term medical care and the government has to provide that care. But it was seeing all the “young” patients that brought me to tears. And I had thought that only the elderly lived like this in convalescent hospitals…. I am fortunate to have good health but this experience showed me that there is the unexpected. So I drove home each day in tears, promising God out loud, over and over again, that I would take care of my health and take care of my finances. That is how I met my future self. She was like, don’t let this be us girlfriend and stop crying! But, according to studies, we humans have a hard time empathizing with our future selves. Could you even imagine your 30 or 40 year old self when you were in elementary or even high school? It’s like picturing a stranger. This difficulty explains why some people tend to favor short-term or immediate gratification over long-term planning and savings. Take time to picture the life you want to live in 5 years, 10 years, and 40 years, and create an emotional connection to your future self. Visualize the things you enjoy doing now, and think of retirement saving and planning as a way to continue doing those things and even more. However, research shows that people who interacted with their future selves were more willing to improve savings. Just hit me over the head, why don’t you! I do understand that some people can’t even pay attention or aren’t even interested in putting money away for their financial future because they have so much going on and so little to work with that they feel like they can’t even listen to or have a conversation about money. But there are things you’re doing that are not helping your financial position and could be trouble. You could be moving in the wrong direction. The goal is to get out of debt, increase your collateral capacity, use your own money in the most efficient manner and make financial decisions that will move you forward instead of backwards. Also make sure you are getting answers specific to your financial situation instead of blindly guessing! Contact us. We will be happy to help!

Non-Tenure Writing Jobs The MLA session on the adjunct crisis indicates where higher education has come to in the Brave New World of the 21st century. Research by the MLA itself, by Gloria McMillan, by Eileen Schell and other colleagues, already confirm the deep replacement of tenure-track faculty with contingent adjuncts and others. This crisis is deepest in composition and in community colleges. Doug Hesse’s program at Denver Univ. is no solution; it will extend the subordination of composition through sub-faculty lines while rationalizing it as “good for students"(before research has even proved it so). But, sub-faculty writing lecturers will never be treated as “real” professors by their institutions and will never be accepted as colleagues by their tenure-track peers. Such sub-faculty plans will weaken the faculty as a whole in the academy by further dividing it into competing sub-groups. Neither will a sub-faculty plan benefit the 14 million undergraduates on campus, most who attend under-funded public colleges with no billion-dollar endowments or corporate angels to turn to. Community colleges, in particular, where about 6 million students are enrolled, can have up to 65% of classes taught by adjuncts. The sub-faculty plan is thus really a management tool available in the short-term to those colleges with deep pockets and deep readiness to entrench a lesser sub-faculty in their writing programs. Doug Hesse acknowledges such an outcome as a possibility. He is quoted in the IHE report saying he was disturbed by the degree of interest other WPAs took in DU’s new sub-faculty writing program, fearing that DU was installing a “Vichy"-type model(collaborating with the authorities desire to de-tenure faculty generally and to subordinate writing instructors particularly). But, Hesse is quoted as making peace with this because he feels that sub-faculty lines for writing teachers are at least good for writing students. Even if we knew for sure this was true, why must writing teachers be the only professionals in higher education called upon to make such sacrifices? A large private grant to finance Denver University’s program($10 million for Hesse’s project)is good fortune for one campus, but it offers no model for how we can solve the national disgrace of exploited adjuncts.

...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.

