Saturday, May 2, 2009
Cleaning out the RSS Reader
Some of the folks that I have to thank(??) for my current status as a fourteenth degree tin-foil hatter are the folks who write the financial dissection of the current fall from excessive affluence that we are experiencing. Mish, Yves, Jesse, and their ilk have been johnny on the spot concerning what is happening.
But now they begin to bore me. In a nutshell, they are still whining about it, a chorus of paunchy middle aged men and women gasping in exasperation at the way that the rules of their favorite game have been bent. They have watched and documented a financial event with huge moral and social implications, yet all they seem to care about is the loss of wealth. My current source of amusement with these guys is their demonization of Greenspan. This to me is roughly equivalent to a bunch of pampered frat boys suing the bartender at their party for making the drinks too strong.
The way that I see things, the money is gone. In all reality, the money was never there. Folks sent streams of zeros and ones hither and yon, those zeros and ones got really slutty and Voilà, more zeros and ones appeared. This phenomenon was documented in slips of paper sent about by mutual funds and brokerage houses. The owners of these odd bits of paper then ran to the local bank and got loans for new houses replete with marble counter-tops. The banks got greedy and then the game got really crazy.
But these folks are bent on retribution now. They are necessary in order to document the charade that led up to this mess, but the problems that they outline are going to be passé soon enough. I think I am going to start checking them only once a month or so. That is sufficient frequency to keep abreast of the current digging for recriminations and sulking about imaginary lost wealth.
What I want is to stop pining over the loss of a flawed past. I also want to think that the financial is not the be all and end all of human experience.
at 8:29:00 AM