Financial Short Quotes

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

Most wives fuck their husbands, just to ensure financial support. Marriage is just a form of legalized prostitution, when you really thought about it.

Janey was planning a short engagement, she'd simpered, and so, of course, the inevitable collection for the wedding present would soon follow. Of all the compulsory financial contributions, that is the one that irks me most. Two people wander around John Lewis picking out lovely items for themselves, and then they make other people pay for them. It's bare-faced effrontery. They choose things like plates, bowls and cutlery—I mean, what are they doing at the moment: shoveling food from packets into their mouths with their bare hands? I simply fail to see how the act of legally formalizing a human relationship necessitates friends, family and coworkers upgrading the contents of their kitchen for them.

technical debt’ that is not being paid down. It comes from taking shortcuts, which may make sense in the short-term. But like financial debt, the compounding interest costs grow over time. If an organization doesn’t pay down its technical debt, every calorie in the organization can be spent just paying interest, in the form of unplanned work.

Charlie and Jamie had always sort of assumed that there was some grown-up in charge of the financial system whom they had never met; now, they saw there was not.

Complicated financial stuff was being dreamed up for the sole purpose of lending money to people who could never repay it.

Do you suppose a woman knows why she loves? Does she select? Does she say to herself, 'Go to! here is a distinguished statesman with presidential possibilities; I shall proceed to fall in love with him.' or, 'I shall set my heart upon this musician, whose fame is on every tongue?' or 'this financier, who controls the world's money markets?

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.

In theory, the risk of business failure can be reduced to a number, the probability of failure multiplied by the cost of failure. Sure, this turns out to be a subjective analysis, but in the process your own attitudes toward financial risk and reward are revealed. By contrast, personal risk usually defies quantification. It's a matter of values and priorities, an expression of who you are. "Playing it safe" may simply mean you do not weigh heavily the compromises inherent in the status quo. The financial rewards of the moment may fully compensate you for the loss of time and fulfillment. Or maybe you just don't think about it. On the other hand, if time and satisfaction are precious, truly priceless, you will find the cost of business failure, so long as it does not put in peril the well-being of you or your family, pales in comparison with the personal risks of no trying to live the life you want today. Considering personal risk forces us to define personal success. We may well discover that the business failure we avoid and the business success we strive for do not lead us to personal success at all. Most of us have inherited notions of "success" from someone else or have arrived at these notions by facing a seemingly endless line of hurdles extending from grade school through college and into our careers. We constantly judge ourselves against criteria that others have set and rank ourselves against others in their game. Personal goals, on the other hand, leave us on our own, without this habit of useless measurement and comparison. Only the Whole Life Plan leads to personal success. It has the greatest chance of providing satisfaction and contentment that one can take to the grave, tomorrow. In the Deferred Life Plan there will always be another prize to covet, another distraction, a new hunger to sate. You will forever come up short.

Zack was confident he secured a verdict against the priest. He was frantic that his efforts would fall short against the true financial source, the church. What good is an uncollectible seven or eight-figure verdict?

I really do believe the final act in play is a crisis in our financial institutions, which are doing such dumb, dumb things,

They had stumbled either upon a serious flaw in modern financial markets or into a great gambling run. Characteristically, they were not sure which it was. As Charlie pointed out, “It’s really hard to know when you’re lucky and when you’re smart.

Civilization, as a process, is indistinguishable from diminishing time-preference (or declining concern for the present in comparison to the future). Democracy, which both in theory and evident historical fact accentuates time-preference to the point of convulsive feeding-frenzy, is thus as close to a precise negation of civilization as anything could be, short of instantaneous social collapse into murderous barbarism or zombie apocalypse (which it eventually leads to). As the democratic virus burns through society, painstakingly accumulated habits and attitudes of forward-thinking, prudential, human and industrial investment, are replaced by a sterile, orgiastic consumerism, financial incontinence, and a ‘reality television’ political circus. Tomorrow might belong to the other team, so it’s best to eat it all now.

In short, if you are using a shovel to dig yourself into a hole, a credit card company will be happy to give you a backhoe.

We’re not being ruled, we’re being misruled. What’s happening to my country is nothing short of robbery. It’s not open trade; it’s financial bleeding, it’s looting, and sacking. We’ve never needed their help, and they’ve only constructed that narrative out of a misplaced sense of superiority.

Only the Christian Church can offer any rational objection to a complete confidence in the rich. For she has maintained from the beginning that the danger was not in man's environment, but in man. Further, she has maintained that if we come to talk of a dangerous environment, the most dangerous environment of all is the commodious environment. I know that the most modern manufacture has been really occupied in trying to produce an abnormally large needle. I know that the most recent biologists have been chiefly anxious to discover a very small camel. But if we diminish the camel to his smallest, or open the eye of the needle to its largest — if, in short, we assume the words of Christ to have meant the very least that they could mean, His words must at the very least mean this — that rich men are not very likely to be morally trustworthy. Christianity even when watered down is hot enough to boil all modern society to rags. The mere minimum of the Church would be a deadly ultimatum to the world. For the whole modern world is absolutely based on the assumption, not that the rich are necessary (which is tenable), but that the rich are trustworthy, which (for a Christian) is not tenable. You will hear everlastingly, in all discussions about newspapers, companies, aristocracies, or party politics, this argument that the rich man cannot be bribed. The fact is, of course, that the rich man is bribed; he has been bribed already. That is why he is a rich man. The whole case for Christianity is that a man who is dependent upon the luxuries of this life is a corrupt man, spiritually corrupt, politically corrupt, financially corrupt. There is one thing that Christ and all the Christian saints have said with a sort of savage monotony. They have said simply that to be rich is to be in peculiar danger of moral wreck. It is not demonstrably un-Christian to kill the rich as violators of definable justice. It is not demonstrably un-Christian to crown the rich as convenient rulers of society. It is not certainly un-Christian to rebel against the rich or to submit to the rich. But it is quite certainly un-Christian to trust the rich, to regard the rich as more morally safe than the poor.

What the US evidently sought to impose by main force on Iraq was a state apparatus whose fundamental mission was to facilitate conditions for profitable capital accumulation on the part of both domestic and foreign capital. I call this kind of state apparatus a neoliberal state. The freedoms it embodies reflect the interests of private property owners, businesses, multinational corporations, and financial capital. Bremer invited the Iraqis, in short, to ride their horse of freedom straight into the neoliberal corral.