A Tale of Two Parking Requirements The impact of parking requirements becomes clearer when we compare the parking requirements of San Francisco and Los Angeles. San Francisco limits off-street parking, while LA requires it. Take, for example, the different parking requirements for concert halls. For a downtown concert hall, Los Angeles requires, as a minimum, fifty times more parking than San Francisco allows as its maximum. Thus the San Francisco Symphony built its home, Louise Davies Hall, without a parking garage, while Disney Hall, the new home of the Los Angeles Philharmonic, did not open until seven years after its parking garage was built. Disney Hall's six-level, 2,188-space underground garage cost $110 million to build (about $50,000 per space). Financially troubled Los Angeles County, which built the garage, went into debt to finance it, expecting that parking revenues would repay the borrowed money. But the garage was completed in 1996, and Disney Hall—which suffered from a budget less grand than its vision—became knotted in delays and didn't open until late 2003. During the seven years in between, parking revenue fell far short of debt payments (few people park in an underground structure if there is nothing above it) and the county, by that point nearly bankrupt, had to subsidize the garage even as it laid employees off. The money spent on parking shifted Disney Hall's design toward drivers and away from pedestrians. The presence of a six-story subterranean garage means most concert patrons arrive from underneath the hall, rather than from the sidewalk. The hall's designers clearly understood this, and so while the hall has a fairly impressive street entrance, its more magisterial gateway is an "escalator cascade" that flows up from the parking structure and ends in the foyer. This has profound implications for street life. A concertgoer can now drive to Disney Hall, park beneath it, ride up into it, see a show, and then reverse the whole process—and never set foot on a sidewalk in downtown LA. The full experience of an iconic Los Angeles building begins and ends in its parking garage, not in the city itself. Visitors to downtown San Francisco have a different experience. When a concert or theater performance lets out in San Francisco, people stream onto the sidewalks, strolling past the restaurants, bars, bookstores, and flower shops that are open and well-lit. For those who have driven, it is a long walk to the car, which is probably in a public facility unattached to any specific restaurant or shop. The presence of open shops and people on the street encourages other people to be out as well. People want to be on streets with other people on them, and they avoid streets that are empty, because empty streets are eerie and menacing at night. Although the absence of parking requirements does not guarantee a vibrant area, their presence certainly inhibits it. "The more downtown is broken up and interspersed with parking lots and garages," Jane Jacobs argued in 1961, "the duller and deader it becomes ... and there is nothing more repellent than a dead downtown.

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As suggested in the citation just above, the credit cycle can be easily understood through the metaphor of a window. In short, sometimes it’s open and sometimes it’s closed. And, in fact, people in the financial world make frequent reference to just that: “the credit window,” as in “the place you go to borrow money.” When the window is open, financing is plentiful and easily obtained, and when it’s closed, financing is scarce and hard to get. Finally, it’s essential to always bear in mind that the window can go from wide open to slammed shut in just an instant. There’s a lot more to fully understanding this cycle—including the reasons for these cyclical movements and their impact—but that’s the bottom line.

In the larger history of economics and finance, no year stands out as does 1929. It is, as I have elsewhere observed—like 1066, 1776, 1914, 1945, and now, perhaps, with the collapse of Communism, 1989—richly evocative in the public memory.

Ravitch was hoping to change the public debate so that the media reported on the transportation network’s long-term needs rather than just its short-term financial woes. That would help him generate support for his plan to restore and then perpetually maintain the MTA’s physical network. Ravitch’s detailed list of needs and financing ideas gave his plan credibility. Now all he had to do was gain approval from the governor, mayor, state assembly, state senate, US House of Representatives, US Senate, and US president. Not exactly a walk in the park.

An iron rule of finance is that money chases returns to the greatest extent that it can. If an asset has momentum—it’s been moving consistently up for a period of time—it’s not crazy for a group of short-term traders to assume it will keep moving up. Not indefinitely; just for the short period of time they need it to. Momentum attracts short-term traders in a reasonable way.

Shortly after Putin began his third term, a shadowy organization called the Internet Research Agency, a troll farm in Saint Petersburg financed by a Kremlin oligarch, began planning to target American voters, using techniques of disinformation and deception that it was already testing on Russian citizens and their neighbors in Eastern Europe.

The result was the common agricultural policy, with prices of the main products supported at levels decided by the Council of Ministers, through variable levies on imports from outside the Community and purchase of surplus production into storage at the support level. Farmers’ incomes were bolstered by high prices paid by the consumer, together with subsidies from the Community’s taxpayers to finance the surpluses that resulted from the high prices. While this was tenable in the EEC’s early years, once the UK became a member new tensions arose. The British model of free trade had meant that prices had been much lower, so membership of the CAP meant a triple blow of: higher prices for food; high levels of British contributions to the budget because of import levies on foodstuffs; and low receipts from the budget because of the small size of its agricultural sector.

