There is no such thing as sustainable development.
Crime, No Punishment: Barclays is paying a £290 million ($450 million) fine for engaging in “gross manipulation of the LIBOR rate” – the benchmark rate for $350 trillion in interest-rate sensitive products world-wide, including adjustable rate mortgages in theUS - “on a daily basis over a four-year period, commencing as early as 2005." Barclays also promised not to get caught doing it again. Details of their modus operandi are here.
The Human Condition: Everyone is talking about the pending collapse of the Eurozone, but nobody is willing to risk much money betting on it.
Mighty, Falling: Philp Falcone, founder of the hedge fund Harbinger Capital and one of the heroes of Wall Street, has been accused by the SEC of misappropriating client assets, manipulating bond prices, and “favoring” some of his investors over others. Seems he made money the old fashioned way, he stole it.
Equal Justice: A prisoner with three months remaining on a three year sentence for a parole violation died of seizures in his urine-soaked cell because the prison officials refused him medical treatment in order to
save money "balance the needs of our offender population with limited resources." Wonder if Falcone could be sent there, or the guys from Barclays.
Comes The Dawn: Congressional leaders have suddenly discovered that they can change laws. Wowser! And maybe, just maybe, they'll apply this new knowledge to put off the automatic spending cuts for a while. Like until everyone forgets about the whole thing.
Market Wisdom: If the 'efficient market theory' is correct, markets would price in all known data and the price would represent its true value. Thus there would be no room for the variations in bid and offer that lead to profits.
Us And Them: An new poll shows that over 60% of Americans support taxing the rich more, but do not support cuts in Social Security or Medicare. Would someone copy the Republicans on this, with a separate copy to Paul Ryan.
Continuity: If there’s a crummy shopping center in your neighborhood, it will only get crummier. Upscale malls, on the other hand, will continue to be updated. Them that has, gets.
Who Are These People? A new poll believe 63% republicans still believe Iraq had weapons of mass destruction. And 64% think Obama was born in another country.
Fill In The Blank: US policy regarding ____ is short-sighted and dangerous. [Usual prizes - limit 5 guesses.]
Wrong In So Many Ways:There's another cornucopian report on oil making the rounds. If this represents the level of intellectual rigor and honesty found among Harvard experts and major oil corporation leaders, pessimism for our future becomes mandatory. The author, Leonardo Maugeri - like David Yergin - has been making similar Pollyannaish predictions for years.
The Parting Shot:
Come a little closer, my dear.