Is Risk Evil? Depends, Are You Formerly An Extended Member Of The Carter Administation?

Posted by Equity Private, May 02, 2008, 2:38pm

If Woody had just gone to the policeonly we hadn't let those pesky NYSE members incorporate, none of this ever would have happened.

I do so love the pundits who yearn for the good 'ole days when inflation was inflation and bankers were scared. The self-delusion that somehow we can do without the separation of ownership and control in financial firms and still have a globally competitive banking system is nothing if not a bit of "when I was your age" self-indulgence. So when the likes of Peter J. Solomon suggest that somehow "unlimited capital" (and where can I find that?) and a lack of "personal liability" have combined to assure "...the country's goin' to hell faster than when that son of a bitch Roosevelt was in charge. Too much cheap money sloshing around the world. The worst mistake we ever made was letting Nixon get off the gold standard," well, it is difficult not to smile gently and say "isn't that quaint?" Until you realize it is an election year and someone might just be listening seriously to such rantings. Now that's scary. Well, since it's in the New York Sun, maybe not so much.

Let Losers Lose [NY Sun]

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Tags: Cats and Dogs Living Together, Gold Standard, Hell in a Handbasket, Nixon, Wall Street

Comments

Posted by guest, May 02, 2008 2:51PM

Oooooh.....lets allow the multi-billion dollar losing "Nobels" to comment on this....Oooooooh

Posted by guest, May 02, 2008 2:57PM

Here's the Kentucky Derby mortal lock:

Big Brown
Pyro
Colonel Jones

Wheel them with the other 17 horses for an exotic derivative bet I call the "trexactinella" and, prior to the race, sell them in tranches to JP Morgan as "collateralized equinoptional obligations" or "CEOs". Under your breath mention the "yen carry" and the sales will be done.

We all know CEOs don't fail in this country. And they always get paid off. Then, settle back and have a mint julep. You can thank me later.

Myron Black-Scales

Posted by diablo, May 02, 2008 3:06PM

EP, you are trying to be funny?

Solomon didn't say the thing about Roosevelt and Nixon. That's Lou Mannheim in the movie "Wall Street."

He also said:

"Kid, you're on a roll. Enjoy it while it lasts, 'cause it never does."

Posted by ep, May 02, 2008 3:11PM

"EP, you are trying to be funny?

Solomon didn't say the thing about Roosevelt and Nixon. That's Lou Mannheim in the movie "Wall Street."

He also said:

"Kid, you're on a roll. Enjoy it while it lasts, 'cause it never does."

Nothing gets past DB readers!

Posted by guest, May 02, 2008 3:34PM

Very nice. So what is it, *Mr.* Cocksucker now?

Posted by guest, May 02, 2008 4:09PM

Little known fact: Peter J. Solomon invented India.

Posted by guest, May 02, 2008 4:58PM

"Man looks into the abyss. There’s nothing looking back at him. That’s when man finds his character. And that’s what keeps him from falling into the abyss."

--Fake Lou Mannheim

Posted by guest, May 03, 2008 8:43AM

Letting Nixon close the gold window was one of the classic blunders, all right, but I agree that it isn't anywhere near "the biggest mistake we ever made." Roosevelt's gold grab probably isn't even it, although it's way higher on the list.

Or did you mean that the very notion that it was a mistake is itself "quaint?" I'm sure lots of cutting-edge economic thinkers from the Roman Empire, the Spanish Empire, the British Empire, and well, just every other empire ever, would agree with you that the idea of unlimited fiat money production could do nothing but good for an economy, but unfortunately, some other bizarre thing always seems to happen to disrupt their genius before it can produce universal prosperity.

Weird.

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