The biggest threat Capitalism faces is not Socialism. The biggest threat capitalism faces are scummy sales people who lie to inflate the value of assets. It is scandals like Enron, people like Bernie Madoff, and scoundrels like Joe Nacchio who pose the greatest threat to capitalism. They give Socialists all the ammo they need to attack freedom and Capitalism.
Why? Because they put profits before people. They lack a moral compass which tells them they should only be compensated for creating real value. They want the upside of capitalism, but don't want to be held accountable when things don't go their way.
I love capitalism because it creates value, improves living standards, requires innovation, and is the best support of freedom I know. I love the market because it is like gravity, you can't fight it, or you can, but eventually, it will win. The market is what it is. Nothing more, nothing less. If you make stupid mistakes, put profits before integrity, try to screw people over by pretending like you are adding value when you really are not, it will punish you. If you create true value it will reward you. I know, sometimes it takes a while for the market to right itself - but it always does, eventually.
This is why I am vehemently opposed to the suspension of mark-to-market accounting rules. In any game, you need rules. If players don't follow the rules, no one will play with them any more. Eventually, they will be revealed as untrustworthy, and they will be kicked out of the game. When Enron exploded it was because they were inflating the values of their assets on their books. The same was true for Qwest, when they were run by Nacchio. They LIED about the value of their assets. This made all their enormous debt look palatable to what was at the time US West. Nacchio is in prison now - that is where he should be.
Mark-to-market accounting requires firms to tell the truth about the value of the assets on their balance sheets. It prevents fraud. It establishes the rules of the game so everyone can play.
The suspension of mark-to-market accounting for the banks that are in trouble is a terrible idea. The theory is that it is unfair for them to have to write down the value of the loans they hold on their books. The logic goes this way: if we just give it some time, the value of the bad loans on their books will increase. Then, they will be able to sell them, the economy will recover, and everything will be hunky dory!
NOT! Please, let's not give capitalism a bad name by legalizing fraud! Lying about the value of your assets to artificially increase your share price is nothing short of criminal - it is fraud. Do we want Wall Street run by people of integrity or greedy, unscrupulous people like Gordon Gecko? COME ON PEOPLE!
I am very irked with Karen Finerman (CNBC's Fast Money). I really used to like her. I am completely disturbed by her call for an end to mark-to-market accounting by the banks. I know in general she is a very smart lady. However, she was stupid enough to buy CITI shares, and recommend that viewers do the same about 6 months ago! If you listened to her you lost your shirt. My guess is that she lost tons of $ too, and is desperate to maintain her standing on the Street. Therefore, she has decided that we should suspend mark-to-market rules so she personally can regain some of her fortune. Don't listen to her. She is in this for herself.
http://www.cnbc.com/id/29549920
Citi is bankrupt - it will be nationalized. Stay out. If you were unlucky enough buy on her recommendation six months ago sell the bounce when they unfairly change the accounting rules.
The emperor has no clothes!
Sunday, March 8, 2009
I Think He Might Be Crazy
Apparently, Obama either does not understand the Taliban's philosphy, or he thinks he is Jesus.
http://www.nytimes.com/2009/03/08/us/politics/08obama.html?_r=1&hp
http://www.foxnews.com/story/0,2933,506810,00.html
I am seriously starting to question his sanity.
Remember the Nazi's? The Taliban make them seem like pretty nice guys. What if Roosevelt would have come out with a plan to reach out to moderate Nazi's during WWII? Perhaps they could have talked Hitler out of murdering 6 million Jews. Perhaps if we are really nice we will be able to convince the "moderates" among the Taliban to stop murdering women who refuse to wear the Burqa, burning down girls schools, throwing acid at young girls who represent the love and life they so hate, stoning to death old women in public, raping young boys and girls, etc. etc. Oh, by the way they want to finish up with the holocaust where Hitler left off.
But Obama will be nice to them and everything will be OK! He must be F-ing crazy.
We will not be able to defeat the Taliban by making friends with the moderates among them.
This is the height of irresponsibility and just proves that cultural relativism has run amok in the minds of Liberals. It is a JOKE to me that they have the guts to call themselves Liberals when they are so anti-freedom. What a joke!
http://www.nytimes.com/2009/03/08/us/politics/08obama.html?_r=1&hp
http://www.foxnews.com/story/0,2933,506810,00.html
I am seriously starting to question his sanity.
Remember the Nazi's? The Taliban make them seem like pretty nice guys. What if Roosevelt would have come out with a plan to reach out to moderate Nazi's during WWII? Perhaps they could have talked Hitler out of murdering 6 million Jews. Perhaps if we are really nice we will be able to convince the "moderates" among the Taliban to stop murdering women who refuse to wear the Burqa, burning down girls schools, throwing acid at young girls who represent the love and life they so hate, stoning to death old women in public, raping young boys and girls, etc. etc. Oh, by the way they want to finish up with the holocaust where Hitler left off.
But Obama will be nice to them and everything will be OK! He must be F-ing crazy.
We will not be able to defeat the Taliban by making friends with the moderates among them.
This is the height of irresponsibility and just proves that cultural relativism has run amok in the minds of Liberals. It is a JOKE to me that they have the guts to call themselves Liberals when they are so anti-freedom. What a joke!
Tuesday, March 3, 2009
Liberals in Power
He's right on - they are insane. The ideas the Liberals are putting forth to "save" this economy are insane. This is the biggest power grab in American history. I hope it doesn't end life as we know it in America.
Monday, March 2, 2009
Oh Canada!
The difference between the U.S. & Canada:
We are willing to put our lives on the line to defeat the TALIBAN.
Canada is giving up. It's too hard. Maybe they can just add a crescent to their flag too. That would be a great appeasement strategy.