The community joined forces and made an investment in a shared goal, acknowledging their strong connection with the recipient of the resources, rather than simply offering charity. The community's composition remained relatively stable over an extended period, with few outsiders joining. This provided the "investors" with confidence that, even if not themselves, their future generations would reap the benefits. The first schools I attended, until standard 7, were constructed mostly through the efforts of the community the school serviced. After the Bantu Education Act was implemented in 1953, education for people in the homelands was financed through direct taxes paid by residents of the homelands, instead of general state spending. When there was a class short, the parents would pool their resources and build it

Understanding Financial Risks and Companies Mitigate them? Financial risks are the possible threats, losses and debts corporations face during setting up policies and seeking new business opportunities. Financial risks lead to negative implications for the corporations that can lead to loss of financial assets, liabilities and capital. Mitigation of risks and their avoidance in the early stages of product deployment, strategy-planning and other vital phases is top-priority for financial advisors and managers. Here's how to mitigate risks in financial corporates:- ● Keeping track of Business Operations Evaluating existing business operations in the corporations will provide a holistic view of the movement of cash-flows, utilisation of financial assets, and avoiding debts and losses. ● Stocking up Emergency Funds Just as families maintain an emergency fund for dealing with uncertainties, the same goes for large corporates. Coping with uncertainty such as the ongoing pandemic is a valuable lesson that has taught businesses to maintain emergency funds to avoid economic lapses. ● Taking Data-Backed Decisions Senior financial advisors and managers must take well-reformed decisions backed by data insights. Data-based technologies such as data analytics, science, and others provide resourceful insights about various economic activities and help single out the anomalies and avoid risks. Enrolling for a course in finance through a reputed university can help young aspiring financial risk advisors understand different ways of mitigating risks and threats. The IIM risk management course provides meaningful insights into the other risks involved in corporations. What are the Financial Risks Involved in Corporations? Amongst the several roles and responsibilities undertaken by the financial management sector, identifying and analysing the volatile financial risks. Financial risk management is the pinnacle of the financial world and incorporates the following risks:- ● Market Risk Market risk refers to the threats that emerge due to corporational work-flows, operational setup and work-systems. Various financial risks include- an economic recession, interest rate fluctuations, natural calamities and others. Market risks are also known as "systematic risk" and need to be dealt with appropriately. When there are significant changes in market rates, these risks emerge and lead to economic losses. ● Credit Risk Credit risk is amongst the common threats that organisations face in the current financial scenarios. This risk emerges when a corporation provides credit to its borrower, and there are lapses while receiving owned principal and interest. Credit risk arises when a borrower falters to make the payment owed to them. ● Liquidity Risk Liquidity risk crops up when investors, business ventures and large organisations cannot meet their debt compulsions in the short run. Liquidity risk emerges when a particular financial asset, security or economic proposition can't be traded in the market. ● Operational Risk Operational risk arises due to financial losses resulting from employee's mistakes, failures in implementing policies, reforms and other procedures. Key Takeaway The various financial risks discussed above help professionals learn the different risks, threats and losses. Enrolling for a course in finance assists learners understand the different risks. Moreover, pursuing the IIM risk management course can expose professionals to the scope of international financial management in India and other key concepts.

This,’ answered Ezza gravely, ‘is not the costume of an Englishman, but of the Italian of the future.’ ‘In that case,’ remarked Muscari, ‘I confess I prefer the Italian of the past.’ ‘That is your old mistake, Muscari,’ said the man in tweeds, shaking his head; ‘and the mistake of Italy. In the sixteenth century we Tuscans made the morning: we had the newest steel, the newest carving, the newest chemistry. Why should we not now have the newest factories, the newest motors, the newest finance – and the newest clothes?’ ‘Because they are not worth having,’ answered Muscari. ‘You cannot make Italians really progressive; they are too intelligent. Men who see the short cut to good living will never go by the new elaborate roads.