Nationalism emerged to agitate the world only after the war, and the first visible phenomenon which this intellectual epidemic of our century brought about was xenophobia; morbid dislike of the foreigner, or at least fear of the foreigner. The world was on the defensive against strangers, everywhere they got short shrift. The humiliations which once had been devised with criminals alone in mind now were imposed upon the traveler, before and during every journey. There had to be photographs from right and left, in profile and full face, one’s hair had to be cropped sufficiently to make the ears visible; fingerprints were taken, at first only the thumb but later all ten fingers; furthermore, certificates of health, of vaccination, police certificates of good standing, had to be shown; letters of recommendation were required, invitations to visit a country had to be procured; they asked for the addresses of relatives, for moral and financial guarantees, questionnaires, and forms in triplicate and quadruplicate needed to be filled out,

You want to know the story? I'd be happy to tell you. I think I have just enough caloric energy stored up to make it through the telling of the tale. It's short. I am monstrously fat. I am a glutton. My wife was disgusted and repulsed. She gave me six months to lose one hundred pounds. I joined Weight Watchers . . . see it there, right across the street, that gaunt storefront? This afternoon was the big six-month weigh-in. So to speak. I had gained almost seventy pounds in the six months. An errant Snickers bar fell out of the cuff of my pants and rolled against my wife's foot as I stepped on the scale. The scale over there across the street is truly an ingenious device. One preprograms the desired new weight into it, and if one has achieved or gone below that new low weight, the scale bursts into recorded whistles and cheers and some lively marching-band tune. Apparently, tiny flags protrude from the top and wave mechanically back and forth. A failure--see for instance mine--results in a flatulent dirge of disappointed and contemptuous tuba. To the strains of the latter my wife left, the establishment, me, on the arm of a svelte yogurt distributor whom I am even now planning to crush, financially speaking, first thing tomorrow morning. Ms. Beadsman, you will find an eclair on the floor to the left of your chair. Could you perhaps manipulate it onto this plate with minimal chocolate loss and pass it to me.

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

His wife, Emilie, still lived, without any financial help from him, in her little house in San Vicente, south of Buenos Aires. She lives there at the time of the writing of this book. As she was in Brinnlitz, she is a figure of quiet dignity. In a documentary made by German television in 1973, she spoke—without any of the abandoned wife’s bitterness or sense of grievance—about Oskar and Brinnlitz, about her own behavior in Brinnlitz. Perceptively, she remarked that Oskar had done nothing astounding before the war and had been unexceptional since. He was fortunate, therefore, that in that short fierce era between 1939 and 1945 he had met people who summoned forth his deeper talents.

What’s happening to my country is nothing short of robbery. It’s not open trade; it’s financial bleeding, it’s looting, and sacking. We’ve never needed their help, and they’ve only constructed that narrative out of a misplaced sense of superiority.

All crisis have involved debt that, in one fashion or another, has become dangerously out of scale in relation to the underlying means of payment.

In short, he was one of those early, daring manipulators who later were to seize upon other and even larger phases of American natural development for their own aggrandizement.

The second factor contributing to speculative euphoria and programmed collapse is the specious association of money and intelligence.

Whenever Wall Street people tried to argue—as they often did—that the subprime lending problem was caused by the mendacity and financial irresponsibility of ordinary Americans, he’d

People with Asperger’s couldn’t control what they were interested in. It was a stroke of luck that his special interest was financial markets and not, say, collecting lawn mower catalogues.

The financial markets paid a lot of people extremely well for narrow expertise and a few people, poorly, for the big, global views you needed to have if you were to allocate capital across markets.

I stare at my plate, unable to confess even to Kelsey what I’ve discovered in the past couple of months—that my dependence on Dean and my lack of career or even job stability is downright frightening. Without Dean or my own financial security, it’s just a few short steps to a life of constant transition and uncertainty.

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.

Aside from the financial burden, people who endure long drives tend to experience higher blood pressure and more headaches than those with short commutes. They get frustrated more easily and tend to be grumpier when they get to their destination.

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.

Habits do not restrict freedom. They create it. In fact, the people who don’t have their habits handled are often the ones with the least amount of freedom. Without good financial habits, you will always be struggling for the next dollar. Without good health habits, you will always seem to be short on energy. Without good learning habits, you will always feel like you’re behind the curve.

The Three Considerations You’ll want to consider: In what stage of your investing life are you? The Wealth Accumulation Stage or the Wealth Preservation Stage? Or perhaps a blend of the two? What level of risk do you find acceptable? Is your investment horizon long-term or short-term?

Fools, as it has long been said, are indeed separated, soon or eventually, from their money. So, alas, are those who, responding to a general mood of optimism, are captured by a sense of their own financial acumen. Thus it has been for centuries; thus in the long future it will also be.

The most realistic distinction between the investor and the speculator is found in their attitude toward stock-market movements. The speculator’s primary interest lies in anticipating and profiting from market fluctuations. The investor’s primary interest lies in acquiring and holding suitable securities at suitable prices. Market movements are important to him in a practical sense, because they alternately create low price levels at which he would be wise to buy and high price levels at which he certainly should refrain from buying and probably would be wise to sell. It is far from certain that the typical investor should regularly hold off buying until low market levels appear, because this may involve a long wait, very likely the loss of income, and the possible missing of investment opportunities. On the whole it may be better for the investor to do his stock buying whenever he has money to put in stocks, except when the general market level is much higher than can be justified by well-established standards of value. If he wants to be shrewd he can look for the ever-present bargain opportunities in individual securities. Aside from forecasting the movements of the general market, much effort and ability are directed on Wall Street toward selecting stocks or industrial groups that in matter of price will “do better” than the rest over a fairly short period in the future. Logical as this endeavor may seem, we do not believe it is suited to the needs or temperament of the true investor—particularly since he would be competing with a large number of stock-market traders and first-class financial analysts who are trying to do the same thing. As in all other activities that emphasize price movements first and underlying values second, the work of many intelligent minds constantly engaged in this field tends to be self-neutralizing and self-defeating over the years. The investor with a portfolio of sound stocks should expect their prices to fluctuate and should neither be concerned by sizable declines nor become excited by sizable advances. He should always remember that market quotations are there for his convenience, either to be taken advantage of or to be ignored. He should never buy a stock because it has gone up or sell one because it has gone down. He would not be far wrong if this motto read more simply: “Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop.” An

In 2008 it was the entire financial system that was at risk. We were still short. But you don’t want the system to crash. It’s sort of like the flood’s about to happen and you’re Noah. You’re on the ark. Yeah, you’re okay. But you are not happy looking out at the flood. That’s not a happy moment for Noah.” By

The whole edifice of modern financial theory is, as described earlier, founded on a few simplifying assumptions. It presumes that homo economicus is rational and self-interested. Wrong, suggests the experience of the irrational, mob-psychology bubble and burst of the 1990's. A further assumption: that price variations follow the bell curve. Wrong, suggests the by-now widely accepted research of me and many others since the 1960's. And now the next assumption wobble: that price variations are what statisticians call i.i.d., independently and identically distributed-like the coin game with each toss unaffected by the last. Evidence for short-term dependence has already been mounting. And now comes the increasingly accepted but still confusing evidence of long-term dependence.

