Hedge funds and the purveyors of other such arcane financial instruments are "making a killing" off the upswings and dips in the markets. With the estimate of over a quadrillion dollars worth of these financial instruments in existence, it boggles the mind how much "money" can be "made" by playing the roller coaster markets with super-fast computers and inside information.
But what does in mean to "make money" in this sense? All you have is a bunch of fancy pencil-pushers doing the equivalent of casino gambling (and they are the insiders, the House, as it were); nobody is actually creating any tangible wealth. Farmers produce crops, manufacturing plants make finished goods, and miners dig coal and iron ore. But these financial big-wigs spend their days accumulating large numbers of electronic "dollars" that are linked to nothing we can actually hold in our hands or put to any practical use. Yet they are considered the wealthy among us, the self-proclaimed "best and brightest."
But the day is coming when they will in vain try and trade some of those trillions of electrons for something tangible, say, a loaf of bread. Then we'll see if they're really The Masters of the Universe they claim to be. At that point, I'd say that the plain old farmer might have a bit of advantage on them.
I must admit that I'll relish seeing the "suits" squirm. Too bad a lot of innocent folks will probably go down with them. Live well . . .
Friday, September 4, 2009
Saturday, August 29, 2009
THE MUSE IS AT WORK!
Glad to be back after some serious dental work and a lot of time on the road.
As I was driving back to north Alabama through the mountains of NC and Tennessee last weekend, the Muse began calling (not on my cell phone). When I got home, I unpacked, kissed my wife (aka the real Muse) and daughter, ate a bite of supper, and then went to work writing a song that was percolating in my head. When my "boys" came over for our weekly practice/jam session, I played them the song--"Don't Fight Fair"--and we ended up working on it for about three hours. Everyone seems to think it's a pretty good song. I really don't know what group/artist the song reminds me of; but, as the Bible tells us, there's nothing new under the sun.
Since then, I have written another song called "The Devil's Chasin' Me." It is full of frightening imagery but resolves well into the "light." I hope the boys like it, too. We'll see Wednesday night, God willing.
So far, we've done mainly covers--several Yardbirds' songs--"Shapes of Things, "Mister, You're A Better Man Than I," "For Your Love," and "Heart Full of Soul." Soon we'll start on "Over, Under, Sideways, Down." Also, we can do "The Weight" (The Band), "Willin'" (Little Feat), "Drive My Car" (The Beatles), "Dead Flowers" (Stones), "For What It's Worth" (Buffalo Springfield--the first song I ever played on stage at the age of 15). We also do a lot of free-form fusion and blues. I really like Jeff Beck.
One day, we'll be ready to take the stage (at least for an hour). All of us miss it (except Bill, who already plays with two other bands--but he really likes playing with us, too).
We're all old, as you might guess from the above titles. But we can still rock! I love having the Muse around. Live well . . .
As I was driving back to north Alabama through the mountains of NC and Tennessee last weekend, the Muse began calling (not on my cell phone). When I got home, I unpacked, kissed my wife (aka the real Muse) and daughter, ate a bite of supper, and then went to work writing a song that was percolating in my head. When my "boys" came over for our weekly practice/jam session, I played them the song--"Don't Fight Fair"--and we ended up working on it for about three hours. Everyone seems to think it's a pretty good song. I really don't know what group/artist the song reminds me of; but, as the Bible tells us, there's nothing new under the sun.
Since then, I have written another song called "The Devil's Chasin' Me." It is full of frightening imagery but resolves well into the "light." I hope the boys like it, too. We'll see Wednesday night, God willing.
So far, we've done mainly covers--several Yardbirds' songs--"Shapes of Things, "Mister, You're A Better Man Than I," "For Your Love," and "Heart Full of Soul." Soon we'll start on "Over, Under, Sideways, Down." Also, we can do "The Weight" (The Band), "Willin'" (Little Feat), "Drive My Car" (The Beatles), "Dead Flowers" (Stones), "For What It's Worth" (Buffalo Springfield--the first song I ever played on stage at the age of 15). We also do a lot of free-form fusion and blues. I really like Jeff Beck.
One day, we'll be ready to take the stage (at least for an hour). All of us miss it (except Bill, who already plays with two other bands--but he really likes playing with us, too).
We're all old, as you might guess from the above titles. But we can still rock! I love having the Muse around. Live well . . .
Tuesday, August 4, 2009
GOVERNMENT IN REBELLION
We hear much talk today about dissenters against the U.S. government being labeled "domestic terrorists." That's just another way of saying "rebels." But for the U.S. government to call dissenters by these names is to turn reality upside down. What do I mean here?
According to the Law of Preemptory Accusation, whatever traits the accuser attributes to the accused, you can be sure fits the former and not the latter. Simply put, if the accuser calls you a liar, he is really the liar. If he calls you a hater, he is the real hater. And so forth . . .
My contention here is simple: the U.S. government, since it quit abiding by the Constitution, has been in rebellion against us, the American people. If some action is unconstitutional it is, by its very nature, unlawful. And what is unlawful is, ipso facto, criminal. Hence my reason for calling the U.S. government an Organized Criminal Enterprise, Gangster Government, etc.