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In business studies, value is understood as being created inside the company by bringing together managerial expertise, strategic thinking and a dynamic (changing with circumstances) division of labour between workers.3 All this ignores the massive role of government in creating value, and taking risk in the process. In The Entrepreneurial State I argued that Silicon Valley itself is an outcome of such high-risk investments by the state, willing to take risks in the early stages of development of high-risk technologies which the private sector usually shies away from.4 This is the case with the investments that led to the internet, where a critical role was played by DARPA, the Defence Advanced Research Projects Agency inside the US Department of Defense – and also by CERN in Europe with its invention of the World Wide Web. Indeed, not only the internet but nearly every other technology that makes our smart products smart was funded by public actors, such as GPS (funded by the US Navy), Siri (also funded by DARPA) and touch-screen display (funded initially by the CIA). It is also true of the high-risk, early-stage investments made in the pharmaceutical industry by public actors like the National Institutes of Health (NIH) – without which most blockbuster drugs would not have been developed. And the renewable energy industry has been greatly aided by investments made by public banks like the European Investment Bank or the KfW in Germany, with private finance often too risk-averse and focused on short-term returns.

My dear General, the Belgian state, will shortly issue a government loan of fifty million, France is writing one of two and a half billion, please ask Lambert to inform you of the condition of the French operation, as for the Belgian loan, leave it to me to try and get information from the ministers, but don't say anything to Lambert, if the French government loan yields 5 or 6 percent I will invest a large sum in it, if the interest is lower then I won't subscribe to it.

Although Britain went along with the League’s economic sanctions, it stopped short of more extreme measures, such as cutting off all supplies of oil. Prime Minister Stanley Baldwin instructed his foreign secretary, Sir Samuel Hoare, “Keep us out of the war, Sam. We are not ready for it.”25

Money—personal finance, investing, and economics—is typically taught as a math-based field, where you take the data and plug it into a formula and out pops an answer. Not just an answer, but the answer. Iron laws, like in physics. The problem when thinking like this is that in theory people should do what the economic laws tell them to do, but in reality they are impatient, misinformed, bad at math, hungry, irritable, short-sighted, guided by incentives, and a slew of other unavoidable characteristics that create a mile-wide gap between theory and reality. And that’s why I’m so excited about the book you’re holding.

The trick in any field—from finance to careers to relationships—is being able to survive the short-run problems so you can stick around long enough to enjoy the long-term growth.

a bottle of champagne after establishing that she does indeed want bubbles. I’ll let her enjoy a glass before I bring up the topic I know will raise a flush to the surface of that slim, golden neck. But she beats me to it, in a roundabout way, when she asks me what I actually do for a living. ‘I know about one bit, obviously.’ She looks down at her glass. ‘But I’m sure Mummy told me you were in finance.’ ‘Yeah. I definitely didn’t tell your mum I owned a sex club,’ I deadpan, and she giggles. ‘So what else do you do?’ ‘I started out in M&A. Worked my arse off. Learnt how to model a company from scratch. Then I went to a hedge fund for a while. Ran some long-short funds.’ I take a sip of champagne. ‘A few years ago, I left with some mates and we struck out on our own. Now we run our own money and we provide leverage for other people who want to do the same.’ She scrunches up her nose. ‘You mean you lend them money?’ ‘Exactly. So they can take riskier positions. We also provide their infrastructure. Trading systems. Compliance. That sort of thing.’ ‘And what do you trade?’ ‘A bit of everything. The way my mates and I have organised things, everyone has their own expertise. Mine’s equity and corporate debt. That’s what I learnt in M&A. Some of the others

When we see how this world settlement has been able to develop in a short time from a local European conflict into a total world war, and recognize how this world war has been deliberately and plannedly prepared and provoked by Jewish high finance and Jewish Bolshevism in order to crush Germany and National Socialism and thereby clear the way for Jewish Bolshevik world domination in Europe.

Selling short: You borrow a stock and sell it to someone else with a promise to repurchase it at a later date. This is done when you think a stock will go down in price, allowing you to sell it at the current market price and repurchase it at a lower price, then to sell it long or keep it with the expectation that the price will recover. Selling short is extremely risky because if a stock continues to increase in value, you could end up having to rebuy it at a price much higher than what you sold it for.

