Join Early Retirement Today
Thread Tools Search this Thread Display Modes
"Raise less corn and more hell."
Old 09-18-2008, 10:29 AM   #1
Recycles dryer sheets
Join Date: Feb 2008
Location: Tucson
Posts: 118
"Raise less corn and more hell."

Several months ago I posted a link to this wonderful commentary by James Grant, a titan of Wall Street by my estimate in the vein of deep value and the Austrian school of economics. The piece received little attention or comment at the time, but I think enough of Mr. Grant's words to offer them up again. He poses the question, "Where's the outrage?" from the American public towards Wall Street malfeasance and neglect from regulators. We're all going to be paying for these bailouts and destruction of capital for many years to come. Anyone else angry about this?

I realize that each financial bust is followed by outrage, lip service from politicians, and then a return to business as usual. Nevertheless, I say "Hang 'em high."

Why No Outrage? -

tomintucson is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 09-18-2008, 11:39 AM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
TromboneAl's Avatar
Join Date: Jun 2006
Posts: 11,018
Possibly because 99% of the population doesn't understand what the financial bust is caused by.

TromboneAl is offline   Reply With Quote
Old 09-18-2008, 11:44 AM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
haha's Avatar
Join Date: Apr 2003
Location: Hooverville
Posts: 21,829
Originally Posted by tomintucson View Post
Several months ago I posted a link to this wonderful commentary by James Grant, a titan of Wall Street by my estimate in the vein of deep value and the Austrian school of economics.
James Grant is a terrific writer and an character out of 18thy century New England, but he is not much of an investor. Kind of an entertaining sideshow.

Anyway, you ask where is the outrage? I'll tell you, it's right here on

haha is offline   Reply With Quote
Old 09-18-2008, 12:48 PM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
audreyh1's Avatar
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 13,014
I think there is outrage now, and I think it will only increase. Main street is starting to get mad. Pension finds are starting to get active and withdrawing their stock for shorting. Someone reported that McCain is calling for Chris Cox (SEC chair) to be fired. I'd call that outrage.

audreyh1 is online now   Reply With Quote
Old 09-18-2008, 01:23 PM   #5
Thinks s/he gets paid by the post
Join Date: Oct 2006
Posts: 3,636
One of the points in this long article struck me:

... the refusal of Wall Street to honor its implied obligations to the holders of hundreds of billions of dollars worth of auction-rate securities, the auctions of which have stopped in their tracks
because I had just be reading this
Comerica, which did not admit or deny the allegations, has agreed to offer full buybacks to 1,500 account holders who bought the risky investments that have led to similar probes and settlements nationwide.
Comerica also has agreed to pay a $10,000 statutory fine, $100,000 to a state-run investment advocacy group and $750,000 to the Financial Industry Regulatory Authority, the industry's self-policing body.
The Dallas-based company said the buyback will trim its third-quarter earnings by $75 million, or 50 cents per share, and that its dividend will be reduced by 50 percent beginning in the fourth quarter.
Mich. AG settles with Comerica in securities probe - AOL Money & Finance

Where's the outrage? As the author points out, some people got what they wanted - easy to get mortgages at low interest rates. Some others sold houses for big profits.

Those of us who can connect the dots have to wade through lots of complexity. We know that the history of "reform" is that we solve the last crisis, but not the next one.

We also can't figure out how to make our outrage felt. If Mr. Grant has some ideas, I'd like to see them. We certainly can't "throw the bums out", because both parties have some responsibility, and all candidates say they aren't going to let this happen again. What, exactly, should I do?
Independent is offline   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Should I raise hell over my dog? saluki9 Other topics 18 09-06-2008 10:25 AM
(FAQ archive): Bernstein's "Retirement Calculator from Hell" articles Nords Early Retirement FAQs 0 01-25-2008 05:19 PM
"Gut feel" versus "evidence-based" medicine Buckeye Health and Early Retirement 10 11-08-2007 10:21 AM
Oh Hell, What Do I Do If The Answer Is "Yes"? yakers Other topics 22 12-21-2006 01:24 PM
Book reports: "Blink" & "Tipping Point" Nords Other topics 2 12-04-2005 04:15 PM


All times are GMT -6. The time now is 09:47 PM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2016, vBulletin Solutions, Inc.