His email was sent as follows:
It0s Not That Bad
Lately, over 300 emails hit my Inbox daily and a disproportionate amount are from citizens afraid and apprehensive over what is happening to the American financial services industry. So many, who ordinarily would bend over backwards to preserve civility and respect toward other views and opinions, are now bucketing out rancor, condescension and insolence; contemptuously voicing inflammatory speech that frankly…should not be verbalized or heard.
Yesterday, the Dow had its biggest loss in history, and today it rebounded by almost 500 points; proof positive that the American economic engine is unmatched in the world.
So, everybody…take a deep lungful of air…slowly exhale…again…one more time…smile…okay, now isn’t that much better?
=0 A
My reply was a reprint of a just sent email to my friend Tom, creator of worstwriter.wordpress.com with a bit of language editing.
Well Danny,
This was one of the worst and most insensitive comments I have seen from anyone in a long time. Below is a reply to an email from a very long time and good friend of mine that starts off commenting about his blog post and follows with some take on the current state of affairs in America. Perhaps a short read would be in order. You can start with the blog post here:
http://www.peter-hacks.de/phpBB2/viewtopic.php?t=1265&sid=fd00180b815ccc6e4ce6544bea169727
and follow up with my letter back...
Hi Tom,
I got around to reading this. Did your publisher really give up on the site? Were you a last ditch effort to save it or something?
Anyway, fun reading. I don't completely get the chip on your shoulder analogy but liked reading the history of the idea anyway. I think applying that idea to the suckers who sit on their asses and watch TV until the world collapses around them and they sort of wake up and try to find someone to blame, now that is a person / people with a chip on their shoulder. Only they need to look in the mirror to find out why they have such an attitude / chip on their shoulder.
On to better things. Well Tom, we are living the evolution of a depression begun by the promulgation of over $60 trillion in worthless unregulated paper traded in regulated and unregulated markets in a completely un transparent way and proved successful by 1) greed and the realization that since there is / was no transparency (you notice in all the shit the government is doing no body has proposed that these "instruments" be quoted in a public way) you could quote whatever you wanted for the paper, based on mathematical formulas only a bunch of Chinese mathematicians could figure out, and sell it at a profit if you could match it with another piece of worthless paper which guaranteed the first piece of worthless paper in case of default and 2) these were unregulated insurance products sold under the name of something else which allowed money to flow like water because anyone who issued or bought debt could also buy insurance that the debt would not default.
Now I saw this for what it was a long time ago, a house of cards that when it collapsed, there was no institution in the world who could ultimately pay the insurance claims. But that is me. See my rants at http://econ4beginners.blogspot.com/ for those of you who are not familiar with my BS.
So what do suckers like me and you do when there is, to this day, no person in Washington willing to say the words "hedge funds"? What the hell? It is hedge funds that account for 40% + of the daily volume of the NYSE. It is Hedge funds that are making a killing shorting the market and playing any other games that will make them a profit on their unregulated capital. It is hedge funds that have over $2.5 trillion dollars in cash they can bet against or for or sideways or whatever they want to do with the market and have no government or regulator or person or nation or group of people or international institution or anyone else to answer to. You mention conspiracies, do you think there are Russian "hedge funds" fighting US "hedge funds" in the race to crash each other's stock markets? I don't know, but with no one in Washington willing or capable of even mentioning the words "hedge funds" when they are the golden cow in the room, what in the hell is anyone to do? If you have enough money to be invested in hedge funds you will understand they are the avenue for the largest theft and movement of wealth into the hands of a very few people that the history of capitalism has ever seen.
You will also begin to understand why about 2 years ago I started asking people if there should not be a way to "identify" the elite rich in the world. I complained that unlike a couple centuries ago, where the average man owned one or two sets of clothing and a few basic physical artifacts verses the nobles etc who traveled with several people and material possessions and displayed immediately an obvious outward show of wealth, why we have / had not established a comparable way to identify the "nobles" amongst us so we could all bow down and pay homage when the moved down the street and thus understand our proper place in the world we were taught somehow sees us as "equal". Perhaps there are some people who heard my rant who understand now what I was talking about. Soon, the average man, who throughout the process of going from industrial to information to post information ages and is left barely able to tie his shoes as a product of the "paper economy" will begin to see not only has he nothing to offer a collapsed post information age economy where nothing physical is produced any longer, but there is no longer any basis for his known world of economy at all.
Where does this take us? Big Brother it seems. Government takeovers of the entire market. I guess it is time for an Orsen Wells for the 21st century to translate what we are experiencing to where we are going...
Cheers,
Patrick
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