Shortly before his death in July 2009, Cronkite was asked if there was a ruling class in America. “I am afraid there is,” he replied. “I don’t think it serves the democracy well, but that is true, I think there is. The ruling class is the rich who really command our industry, our commerce, our finance. And those people are able to so manipulate our democracy that they really control the democracy, I feel.

Our dysfunctional culture sends mixed signals about manhood. The world of sports tells me that authentic masculinity is linked to athleticism, physical strength, and winning the game. In short, muscles make the man. The world of finance suggests that my worth is directly tied to the size of my bank account, the square-footage of my house, the brand of watch I wear, and the make and model of car I drive. In other words, money makes the man. Then Hollywood tells me that real manhood is measured by how long I can last in bed and how many women I’ve had sex with. The clear message is: a penis makes a man. To add to that chorus, popular music today tells young urban men that their masculine value is boosted if they act tough, beat up women, use profanity, abuse drugs, outsmart the police, and drink as much alcohol as possible. If they do all these things, someone on the street will reward them by saying, “You da man!” So these guys grow up thinking that bad behavior makes a man, especially if it involves impregnating as many women as possible—and leaving those women with black eyes, bruises, and broken hearts in the process.

The theory of second systems was formulated by an IBM executive named Frederick Brooks, whose career supervising large-scale software teams taught him that designers of computer systems tend to build into their second projects all the pet features that tight finances or short deadlines forced them to leave out of their first. The result is an overgrown, inefficient monstrosity that rarely works as expected. As he put it in his pithy masterpiece, The Mythical Man-Month: “The second is the most dangerous system a man ever designs.

11 In short, through much of the Industrial Revolution, the finances of the British government were heavily dependent on tea, the vast bulk of which came from China. The problem was that Britain had nothing much to sell to China in return; the Chinese had little interest in, and no need for, most Western goods.

As soon as you obtain the spiritual consciousness you will find that all things indeed work together for good to those who love Good, or God. You will experience perfect health, abundant prosperity, and complete and utter happiness. Your health will be so good that mere living will be in itself an inexpressible joy. The body, no longer the burden to be dragged about that so many people find it, will be as though it were shod with winged shoes. Your prosperity will be such that you need not take the question of finance into consideration at all. You will always have all the supply that you need to carry out any of your plans. The world will turn out to be full of charming people only too anxious to help you in every way. Others will come into your life only for good. You will find yourself occupied with the most delightful and interesting activities of the most widely useful kind. All your energy and all your faculties will find full scope for their expression and, in short, you will develop the

Money prolongs hands.

The 9/11 Commission warned that Al Qaeda "could... scheme to wield weapons of unprecedented destructive power in the largest cities of the United States." Future attacks could impose enormous costs on the entire economy. Having used up the surplus that the country enjoyed as part of the Cold War peace dividend, the U.S. government is in a weakened financial position to respond to another major terrorist attack, and its position will be damaged further by the large budget gaps and growing dependence on foreign capital projected for the future. As the historian Paul Kennedy wrote in his book The Rise and Fall of Great Powers, too many decisions made in Washington today "bring merely short-term advantage but long-term disadvantage." The absence of a sound, long-term financial strategy could bring about a deterioration that, in his words, "leads to the downward spiral of slower growth, heavier taxes, deepening domestic splits over spending priorities and a weakening capacity to bear the burdens of defense." Decades of success in mobilizing enormous sums of money to fight large wars and meet other government needs have led Americans to believe that ample funds will be readily available in the event of a future war, terrorist attack, or other emergency. But that can no longer be assumed. Budget constraints could limit the availability or raise the cost of resources to deal with new emergencies. If government debt continues to pile up, deficits rise to stratospheric levels, and heave dependence on foreign capital grows, borrowing the money needed will be very costly. [Alexander] Hamilton understood the risks of such a precarious situation. After suffering through financial shortages, lack of adequate food and weapons, desertions, and collapsing morale during the Revolution, he considered the risk that the government would have difficulty in assembling funds to defend itself all too real. If America remains on its dangerous financial course, Hamilton's gift to the nation - the blessing of sound finances - will be squandered. The U.S. government had no higher obligation that to protect the security of its citizens. Doing so becomes increasingly difficult if its finances are unsound. While the nature of this new brand of warfare, the war on terrorism, remains uncharted, there is much to be gained if our leaders look to the experiences of the past for guidance in responding to the challenges of the future. The willingness of the American people and their leaders to ensure that the nation's finances remain sound in the face of these new challenges - sacrificing parochial interests for the common good - is the price we must pay to preserve the nation's security and thus the liberties that Hamilton and his generation bequeathed us.

