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Posts Tagged ‘Wall Street

The headline grabbed my attention right away!

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Bottom of Wall Street from FDR
Image by SheepGuardingLlama via Flickr

It was from an article in the New Yorker, that continues to offer me intriguing and generally useful information that I can believe, I hope!

It  said, “What good is Wall Street?” The essay is very good with person to person views of several Wall Street biggies. Here is an excerpt from the essay:

Think of all the profits produced by businesses operating in the U.S. as a cake. Twenty-five years ago, the slice taken by financial firms was about a seventh of the whole. Last year, it was more than a quarter. (In 2006, at the peak of the boom, it was about a third.) In other words, during a period in which American companies have created iPhones, Home Depot, and Lipitor, the best place to work has been in an industry that doesn’t design, build, or sell a single tangible thing

So you don’t have to wonder any more why the US economy is “underwater” so to speak! It’s focused on the “useless fruits of pure capitalism” and that’s what’s gone wrong,  I understand what John Cassidy is saying in his essay, at least in part.

Cassidy even found an apparent Wall Streeter, who seems to agree with the negative view of what happens on Wall Street now:

Paul Woolley, a seventy-one-year-old Englishman who has set up an institute at the London School of Economics called the Woolley Centre for the Study of Capital Market Dysfunctionality. “Why on earth should finance be the biggest and most highly paid industry when it’s just a utility, like sewage or gas?” Woolley said to me when I met with him in London. “It is like a cancer that is growing to infinite size, until it takes over the entire body.

Now that’s negative!

Later in the essay Wooley goes even further in commenting on market ups and downs:

Woolley had an epiphany: financial institutions that react to market incentives in a competitive setting often end up making a mess of things. “I realized we were acting rationally and optimally,” he said. “The clients were acting rationally and optimally. And the outcome was a complete Horlicks.” Financial markets, far from being efficient, as most economists and policymakers at the time believed, were grossly inefficient. “And once you recognize that markets are inefficient a lot of things change.

But I haven’t seen much CHANGE! Have you?

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Written by BobG in Dalian & Vancouver

2010/11/22 at 16:40

At this late stage of my life here on this wracked and wrenched Earth

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Assorted wine corks

Image via Wikipedia

there are a few things I dearly love. In one case I haven’t been to one much lately since there are no affordable ones in Vancouver, the French bistro with its characteristic walnut finishings and great red wine. The other is the NY Times.

Both of these artifacts of civility and my version of the good life are suffering. Both are losing business at alarming rates and both institutions are in peril of becoming non-existent and that saddens me in anticipating their real life demise.

As for the bistro in France, click here to read the NY Times piece about that sad situation with a closing of 2 of them every during these financially troubled times. Over 80% of the 200,000 of them that did business in 1960 have disappeared since.

The NY Times does not report much about the financial situation of the holding company or its main newspaper holdings, but the news in the blogosphere and in other news agencies is especially sad. The Grey Lady faces financial burnout by the middle of next year. It has ended dividend payouts and has apparently been shopping some of its media assets to gain cash for financial survival. What the H will I do if she disappears too!

This is not a pretty sight and I truly regret that all those Wall Street jerks and downright thieves have brought us to this unpretty pass! No doubt I’ll survive but some essence of the good life will be drained from my spirit. How much of that kind of loss will I be able to deal with before I decide that it’s enough? But I have no plans for an online suicide ever!

City of Vancouver

Image via Wikipedia

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Written by BobG in Dalian & Vancouver

2008/11/23 at 05:14

Napoleon is the key search word that brings more viewers to my blog then any other!

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Support the Wall Street Bailout

Image by Comandante Agi via Flickr

This is 2008 with a contentious bailout of Wall Street on everybody’s mind and the forgetable appearance of that political meteorite, Palin. I have posted about Palin several times but they get little attention.

Blog surfers want to hear about an obscure billionaire lady by the name of Safra, an exotic piece of real estate on the French Riviera, Roger Federer and finally they want day in day out to read about Napoleon and view images of him.

And this the post to my blog that gets so much attention!

If I could figure out why blog surfers are so attracted to this post I could get even more blog surfers to hit on by blog!

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Written by BobG in Dalian & Vancouver

2008/09/29 at 13:27