Posts Tagged ‘atlas shrugged

20
Feb
10

charles munger parable on usa

some obvious barbs at america’s finance based economy.

excerpt:

But even a country as cautious, sound, and generous as Basicland could come to ruin if it failed to address the dangers that can be caused by the ordinary accidents of life. These dangers were significant by 2012, when the extreme prosperity of Basicland had created a peculiar outcome: As their affluence and leisure time grew, Basicland’s citizens more and more whiled away their time in the excitement of casino gambling. Most casino revenue now came from bets on security prices under a system used in the 1920s in the United States and called “the bucket shop system.”

The winnings of the casinos eventually amounted to 25 percent of Basicland’s GDP, while 22 percent of all employee earnings in Basicland were paid to persons employed by the casinos (many of whom were engineers needed elsewhere). So much time was spent at casinos that it amounted to an average of five hours per day for every citizen of Basicland, including newborn babies and the comatose elderly. Many of the gamblers were highly talented engineers attracted partly by casino poker but mostly by bets available in the bucket shop systems, with the bets now called “financial derivatives.”

http://www.slate.com/id/2245328/pagenum/all/#p2

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11
Feb
10

eric schmidt on america’s crony capitalism

http://www.washingtonpost.com/wp-dyn/content/article/2010/02/09/AR2010020901191.html?wpisrc=nl_tech

excerpt: 

More than ever, innovation is disruptive and messy. It can’t be controlled or predicted. The only way to ensure it can flourish is to create the best possible environment — and then get out of the way. It’s a question of learning to live with a mess.

First, start-ups and smaller businesses must be able to compete on equal terms with their larger rivals. They don’t need favors, just a level playing field. Congress should ensure that every bill it passes promotes competition over protecting the interests of incumbents.

23
Dec
09

why barney frank loves the banks

Barney Frank takes pride in being the Left’s darling, but he’s almost entirely funded by Wall Street and his votes show it.

http://www.alternet.org/politics/144454/how_wall_street_bought_barney_frank?page=entire

24
Nov
09

geithner gone by january?

Here is what Geithner had to say about financial markets in a speech in Atlanta in May 2007, just about a year before the crisis really ignited:

“Changes in financial markets, including those that are the subject of your conference, have improved the efficiency of financial intermediation and improved our confidence in the ability of markets to absorb stress.”

Later he added, “The larger global financial institutions are generally stronger in terms of capital relative to risk. Technology and innovation in financial instruments have made it easier for institutions to manage risk.”

That rosy description by a Fed president kind of makes you want to run out and buy stock in Lehman Brothers Holdings Inc., doesn’t it? No wonder the Fed failed to press the industry harder. It thought that financial innovations had worked a miracle.

Geithner used to be asleep at the wheel in New York. Now he is asleep at the wheel in Washington.

 

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a1B7Cs1f.TO8

11
Nov
09

i love our fubar government-crony-capitalistic welfare state

lets just make EVERYTHING free and let the gov’ment tell us what we need and don’t need….
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04
Nov
09

peter orszag as dr. floyd ferris

continuing with my atlas shrugged theme…here’s ‘director of office of the budget’ for the obama white house….this guy is right out of atlas shrugged…”the economy doesn’t like us right now and we need to somehow make the economy happy again”…..

also found out that his mentor is robert rubin…one of my 3 assholes of the financial apocalypse.

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02
Nov
09

tim geithner a real life wesley mouch?

for those that don’t know…wesley mouch was one of the main spinless vague-speaking bureaucrats in ayn rand’s atlas shrugged.

timmy geithner is america’s wesley mouch…the central planner bureaucrat trying to ‘fix’ the economy with vagueness…

come on barack obama..where’s the change????…every day these asshole bankers are still in your white house you lose a little more credibility….fix the goddamn banks before you take on your pie-in-the-sky health for all beaurocrazy…

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