The failure to find adequate funds to finance deficits caused the Spanish Crown to declare bankruptcy in 1557, 1560, 1575, 1596, 1607, 1627, 1647, 1652, 1660, and 1662.14 These bankruptcies were not full debt repudiations, but more like what today would be called debt reschedulings or workouts. The Crown would declare a moratorium on the payment of interest on short-term and floating debt on the grounds that it was usurious and then enter into a prolonged and rancorous negotiation with its creditors.

Frequent suggestions were made during the course of the trial that the motives of the donor and the donees alike, in carrying out this transaction, were to escape death duties. I feel constrained to dispose once and for all of these suggestions by the short answer that the existence or otherwise of such motives is irrelevant, excep as evidence for or against the bona fides of the transactions. There is the highest authority for the proposition that, if a man can lawfully so order his affairs that the payment of revenue duties of any kind is reduced or avoided altogether, there is no legal objection to his doing so. Whatever may be thought as the the morality of such transactions in these times from the point of view of patriotism and public spirit, there is no ground for ignoring their legal effect, unless such transactions be proved to be amere sham, such as those falling within the words 'not bona fide' in the act of 1894, or the phrase 'artificial transaction' in the Finance Acts of more recent years. Attorney General vs. Goneril Albany in re the estate of King Lear, MORE LEGAL FICTIONS

In short, I do not believe the cynical liberal claim that the details of conservative political policies are just due to a self-serving ultrarich conspiracy, though the interests and finances of the ultrarich are certainly engaged.

F or a decade after the bursting of the debt bubble in 1837, business conditions were depressed in the United States. The number of banks available for financing speculative adventures declined. Then, after another 10 years, public memory faded again.

Shortly before we closed the deal, Randy Michaels and Terry Jacobs, who were running Jacor, came to me to finance the acquisition of a Denver station. Jacor already owned one of the other FM stations in Denver, and this one was losing money and available cheap. They showed up in Chicago carrying a thick book of details, prepared to make their pitch. “This is a great deal,” Randy assured me. He thumped the book on the table, ready to take me through it. “Wait a minute,” I said. “Do you understand the scope of the deal—why we should buy it?” “Yes,” he replied. “All the details are right here in this book.” He added that he and Terry had worked feverishly night and day to prepare it. I picked up the book and tossed it into a corner of my office, where it landed with a thud. Randy and Terry stared at me wide-eyed. “If you really understand it, you don’t need a book,” I said. “You could put it on a single piece of paper.” They looked uncertain. “I assume this says things are going to be great, right?” They nodded. “What happens if you’re wrong? How do I get out of the room?” “What do you mean?” Randy asked. “How bad can it get?” “Well,” he said, “it’s pretty bad now, and if we fail to fix it you could lose some operating capital. But I don’t see a station in Denver ever being worth less than $4 million. I mean, the building, the transmitter—the physical assets alone are worth close to that.” “Okay, great. How good could it get?” The answer, in short, was very good. So I said, “Go do it.

Goal setting works best when you have long-term goals and short-term goals in different areas of your life. Of course, you’re not going to have goals in every area, but you want to choose enough different ones to sustain your interest. Some examples of goal areas are Family relationships and your home; Humanist, volunteer, philanthropy, ethical; Social, cultural, travel, entertainment; Finances, career, education; Physical, diet, exercise; and Fun.

What was true was what was believed, and what was believed was true. And when the bubbles burst, what had once been believed and was therefore true was no longer believed and therefore no longer true. The

There is probably no worse investment strategy than following the conventional wisdom with a time-lag, and that is precisely what many small investors do - often with the encouragement of their advisers.

To win the lottery once may be evidence of luck or skill; to win it repeatedly is evidence of skill.