I hope Barack's affinity for their Prime Minister doesn't foreshadow the direction this country is headed in.
http://www.cnn.com/2009/WORLD/asiapcf/03/02/canada.afghanistan/index.html
We are willing to put our lives on the line to defeat the TALIBAN.
Canada is giving up. It's too hard. Maybe they can just add a crescent to their flag too. That would be a great appeasement strategy.
I hope Barack's affinity for their Prime Minister doesn't foreshadow the direction this country is headed in.
http://www.cnn.com/2009/WORLD/asiapcf/03/02/canada.afghanistan/index.html
Accepting What Is
I have been a very bad blogger lately. To any readers I have left, I apologize.
One of my spiritual practices is to accept "what is" as often as I can. I believe that what you resist persists.
My mother is in the hospital this week. I won't go into detail here, but I have been trying to practice what I preach. See, I don't want her to be sick. I want her to be healthy. She is a great woman and I don't want to lose her presence in my life. I probably won't any time soon. But eventually, I will. Does this kind of fearful thinking help her? NO. Only love can heal. Fear and unconsciousness are the opposites of love and presence. But I am afraid of losing her in my life. This is a fear all people must face at some point in their lives. Some sooner than others. How do we dispel fear? By facing it head on. I am afraid of losing the people I love. I am afraid of them getting hurt. There I said it - now perhaps it will lose its grip. I know the thing that would bring her the most peace is to know that I will be alright no matter what. That is the energy I want to share with her. An energy of love, support, and certainty.
The whole world seems fearful now. We are afraid of losing our money, our jobs, our health. On a collective level we have all become afraid.
See its strange, but sometimes with surrender comes liberation from fear. This is part of the reason I want the government to stay out of the economy. Let it correct. Let it heal. Let people save, don't encourage them to overspend like they have been doing for the last 30 years. The madness needed to stop. People are saving more. THIS will recapitalize the banks, this is how the market will correct ITSELF.
See, if we give all of our power to the government, in a desperate attempt to avoid the fear we feel, we will lose our freedom. When you want to be protected at all costs from feeling fear, you surrender your freedoms.
Is this what Americans really want? Are we really that afraid of facing scary times head on? We can do this, we can get through it. But not by surrendering our freedoms to a man who says he will protect us from fear. Nothing can. No one can protect you from fear but yourSelf. Asking someone else to do it is like asking for the Earth to stop spinning so it will always be day. Where would we be without the night?
One of my spiritual practices is to accept "what is" as often as I can. I believe that what you resist persists.
My mother is in the hospital this week. I won't go into detail here, but I have been trying to practice what I preach. See, I don't want her to be sick. I want her to be healthy. She is a great woman and I don't want to lose her presence in my life. I probably won't any time soon. But eventually, I will. Does this kind of fearful thinking help her? NO. Only love can heal. Fear and unconsciousness are the opposites of love and presence. But I am afraid of losing her in my life. This is a fear all people must face at some point in their lives. Some sooner than others. How do we dispel fear? By facing it head on. I am afraid of losing the people I love. I am afraid of them getting hurt. There I said it - now perhaps it will lose its grip. I know the thing that would bring her the most peace is to know that I will be alright no matter what. That is the energy I want to share with her. An energy of love, support, and certainty.
The whole world seems fearful now. We are afraid of losing our money, our jobs, our health. On a collective level we have all become afraid.
See its strange, but sometimes with surrender comes liberation from fear. This is part of the reason I want the government to stay out of the economy. Let it correct. Let it heal. Let people save, don't encourage them to overspend like they have been doing for the last 30 years. The madness needed to stop. People are saving more. THIS will recapitalize the banks, this is how the market will correct ITSELF.
See, if we give all of our power to the government, in a desperate attempt to avoid the fear we feel, we will lose our freedom. When you want to be protected at all costs from feeling fear, you surrender your freedoms.
Is this what Americans really want? Are we really that afraid of facing scary times head on? We can do this, we can get through it. But not by surrendering our freedoms to a man who says he will protect us from fear. Nothing can. No one can protect you from fear but yourSelf. Asking someone else to do it is like asking for the Earth to stop spinning so it will always be day. Where would we be without the night?
Monday, February 23, 2009
The Hypocrite in Action
Watch this:
http://www.youtube.com/watch?v=hGOXJI-fZmQ
I hope this doesn't disturb you all to much.
http://www.youtube.com/watch?v=BT7qhGvykiQ&feature=related
Do you still think Obama supports Gay rights?
http://www.youtube.com/watch?v=hGOXJI-fZmQ
I hope this doesn't disturb you all to much.
http://www.youtube.com/watch?v=BT7qhGvykiQ&feature=related
Do you still think Obama supports Gay rights?
CNN Sucks Lately
Has CNN always sucked? Is it just me or has it gotten worse since Obama was elected? Are the far left liberals taking the station over? This is what they consider THE most important story in the US today:
http://www.cnn.com/2009/US/02/23/china.parents.ohio/index.html
I am not saying it is not sad. I am not saying it might not interest some readers. BUT THE MOST IMPORTANT STORY TODAY IT IS NOT!
Never mind the government is about to nationalize CITIBANK!
Never mind that th DOW is about to close at it lowest levels since 1997!
CNN SUCKS! And by the way I liked Glenn Beck - Now I have to watch FOX to see him. Way to go CNN.
http://www.cnn.com/2009/US/02/23/china.parents.ohio/index.html
I am not saying it is not sad. I am not saying it might not interest some readers. BUT THE MOST IMPORTANT STORY TODAY IT IS NOT!
Never mind the government is about to nationalize CITIBANK!
Never mind that th DOW is about to close at it lowest levels since 1997!
CNN SUCKS! And by the way I liked Glenn Beck - Now I have to watch FOX to see him. Way to go CNN.
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