America's industrial success produced a roll call of financial magnificence: Rockefellers, Morgans, Astors, Mellons, Fricks, Carnegies, Goulds, du Ponts, Belmonts, Harrimans, Huntingtons, Vanderbilts, and many more based in dynastic wealth of essentially inexhaustible proportions. John D. Rockefeller made $1 billion a year, measured in today's money, and paid no income tax. No one did, for income tax did not yet exist in America. Congress tried to introduce an income tax of 2 percent on earnings of $4,000 in 1894, but the Supreme Court ruled it unconstitutional. Income tax wouldn't become a regular part of American Life until 1914. People would never be this rich again. Spending all this wealth became for many a more or less full-time occupation. A kind of desperate, vulgar edge became attached to almost everything they did. At one New York dinner party, guests found the table heaped with sand and at each place a little gold spade; upon a signal, they were invited to dig in and search for diamonds and other costly glitter buried within. At another party - possibly the most preposterous ever staged - several dozen horses with padded hooves were led into the ballroom of Sherry's, a vast and esteemed eating establishment, and tethered around the tables so that the guests, dressed as cowboys and cowgirls, could enjoy the novel and sublimely pointless pleasure of dining in a New York ballroom on horseback.

I THINK IT IS POSSIBLE to track the onset of middle age exactly. It is the moment when you examine your life and instead of a field of possibility opening out, an increase in scope, you have a sense of waking from sleep or being washed up onshore, newly conscious of your surroundings. So this is where I am, you say to yourself. This is what I have become. It is when you first understand that your condition—physically, intellectually, socially, financially—is not absolutely mutable, that what has already happened will, to a great extent, determine the rest of the story. What you have done cannot be undone, and much of what you have been putting off for “later” will never get done at all. In short, your time is a finite and dwindling resource. From this moment on, whatever you are doing, whatever joy or intensity or whirl of pleasure you may experience, you will never shake the almost-imperceptible sensation that you are traveling on a gentle downward slope into darkness.

He walked around the Las Vegas casino incredulous at the spectacle before him: seven thousand people, all of whom seemed delighted with the world as they found it. A society with deep, troubling economic problems had rigged itself to disguise those problems, and the chief beneficiaries of the deceit were its financial middlemen.

Long term thinking and planing enhances short term decision making. Make sure you have a plan of your life in your hand, and that includes the financial plan and your mission.

Speculation buys up, in a very practical way, the intelligence of those involved.

The rule will often be here reiterated: financial genius is before the fall. I

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

This was because of a special American commitment to the seeming magic of money creation and its presumptively wondrous economic effects. T

the speculative episode always ends not with a whimper but with a bang.

In short, millennials have been dealt a bad hand in their career, social, and romantic lives—some even in their family. In the karma points of the world, millennials are of the lowest caste so far. As a result, they are treated with disdain, contempt, and disrespect. Most of the time, they don’t fight back, usually in danger of losing their financial stability.

You’ve just described ‘technical debt’ that is not being paid down. It comes from taking shortcuts, which may make sense in the short-term. But like financial debt, the compounding interest costs grow over time. If an organization doesn’t pay down its technical debt, every calorie in the organization can be spent just paying interest, in the form of unplanned work.

Economists who simply advised leaving the economy alone, governments whose first instincts, apart from protecting the gold standard by deflationary policies, was to stick to financial orthodoxy, balance budgets and cut costs, were visibly not making the situation better. Indeed, as the depression continued, it was argued with considerable force not least by J.M. Keynes who consequently became the most influential economist of the next forty years - that they were making the depression worse. Those of us who lived through the years of the Great Slump still find it almost impossible to understand how the orthodoxies of the pure free market, then so obviously discredited, once again came to preside over a global period of depression in the late 1980s and 1990s, which, once again, they were equally unable to understand or to deal with. Still, this strange phenomenon should remind us of the major characteristic of history which it exemplifies: the incredible shortness of memory of both the theorists and practitioners of economics. It also provides a vivid illustration of society's need for historians, who are the professional remembrancers of what their fellow-citizens wish to forget.

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.

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.

Generally, the financial incentives offered to local law enforcement to pump up their drug arrests have not been well publicized, leading the average person to conclude reasonably (but mistakenly) that when their local police departments report that drug arrests have doubled or tripled in a short period of time, the arrests reflect a surge in illegal drug activity, rather than an infusion of money and an intensified enforcement effort.

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.

Modern wars as a rule have been caused by the commercial and financial rivalry and intrigues of the capitalist interests in the different countries. Whether they have been frankly waged as wars of aggression or have been hypocritically represented as wars of “defense,” they have always been made by the [ruling] classes and fought by The Masses. Wars bring wealth and power to the ruling classes, and suffering, death, and demoralization to the workers.

Investment Owner’s Contract I, _____________ ___________________, hereby state that I am an investor who is seeking to accumulate wealth for many years into the future. I know that there will be many times when I will be tempted to invest in stocks or bonds because they have gone (or “are going”) up in price, and other times when I will be tempted to sell my investments because they have gone (or “are going”) down. I hereby declare my refusal to let a herd of strangers make my financial decisions for me. I further make a solemn commitment never to invest because the stock market has gone up, and never to sell because it has gone down. Instead, I will invest $______.00 per month, every month, through an automatic investment plan or “dollar-cost averaging program,” into the following mutual fund(s) or diversified portfolio(s): _________________________________, _________________________________, _________________________________. I will also invest additional amounts whenever I can afford to spare the cash (and can afford to lose it in the short run). I hereby declare that I will hold each of these investments continually through at least the following date (which must be a minimum of 10 years after the date of this contact): _________________ _____, 20__. The only exceptions allowed under the terms of this contract are a sudden, pressing need for cash, like a health-care emergency or the loss of my job, or a planned expenditure like a housing down payment or a tuition bill. I am, by signing below, stating my intention not only to abide by the terms of this contract, but to re-read this document whenever I am tempted to sell any of my investments. This contract is valid only when signed by at least one witness, and must be kept in a safe place that is easily accessible for future reference.