We, as dissenters against criminal government, are not domestic terrorists or rebels striving unlawfully to bring down a legitimate government; instead, we are patriots seeking to rein in an overbearing and rebellious government that threatens both our liberty and prosperity. There are several ways of protecting ourselves. My preferred method is secession by the States. It is a time-honored and Constitutional remedy (no matter how loudly the Establishment may deny it).
In other words, we have the moral high ground, regardless of what the U.S. government or its lap-dog media might say. Live well . . .
According to the Law of Preemptory Accusation, whatever traits the accuser attributes to the accused, you can be sure fits the former and not the latter. Simply put, if the accuser calls you a liar, he is really the liar. If he calls you a hater, he is the real hater. And so forth . . .
My contention here is simple: the U.S. government, since it quit abiding by the Constitution, has been in rebellion against us, the American people. If some action is unconstitutional it is, by its very nature, unlawful. And what is unlawful is, ipso facto, criminal. Hence my reason for calling the U.S. government an Organized Criminal Enterprise, Gangster Government, etc.
We, as dissenters against criminal government, are not domestic terrorists or rebels striving unlawfully to bring down a legitimate government; instead, we are patriots seeking to rein in an overbearing and rebellious government that threatens both our liberty and prosperity. There are several ways of protecting ourselves. My preferred method is secession by the States. It is a time-honored and Constitutional remedy (no matter how loudly the Establishment may deny it).
In other words, we have the moral high ground, regardless of what the U.S. government or its lap-dog media might say. Live well . . .
THESE LIARS CAN'T FIGURE
Been away for a while. Glad to be back.
The U.S. government (and its many minions) is an Organized Criminal Enterprise. Let that soak in for a minute.
As a bit of evidence, see the following blog article: http://www.washingtonsblog.com/2009/08/real-economy-versus-fake-economy-of.html
Lying has apparently become a virtue in DC. However, in the case of the current financial/economic mess, the math will win out over the lies in the end. I suggest you and your family be prepared. Live well . . .
The U.S. government (and its many minions) is an Organized Criminal Enterprise. Let that soak in for a minute.
As a bit of evidence, see the following blog article: http://www.washingtonsblog.com/2009/08/real-economy-versus-fake-economy-of.html
Lying has apparently become a virtue in DC. However, in the case of the current financial/economic mess, the math will win out over the lies in the end. I suggest you and your family be prepared. Live well . . .
Friday, July 24, 2009
DRIVE BY TRUCKERS, ETC.
I saw the Drive By Truckers last evening at the Shoals Theater in Florence, Alabama. It was a homecoming for Pat Hood, Mike Cooley, and the band, and they didn't disappoint. Starting at 9:15, they played for almost three hours to a packed house. Sitting in on piano was Rock & Roll Hall of Fame inductee (2009) Spooner Oldham.
Three friends and I got free tickets. It's hard to beat that! One of my friends, Tom "Pizza" Hillmeyer was actually offered the job of playing bass for the DBT when they first started. He politely turned the offer down because he didn't want to tour anymore. He previously played all over the South with his punk band called The Chromatics. He is a marvelously talented musician. We play with a couple of other friends every Wednesday night. Once we get an hour set list down, we'll try and do some local gigs in the Shoals . . . Yardbirds, Beatles, Stones, and other old stuff.
By the way, Patterson Hood is a first rate entertainer. Mike Cooley reminds me somewhat of the late Gram Parsons. If you haven't seen the DBT yet, I recommend you do so. They are a great act, Southern to the core! Live well . . .
Three friends and I got free tickets. It's hard to beat that! One of my friends, Tom "Pizza" Hillmeyer was actually offered the job of playing bass for the DBT when they first started. He politely turned the offer down because he didn't want to tour anymore. He previously played all over the South with his punk band called The Chromatics. He is a marvelously talented musician. We play with a couple of other friends every Wednesday night. Once we get an hour set list down, we'll try and do some local gigs in the Shoals . . . Yardbirds, Beatles, Stones, and other old stuff.
By the way, Patterson Hood is a first rate entertainer. Mike Cooley reminds me somewhat of the late Gram Parsons. If you haven't seen the DBT yet, I recommend you do so. They are a great act, Southern to the core! Live well . . .
Wednesday, July 15, 2009
IT CAN'T HAPPEN HERE?
American "exceptionalism" often blinds us to historical reality. No nation (or people) is immune to tyranny or other traumatic events.
Back in 2003 when Alabama Supreme Court Chief Justice Roy Moore refused to obey a federal court order and remove the Ten Commandments monument from the State Judicial Building, I had the opportunity to address that issue on several radio talk shows across Alabama.
These were "conservative" talk shows, and most of the callers were evangelical Christians. A typical response to the ruling went something like this: "Yes, I support Judge Moore and want the monument to stay where it is. But the court has made its ruling and we have to obey the law whether we like it or not."
To counter, I made the following points: (1) it was not the business of the federal courts to rule on such matters and (2) that a federal court ruling (even one issued by the Supreme Court) was not necessarily the final say on a matter of law because the Legislative and Executive branches, as well as the States, also have the right to a say themselves. However, I did not get far with this argument (even though it was correct).
I had to fall back on something a bit more simple and direct. I said something like this: "Well, let's suppose that a federal court rules that you must close the doors of your church and stop worshiping God on Sunday. Would you consider this a legitimate ruling and would you obey it?"
The reaction stunned me. Instead of saying "no," most of the callers said that this was America and something like that "could never happen here."
How do you reach such people? Do they really believe that we, as Americans, have received a cosmic King's Exemption from the realities of history that effect the rest of the world? Can really bad things like tyranny just not happen here? Are there no evil men in American public life who would like to control us all? Is our "democratic" nation indispensable to the outworking of God's providential plan for His Creation? Or, are we merely fools for believing such infantile rubbish?
Live well . . .
Back in 2003 when Alabama Supreme Court Chief Justice Roy Moore refused to obey a federal court order and remove the Ten Commandments monument from the State Judicial Building, I had the opportunity to address that issue on several radio talk shows across Alabama.
These were "conservative" talk shows, and most of the callers were evangelical Christians. A typical response to the ruling went something like this: "Yes, I support Judge Moore and want the monument to stay where it is. But the court has made its ruling and we have to obey the law whether we like it or not."
To counter, I made the following points: (1) it was not the business of the federal courts to rule on such matters and (2) that a federal court ruling (even one issued by the Supreme Court) was not necessarily the final say on a matter of law because the Legislative and Executive branches, as well as the States, also have the right to a say themselves. However, I did not get far with this argument (even though it was correct).
I had to fall back on something a bit more simple and direct. I said something like this: "Well, let's suppose that a federal court rules that you must close the doors of your church and stop worshiping God on Sunday. Would you consider this a legitimate ruling and would you obey it?"
The reaction stunned me. Instead of saying "no," most of the callers said that this was America and something like that "could never happen here."
How do you reach such people? Do they really believe that we, as Americans, have received a cosmic King's Exemption from the realities of history that effect the rest of the world? Can really bad things like tyranny just not happen here? Are there no evil men in American public life who would like to control us all? Is our "democratic" nation indispensable to the outworking of God's providential plan for His Creation? Or, are we merely fools for believing such infantile rubbish?
Live well . . .
Monday, July 13, 2009
OUR FANTASY WORLD OF FINANCE
It used to be that "cooking the books" was an illegal practice. I suppose it still is for you and me. But apparently it is not for the Gangsters and their buddies in DC and on Wall Street.
In May, The Chosen One (aka Barry Obama) signed off on a writ that permitted banks to "restructure" loans in Mortgage Backed Security bonds (MBS bonds) with no legal consequences from MBS bondholders. In the past, MBS bondholders could sue if the bonds they held were altered or changed. No more.
What does this all mean? It means that "loan modifications" will be allowed that will permit banks to carry bad mortgages (those that are either "underwater" or in arrears) on their books as worth 100 cents on the dollar after they are "restructured." Nevermind that many (if not most) of these mortgages are worth less than 50 cents on the dollar. Under Obama's Writ, the banks will not be forced to do "mark to market" accounting on these assets. The result? Inflated balance sheets for the banks and more hefty bonuses for the fat cats who run them.
Because of this accounting trick, I'd be willing to bet that the second quarter earnings of, say, a Goldman Sachs or JP Morgan will be just as rosy as their questionable first quarter stats.
How long can the "smoke and mirrors" approach to creative accounting continue to fool the American taxpayer? Probably for a while. But those in the know in Europe and Asia will not be fooled; and they are the ones the Fed and Treasury depend on to buy our debt instruments. And they cannot be happy about the official policy of lying about asset valuations being perpetrated by DC and Wall Street.
Our fantasy world of finance may be about to crumble. It can't come too soon. Then perhaps some sort of rebuilding can begin.
Live well . . .
In May, The Chosen One (aka Barry Obama) signed off on a writ that permitted banks to "restructure" loans in Mortgage Backed Security bonds (MBS bonds) with no legal consequences from MBS bondholders. In the past, MBS bondholders could sue if the bonds they held were altered or changed. No more.
What does this all mean? It means that "loan modifications" will be allowed that will permit banks to carry bad mortgages (those that are either "underwater" or in arrears) on their books as worth 100 cents on the dollar after they are "restructured." Nevermind that many (if not most) of these mortgages are worth less than 50 cents on the dollar. Under Obama's Writ, the banks will not be forced to do "mark to market" accounting on these assets. The result? Inflated balance sheets for the banks and more hefty bonuses for the fat cats who run them.
Because of this accounting trick, I'd be willing to bet that the second quarter earnings of, say, a Goldman Sachs or JP Morgan will be just as rosy as their questionable first quarter stats.
How long can the "smoke and mirrors" approach to creative accounting continue to fool the American taxpayer? Probably for a while. But those in the know in Europe and Asia will not be fooled; and they are the ones the Fed and Treasury depend on to buy our debt instruments. And they cannot be happy about the official policy of lying about asset valuations being perpetrated by DC and Wall Street.
Our fantasy world of finance may be about to crumble. It can't come too soon. Then perhaps some sort of rebuilding can begin.
Live well . . .
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