Whether or not you agree with the outcome, the tremendous amount that the Manhattan Project accomplished in such a short amount of time–just under three years–is astonishing. It makes you wonder what other kinds of things could be accomplished with that kind of determination, effort, and financial and political support. What if the kind of money, manpower, and resources that went into the Manhattan Project went into the fight against hunger? Cancer? Homelessness?

When the post-bailout debate was still at its highest pitch, Jamie Dimon sent Hank Paulson a note with a quote from a speech that President Theodore Roosevelt delivered at the Sorbonne in April 1910 entitled “Citizenship in a Republic.” It reads: It is not the critic who counts: not the man who points out how the strong man stumbles or where the doer of deeds could have done better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood, who strives valiantly, who errs and comes up short again and again, because there is no effort without error or shortcoming, but who knows the great enthusiasms, the great devotions, who spends himself for a worthy cause; who, at the best, knows, in the end, the triumph of high achievement, and who, at the worst, if he fails, at least he fails while daring greatly, so that his place shall never be with those cold and timid souls who knew neither victory nor defeat.

I have sufficiently urged that all suggestions as to financial innovation be regarded with extreme skepticism. Such seeming innovation is merely some variant on an old design, new only in the brief and defective memory of the financial world.

If you had saved $20 per week for just ten weeks, you could have bought the scratch-and-dent model off the floor at the same Rent-to-Own store for $200! Or you could have bought a used set out of the classifieds or online. It pays to look past the weekend and suffer through going to the Laundromat with your quarters. When you think short term, you always set yourself up for being ripped off by a predatory lender. If the Red-Faced Kid (“I want it, and I want it now!”) rules your life, you will stay broke!

For a number of years, professors at Duke University conducted a survey in which the chief financial officers of large corporations estimated the returns of the Standard & Poor’s index over the following year. The Duke scholars collected 11,600 such forecasts and examined their accuracy. The conclusion was straightforward: financial officers of large corporations had no clue about the short-term future of the stock market; the correlation between their estimates and the true value was slightly less than zero!

fad is a wave in the ocean, and a trend is the tide. A fad gets a lot of hype, and a trend gets very little. Like a wave, a fad is very visible, but it goes up and down in a big hurry. Like the tide, a trend is almost invisible, but it’s very powerful over the long term. A fad is a short-term phenomenon that might be profitable, but a fad doesn’t last long enough to do a company much good. Furthermore, a company often tends to gear up as if a fad were a trend. As a result, the company is often stuck with a lot of staff, expensive manufacturing facilities, and distribution networks. (A fashion, on the other hand, is a fad that repeats itself. Examples: short skirts for women and double-breasted suits for men. Halley’s Comet is a fashion because it comes back every 75 years or so.) When the fad disappears, a company often goes into a deep financial shock. What happened to Atari is typical in this respect. And look how Coleco Industries handled the Cabbage Patch Kids. Those homely dolls hit the market in 1983 and started to take off. Coleco’s strategy was to milk the kids for all they were worth. Hundreds of Cabbage Patch novelties flooded the toy stores. Pens, pencils, crayon boxes, games, clothing. Two years later, Coleco racked up sales of $776 million and profits of $83 million. Then the bottom dropped out of the Cabbage Patch Kids. By 1988 Coleco went into Chapter 11. Coleco died, but the kids live on. Acquired by Hasbro in 1989, the Cabbage Patch Kids are now being handled conservatively. Today they’re doing quite well.

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In other industries, such as media and financial services, a large percentage of executive compensation is doled out in annual performance bonuses. These short-term goals (and yes, a year is definitely short term) can generate behaviors that are detrimental to creating long-term value.

The assumption that economic expansion is driven by consumer demand—more consumers equals more growth—is a fundamental part of the economic theories that underlie the model. In other words, their conclusions are predetermined by their assumptions. What the model actually tries to do is to use neoclassical economic theory to predict how much economic growth will result from various levels of population growth, and then to estimate the emissions growth that would result. Unfortunately, as Yves Smith says about financial economics, any computer model based on mainstream economic theory “rests on a seemingly rigorous foundation and elaborate math, much like astrology.” In short, if your computer model assumes that population growth causes emissions growth, then it will tell you that fewer people will produce fewer emissions. Malthus in, Malthus out.

For four decades, since my time as a graduate student, I have been preoccupied by these kinds of stories about the myriad ways in which people depart from the fictional creatures that populate economic models. It has never been my point to say that there is something wrong with people; we are all just human beings—homo sapiens. Rather, the problem is with the model being used by economists, a model that replaces homo sapiens with a fictional creature called homo economicus, which I like to call an Econ for short. Compared to this fictional world of Econs, Humans do a lot of misbehaving, and that means that economic models make a lot of bad predictions, predictions that can have much more serious consequences than upsetting a group of students. Virtually no economists saw the financial crisis of 2007–08 coming,* and worse, many thought that both the crash and its aftermath were things that simply could not happen.

Less than a decade after the explosion of the first atom bomb the megamachine had expanded to a point where it began to dominate key areas of the whole economy of the United States: its system of control reached beyond the airfields, the rocket sites, the bomb factories, the universities, to a hundred other related areas, tying the once separate and independent enterprises to a central organization whose irrational and humanly subversive policies ensured the still further expansion of the megamachine. Financial subventions, research grants, educational subsidies, all worked unceasingly for the 'Life, Prosperity, Health' of the new rulers, headed by Goliaths in brass armor bellowing threats of defiance and destruction at the entire world. In a short time, the original military-industrial-scientific elite became the supreme Pentagon of Power, for it incorporated likewise both the bureaucratic and the educational establishments.

The information superhighways will have the same effect as our present superhighways or motorways. They will cancel out the landscape, lay waste to the territory and abolish real distances. What is merely physical and geographical in the case of our motorways will assume its full dimensions in the electronic field with the abolition of mental distances and the absolute shrinkage of time. All short circuits (and the establishment of this planetary hyper-space is tantamount to one immense short circuit) produce electric shocks. What we see emerging here is no longer merely territorial desert, but social desert, employment desert, the body itself being laid waste by the very concentration of information. A kind of Big Crunch, contemporaneous with the Big Bang of the financial markets and the information networks. We are merely at the dawning of the process, but the waste and the wastelands are already growing much faster than the computerization process itself.

Another New Year's dawned, new opportunities and difficulties are sneaking around you. To take hold of good and let go bad, face the new challenges and open the new chances to anew your life again. Everyday train your brain to solve all difficulties and transform them into opportunities, get rich mentally, physically and financially. Love your family, friends, colleagues and all folks surrounded by you. Take care of your health, children, wealth and travel new exotic places, people and enjoy good food. Life is very short, fully enjoy it. Embrace new ideas, knowledge and every opportunity. And always surround yourself with good people and avoid toxic and negative people to secure your peace of mind and dignity. I wholeheartedly and boldly set my plan as is the best year of my life for financial freedom, good health, richness, love, care and abundance. I do solemnly yearn for the folks around the world a thoroughly Peaceful, Happy and Beautiful New Year free from hunger, poverty, disease, inequality, war and conflict.

Despite their efficiency, some people still wonder about the benefits of habits. The argument goes like this: “Will habits make my life dull? I don’t want to pigeonhole myself into a lifestyle I don’t enjoy. Doesn’t so much routine take away the vibrancy and spontaneity of life?” Hardly. Such questions set up a false dichotomy. They make you think that you have to choose between building habits and attaining freedom. In reality, the two complement each other. Habits do not restrict freedom. They create it. In fact, the people who don’t have their habits handled are often the ones with the least amount of freedom. Without good financial habits, you will always be struggling for the next dollar. Without good health habits, you will always seem to be short on energy. Without good learning habits, you will always feel like you’re behind the curve. If you’re always being forced to make decisions about simple tasks—when should I work out, where do I go to write, when do I pay the bills—then you have less time for freedom. It’s only by making the fundamentals of life easier that you can create the mental space needed for free thinking and creativity.

How did Japan manage to delay painful and destabilizing change? By employing the so-called Bubble Fix, a term popularized by former Morgan Stanley economist Stephen Roach, whereby central bankers and government officials soothe markets with monetary and fiscal stimulants in the short run in ways that create financial imbalances in the long run, essentially curing bubbles with new ones.

In short, it was not commonly understood at that time that ideals didn’t simply descend from heaven, that they actually came from somewhere and that they served a purpose. That purpose, as I would then explain, was often a financial one, namely to increase the profits of those advertisers whose ad dollars actually drove the media that, in turn, created the ideals. The ideal, I argued, also served a political end.

Under the seeming disorder of the old city, wherever the old city is working successfully, is a marvelous order for maintaining the safety of the streets and the freedom of the city. It is a complex order. Its essence is intricacy of sidewalk use, bringing with it a constant succession of eyes. This order is all composed of movement and change, and although it is life, not art, we may fancifully call it the art form of the city and liken it to the dance — not to a simple-minded precision dance with everyone kicking up at the same time, twirling in unison and bowing off en masse, but to an intricate ballet in which the individual dancers and ensembles all have distinctive parts which miraculously reinforce each other and compose an orderly whole. The ballet of the good city sidewalk never repeats itself from place to place, and in any once place is always replete with new improvisations. The stretch of Hudson Street where I live is each day the scene of an intricate sidewalk ballet. I make my own first entrance into it a little after eight when I put out my garbage gcan, surely a prosaic occupation, but I enjoy my part, my little clang, as the junior droves of junior high school students walk by the center of the stage dropping candy wrapper. (How do they eat so much candy so early in the morning?) While I sweep up the wrappers I watch the other rituals of the morning: Mr Halpert unlocking the laundry's handcart from its mooring to a cellar door, Joe Cornacchia's son-in-law stacking out the empty crates from the delicatessen, the barber bringing out his sidewalk folding chair, Mr. Goldstein arranging the coils of wire which proclaim the hardware store is open, the wife of the tenement's super intendent depositing her chunky three-year-old with a toy mandolin on the stoop, the vantage point from which he is learning English his mother cannot speak. Now the primary childrren, heading for St. Luke's, dribble through the south; the children from St. Veronica\s cross, heading to the west, and the children from P.S 41, heading toward the east. Two new entrances are made from the wings: well-dressed and even elegant women and men with brief cases emerge from doorways and side streets. Most of these are heading for the bus and subways, but some hover on the curbs, stopping taxis which have miraculously appeared at the right moment, for the taxis are part of a wider morning ritual: having dropped passengers from midtown in the downtown financial district, they are now bringing downtowners up tow midtown. Simultaneously, numbers of women in housedresses have emerged and as they crisscross with one another they pause for quick conversations that sound with laughter or joint indignation, never, it seems, anything in between. It is time for me to hurry to work too, and I exchange my ritual farewell with Mr. Lofaro, the short, thick bodied, white-aproned fruit man who stands outside his doorway a little up the street, his arms folded, his feet planted, looking solid as the earth itself. We nod; we each glance quickly up and down the street, then look back at eachother and smile. We have done this many a morning for more than ten years, and we both know what it means: all is well. The heart of the day ballet I seldom see, because part off the nature of it is that working people who live there, like me, are mostly gone, filling the roles of strangers on other sidewalks. But from days off, I know enough to know that it becomes more and more intricate. Longshoremen who are not working that day gather at the White Horse or the Ideal or the International for beer and conversation. The executives and business lunchers from the industries just to the west throng the Dorgene restaurant and the Lion's Head coffee house; meat market workers and communication scientists fill the bakery lunchroom.

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).

default swaps on subprime mortgage bonds. Only a triple-A-rated corporation could assume such risk, no money down, and no questions asked. Burry was right about this, too, but it would be three years before he knew it. The party on the other side of his bet against subprime mortgage bonds was the triple-A-rated insurance company AIG—American International Group, Inc. Or, rather, a unit of AIG called AIG FP. AIG Financial Products was created

The “German problem” after 1970 became how to keep up with the Germans in terms of efficiency and productivity. One way, as above, was to serially devalue, but that was beginning to hurt. The other way was to tie your currency to the deutsche mark and thereby make your price and inflation rate the same as the Germans, which it turned out would also hurt, but in a different way. The problem with keeping up with the Germans is that German industrial exports have the lowest price elasticities in the world. In plain English, Germany makes really great stuff that everyone wants and will pay more for in comparison to all the alternatives. So when you tie your currency to the deutsche mark, you are making a one-way bet that your industry can be as competitive as the Germans in terms of quality and price. That would be difficult enough if the deutsche mark hadn’t been undervalued for most of the postwar period and both German labor costs and inflation rates were lower than average, but unfortunately for everyone else, they were. That gave the German economy the advantage in producing less-than-great stuff too, thereby undercutting competitors in products lower down, as well as higher up the value-added chain. Add to this contemporary German wages, which have seen real declines over the 2000s, and you have an economy that is extremely hard to keep up with. On the other side of this one-way bet were the financial markets. They looked at less dynamic economies, such as the United Kingdom and Italy, that were tying themselves to the deutsche mark and saw a way to make money. The only way to maintain a currency peg is to either defend it with foreign exchange reserves or deflate your wages and prices to accommodate it. To defend a peg you need lots of foreign currency so that when your currency loses value (as it will if you are trying to keep up with the Germans), you can sell your foreign currency reserves and buy back your own currency to maintain the desired rate. But if the markets can figure out how much foreign currency you have in reserve, they can bet against you, force a devaluation of your currency, and pocket the difference between the peg and the new market value in a short sale. George Soros (and a lot of other hedge funds) famously did this to the European Exchange Rate Mechanism in 1992, blowing the United Kingdom and Italy out of the system. Soros could do this because he knew that there was no way the United Kingdom or Italy could be as competitive as Germany without serious price deflation to increase cost competitiveness, and that there would be only so much deflation and unemployment these countries could take before they either ran out of foreign exchange reserves or lost the next election. Indeed, the European Exchange Rate Mechanism was sometimes referred to as the European “Eternal Recession Mechanism,” such was its deflationary impact. In short, attempts to maintain an anti-inflationary currency peg fail because they are not credible on the following point: you cannot run a gold standard (where the only way to adjust is through internal deflation) in a democracy.

The fragmentation of the neoliberal self begins when the agent is brought face to face with the realization that she is not just an employee or student, but also simultaneously a product to be sold, a walking advertisement, a manager of her résumé, a biographer of her rationales, and an entrepreneur of her possibilities. She has to somehow manage to be simultaneously subject, object, and spectator. She is perforce not learning about who she really is, but rather, provisionally buying the person she must soon become. She is all at once the business, the raw material, the product, the clientele, and the customer of her own life. She is a jumble of assets to be invested, nurtured, managed, and developed; but equally an offsetting inventory of liabilities to be pruned, outsourced, shorted, hedged against, and minimized. She is both headline star and enraptured audience of her own performance.

Anything you do to optimize your work, cut some corners, or squeeze more “efficiency” out of it (and out of your life) will eventually make you dislike it. Artisans have their soul in the game. Primo, artisans do things for existential reasons first, financial and commercial ones later. Their decision making is never fully financial, but it remains financial. Secundo, they have some type of “art” in their profession; they stay away from most aspects of industrialization; they combine art and business. Tertio, they put some soul in their work: they would not sell something defective or even of compromised quality because it hurts their pride. Finally, they have sacred taboos, things they would not do even if it markedly increased profitability. Compendiaria res improbitas, virtusque tarda—the villainous takes the short road, virtue the longer one. In other words, cutting corners is dishonest.

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.

Egypt was rich in copper ore, which, as the base of bronze, had been valuable through the entire Meditarranean world. By 1150 B.C., however, the Iron Age had succeeded the bronze Age. Egypt had no iron and so lost power in the Asiatic countries where the ore existed; the adjustment of its economy to the new metal caused years of inflation and contributed to the financial distress of the central government. The pharaoh could not meet the expenses of his government; he had no money to pay the workers on public buildings, and his servants robbed him at every opportunity. Still a god in theory, he was satirized in literature and became a tool of the oligarchy. During the centuries after the twelfth B.C., the Egyptian state disintegrated into local units loosely connected by trade. Occasional spurts of energy interrupted the decline, but these were short-lived and served only to illuminate the general passivity.

I think you’ve already accomplished everything you set out to do.” It was not flattery. He’d fought and won a war and built a federal government. He’d created a coast guard, a national bank, and invented a scheme of taxation that held the states together. He’d founded a political party, smashed a rebellion, and put in motion a financial system that was providing prosperity for nearly everyone. In short, Alexander Hamilton was a greater man than the country deserved, and

Though Wilder blamed her family’s departure from Kansas on “blasted politicians” ordering white squatters to vacate Osage lands, no such edict was issued over Rutland Township during the Ingallses’ tenure there. Quite the reverse is true: only white intruders in what was known as the Cherokee Strip of Oklahoma were removed to make way for the displaced Osages arriving from Kansas. (Wilder mistakenly believed that her family’s cabin was located forty—rather than the actual fourteen—miles from Independence, an error that placed the fictional Ingalls family in the area affected by the removal order.) Rather, Charles Ingalls’s decision to abandon his claim was almost certainly financial, for Gustaf Gustafson did indeed default on his mortgage. The exception: Unlike their fictional counterparts, the historical Ingalls family’s decision to leave Wisconsin and settle in Kansas was not a straightforward one. Instead it was the eventual result of a series of land transactions that began in the spring of 1868, when Charles Ingalls sold his Wisconsin property to Gustaf Gustafson and shortly thereafter purchased 80 acres in Chariton County, Missouri, sight unseen. No one has been able to pinpoint with any certainty when (or even whether) the Ingalls family actually resided on that land; a scanty paper trail makes it appear that they actually zigzagged from Kansas to Missouri and back again between May of 1868 and February of 1870. What is certain is that by late February of 1870 Charles Ingalls had returned the title to his Chariton County acreage to the Missouri land dealer, and so for simplicity’s sake I have chosen to follow Laura Ingalls Wilder’s lead, contradicting history by streamlining events to more closely mirror the opening chapter of Little House on the Prairie, and setting this novel in 1870, a year in which the Ingalls family’s presence in Kansas is firmly documented.

In the medium term, AI may automate our jobs, to bring both great prosperity and equality. Looking further ahead, there are no fundamental limits to what can be achieved. There is no physical law precluding particles from being organised in ways that perform even more advanced computations than the arrangements of particles in human brains. An explosive transition is possible, although it may play out differently than in the movies. As mathematician Irving Good realised in 1965, machines with superhuman intelligence could repeatedly improve their design even further, in what science-fiction writer Vernor Vinge called a technological singularity. One can imagine such technology outsmarting financial markets, out-inventing human researchers, out-manipulating human leaders and potentially subduing us with weapons we cannot even understand. Whereas the short-term impact of AI depends on who controls it, the long-term impact depends on whether it can be controlled at all.

Chen shared a story with me about his in-laws. It was shortly after the 2008 financial crisis. Chen had no reason to expect his in-laws were worried. They were in their eighties and they were financially secure. The crash had not hurt their lifestyle. But they watched the response to the crisis from governments around the world, and they remembered what they had seen before. He asked them why they were worried. Their answer stayed with him: “First currency wars, then trade wars, then real wars.

Stepan Arkadyevitch had not chosen his political opinions or his views; these political opinions and views had come to him of themselves, just as he did not choose the shapes of his hat and coat, but simply took those that were being worn. And for him, living in a certain society—owing to the need, ordinarily developed at years of discretion, for some degree of mental activity—to have views was just as indispensable as to have a hat. If there was a reason for his preferring liberal to conservative views, which were held also by many of his circle, it arose not from his considering liberalism more rational, but from its being in closer accordance with his manner of life. The liberal party said that in Russia everything is wrong, and certainly Stepan Arkadyevitch had many debts and was decidedly short of money. The liberal party said that marriage is an institution quite out of date, and that it needs reconstruction; and family life certainly afforded Stepan Arkadyevitch little gratification, and forced him into lying and hypocrisy, which was so repulsive to his nature. The liberal party said, or rather allowed it to be understood, that religion is only a curb to keep in check the barbarous classes of the people; and Stepan Arkadyevitch could not get through even a short service without his legs aching from standing up, and could never make out what was the object of all the terrible and high-flown language about another world when life might be so very amusing in this world. And with all this, Stepan Arkadyevitch, who liked a joke, was fond of puzzling a plain man by saying that if he prided himself on his origin, he ought not to stop at Rurik and disown the first founder of his family—the monkey. And so Liberalism had become a habit of Stepan Arkadyevitch's, and he liked his newspaper, as he did his cigar after dinner, for the slight fog it diffused in his brain. He read the leading article, in which it was maintained that it was quite senseless in our day to raise an outcry that radicalism was threatening to swallow up all conservative elements, and that the government ought to take measures to crush the revolutionary hydra; that, on the contrary, "in our opinion the danger lies not in that fantastic revolutionary hydra, but in the obstinacy of traditionalism clogging progress," etc., etc. He read another article, too, a financial one, which alluded to Bentham and Mill, and dropped some innuendoes reflecting on the ministry. With his characteristic quickwittedness he caught the drift of each innuendo, divined whence it came, at whom and on what ground it was aimed, and that afforded him, as it always did, a certain satisfaction. But today that satisfaction was embittered by Matrona Philimonovna's advice and the unsatisfactory state of the household. He read, too, that Count Beist was rumored to have left for Wiesbaden, and that one need have no more gray hair, and of the sale of a light carriage, and of a young person seeking a situation; but these items of information did not give him, as usual, a quiet, ironical gratification. Having finished the paper, a second cup of coffee and a roll and butter, he got up, shaking the crumbs of the roll off his waistcoat; and, squaring his broad chest, he smiled joyously: not because there was anything particularly agreeable in his mind—the joyous smile was evoked by a good digestion.

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.

Habits do not restrict freedom. They create it. In fact, the people who don’t have their habits handled are often the ones with the least amount of freedom. Without good financial habits, you will always be struggling for the next dollar. Without good health habits, you will always seem to be short on energy. Without good learning habits, you will always feel like you’re behind the curve. If you’re always being forced to make decisions about simple tasks—when should I work out, where do I go to write, when do I pay the bills—then you have less time for freedom. It’s only by making the fundamentals of life easier that you can create the mental space needed for free thinking and creativity.

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.

If you could have a gigantic billboard anywhere with anything on it, what would it say and why? “Discipline equals freedom.” Everyone wants freedom. We want to be physically free and mentally free. We want to be financially free and we want more free time. But where does that freedom come from? How do we get it? The answer is the opposite of freedom. The answer is discipline. You want more free time? Follow a more disciplined time-management system. You want financial freedom? Implement long-term financial discipline in your life. Do you want to be physically free to move how you want, and to be free from many health issues caused by poor lifestyle choices? Then you have to have the discipline to eat healthy food and consistently work out. We all want freedom. Discipline is the only way to get it. What is one of the best or most worthwhile investments you’ve ever made? Ever since I have had a home with a garage, I have had a gym in my garage. It is one of the most important factors in allowing me to work out every day regardless of the chaos and mayhem life delivers. The convenience of being able to work out any time, without packing a gym bag, driving, parking, changing, then waiting for equipment . . . The home gym is there for you. No driving. No parking. No little locker to cram your gear into. In your home gym, you never wait for equipment. It is waiting for you. Always. And, perhaps most important: You can listen to whatever music you want, as loud as you want. GET SOME.

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.

first. In a financial system that was rapidly generating complicated risks, AIG FP became a huge swallower of those risks. In the early days it must have seemed as if it was being paid to insure events extremely unlikely to occur, as it was. Its success bred imitators: Zurich Re FP, Swiss Re FP, Credit Suisse FP, Gen Re FP. (“Re” stands for Reinsurance.) All of these places were central to what happened in the last two decades; without them, the new risks being created would have had no place to hide and would have remained in full view of bank regulators. All of these places, when the crisis came, would be washed away by the general nausea felt in the presence of complicated financial risks, but there was a moment when their existence seemed cartographically necessary to the financial world. AIG FP was the model for them all.

Consider the recent papal visit and apology. Again, I recognize that some people were able to find peace in hearing the pontiff's words. But, for many, his words fell far short. Where was the acknowledgement of genocide against Indigenous Peoples through these schools? Yes, he spoke those words later, but not directly to the people who suffered it. Further, it cannot be ignored that the Catholic Church has failed to meet its financial obligation to survivors and its failure was officially sanctioned by the federal government and the courts. The Catholic Church is one of the richest, if not the richest, corporations in the world. It is worth billions and billions of dollars. I remember visiting the Vatican Museum in Rome. The art and artifacts alone are worth billions of dollars without even considering the vast worldwide holdings of the Catholic Church. I will never forget seeing Nero's bathtub, a huge, circular stone edifice made of material that no longer exists on earth. The bathtub is described as "invaluable beyond calculation." So why not just sell off the tub and meet their obligations to survivors? It is beyond comprehension how the Catholic Church can express remorse while refusing to abide by the terms of the settlement they originally agreed to and still expect their words to be taken seriously.

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!

It was dusk when Ian returned, and the house seemed unnaturally quiet. His uncle was sitting near the fire, watching him with an odd expression on his face that was half anger, half speculation. Against his will Ian glanced about the room, expecting to see Elizabeth’s shiny golden hair and entrancing face. When he didn’t, he put his gun back on the rack above the fireplace and casually asked, “Where is everyone?” “If you mean Jake,” the vicar said, angered yet more by the way Ian deliberately avoided asking about Elizabeth, “he took a bottle of ale with him to the stable and said he was planning to drink it until the last two days were washed from his memory.” “They’re back, then?” “Jake is back,” the vicar corrected as Ian walked over to the table and poured some Madeira into a glass. “The servingwomen will arrive in the morn. Elizabeth and Miss Throckmorton-Jones are gone, however.” Thinking Duncan meant they’d gone for a walk, Ian flicked a glance toward the front door. “Where have they gone at this hour?” “Back to England.” The glass in Ian’s hand froze halfway to his lips. “Why?” he snapped. “Because Miss Cameron’s uncle has accepted an offer for her hand.” The vicar watched in angry satisfaction as Ian tossed down half the contents of his glass as if he wanted to wash away the bitterness of the news. When he spoke his voice was laced with cold sarcasm. “Who’s the lucky bridegroom?” “Sir Francis Belhaven, I believe.” Ian’s lips twisted with excruciating distaste. “You don’t admire him, I gather?” Ian shrugged. “Belhaven is an old lecher whose sexual tastes reportedly run to the bizarre. He’s also three times her age.” “That’s a pity,” the vicar said, trying unsuccessfully to keep his voice blank as he leaned back in his chair and propped his long legs upon the footstool in front of him. “Because that beautiful, innocent child will have no choice but to wed that old…lecher. If she doesn’t, her uncle will withdraw his financial support, and she’ll lose that home she loves so much. He’s perfectly satisfied with Belhaven, since he possesses the prerequisites of title and wealth, which I gather are his only prerequisites. That lovely girl will have to wed that old man; she has no way to avoid it.” “That’s absurd,” Ian snapped, draining his glass. “Elizabeth Cameron was considered the biggest success of her season two years ago. It was pubic knowledge she’d had more than a dozen offers. If that’s all he cares about, he can choose from dozens of others.” Duncan’s voice was laced with uncharacteristic sarcasm. “That was before she encountered you at some party or other. Since then it’s been public knowledge that she’s used goods.” “What the hell is that supposed to mean?” “You tell me, Ian,” the vicar bit out. “I only have the story in two parts from Miss Throckmorton-Jones. The first time she spoke she was under the influence of laudanum. Today she was under the influence of what I can only describe as the most formidable temper I’ve ever seen. However, while I may not have the complete story, I certainly have the gist of it, and if half what I’ve heard is true, then it’s obvious that you are completely without either a heart or a conscience! My own heart breaks when I imagine Elizabeth enduring what she has for nearly two years. When I think of how forgiving of you she has been-“ “What did the woman tell you?” Ian interrupted shortly, turning and walking over to the window.

KEYNESIAN ECONOMICS AND STIMULUS Keynesian economics is based on the notion that unemployment arises when total or aggregate demand in an economy falls short of the economy’s ability to supply goods and services. When products go unsold, jobs are lost. Aggregate demand, in turn, comes from two sources: the private sector (which is the majority) and the government. At times, aggregate demand is too buoyant—goods fly off the shelves and labor is in great demand—and we get rising inflation. At other times, aggregate demand is inadequate—goods are hard to sell and jobs are hard to find. In those cases, Keynes argued in the 1930s, governments can boost employment by cutting interest rates (what we now call looser monetary policy), raising their own spending, or cutting people’s taxes (what we now call looser fiscal policy). By the same logic, when there is too much demand, governments can fight actual or incipient inflation by raising interest rates (tightening monetary policy), increasing taxes, or reducing its own spending (thus tightening fiscal policy). That’s part of standard Keynesian economics, too, although Keynes, writing during the Great Depression, did not emphasize it. Setting aside the underlying theory, the central Keynesian policy idea is that the government can—and, Keynes argued, should—act as a kind of balance wheel, stimulating aggregate demand when it’s too weak and restraining aggregate demand when it’s too strong. For decades, American economists took for granted that most of that job should and would be done by monetary policy. Fiscal policy, they thought, was too slow, too cumbersome, and too political. And in the months after the Lehman Brothers failure, the Federal Reserve did, indeed, pull out all the stops—while fiscal policy did nothing. But what happens when, as was more or less the case by December 2008, the central bank has done almost everything it can, and yet the economy is still sinking? That’s why eyes started turning toward Congress and the president—that is, toward fiscal stimulus—after the 2008 election.

Naval’s Laws The below is Naval’s response to the question “Are there any quotes you live by or think of often?” These are gold. Take the time necessary to digest them. “These aren’t all quotes from others. Many are maxims that I’ve carved for myself.” Be present above all else. Desire is suffering (Buddha). Anger is a hot coal that you hold in your hand while waiting to throw it at someone else (Buddhist saying). If you can’t see yourself working with someone for life, don’t work with them for a day. Reading (learning) is the ultimate meta-skill and can be traded for anything else. All the real benefits in life come from compound interest. Earn with your mind, not your time. 99% of all effort is wasted. Total honesty at all times. It’s almost always possible to be honest and positive. Praise specifically, criticize generally (Warren Buffett). Truth is that which has predictive power. Watch every thought. (Always ask, “Why am I having this thought?”) All greatness comes from suffering. Love is given, not received. Enlightenment is the space between your thoughts (Eckhart Tolle). Mathematics is the language of nature. Every moment has to be complete in and of itself. A Few of Naval’s Tweets that are Too Good to Leave Out “What you choose to work on, and who you choose to work with, are far more important than how hard you work.” “Free education is abundant, all over the Internet. It’s the desire to learn that’s scarce.” “If you eat, invest, and think according to what the ‘news’ advocates, you’ll end up nutritionally, financially, and morally bankrupt.” “We waste our time with short-term thinking and busywork. Warren Buffett spends a year deciding and a day acting. That act lasts decades.” “The guns aren’t new. The violence isn’t new. The connected cameras are new, and that changes everything.” “You get paid for being right first, and to be first, you can’t wait for consensus.” “My one repeated learning in life: ‘There are no adults.’ Everyone’s making it up as they go along. Figure it out yourself, and do it.” “A busy mind accelerates the passage of subjective time.