Financial history doesn't repeat itself, but it often rhymes. You can't be stupid enough to trade off anything I say.... I'm lucky they let me out of the straight-jacket long enough to trade.

J. P. Morgan

"Sell down to your sleeping point"

Friday, January 29, 2010

Grantham letter

Well lets look at an excerpt from Jeremey Grantham of GMO’s latest letter..

This would be one thing if corporations really were “democratic associations” of humans that the Founding Fathers may have wanted to protect. They are, instead, small oligarchies of top management. Thus, the top management of major oil and coal companies can decide what political outcomes they want to promote,
say, unlimited production of carbon dioxide (none of theirCEOs apparently has grandchildren!), utterly without any approval of their decisions by the millions of actual owners. The fi nancial power of corporations was alreadyin danger of overwhelming the democratic process inCongress and this makes the damage potentially unlimitedand puts the Court’s seal of approval on it. So let’s do it instyle and have a name change. The U.C.A. has a familiarlook: The United Corporations of America!

This is the letter where he goes off on the Supreme Court.

WHAT A STUPID DECISION, Scalia must be suffering dementia by now, he was never all that stable. AND THE REST OF THOSE FUCKING MORONS!I'm dying to know when the court is going to uphold the right of a Corporation to practice Freedom of Religon, or the Right to vote.

But I'm sure it will be freedom of religion, only if it's Christian.



Tony said...

Sure, but "oligarchs" (a tortured description of business execs, but I'l l use it) have free speech protection, too. As my favorite constitutional pundit has put it, this case was settled properly... now the job of Congress is to do the correct thing to get free and fair elections: make them publicly financed.

Eric said...

Shut up!

You are just axe grinding from my comment about fascism and communism being different.

Damn.. I took the afternoon off and the market got bearish.

Tony said...

Your boy Terranova is buying JPM and losing his shirt.

T.Lo had good session this AM-- she didn't seem very negative, sounded like maybe looking a little regression to the mean.

I'm looking at sectors this weekend and XLV and XBI a couple of the only sectors still technically intact. This jibes with your post from last week.

Afternoon off?????? WTF. Are there Russian tennis stars on TV somewhere?

Eric said...

they are all trying to go long banks and gold.

It's something.

My core is rotting from this bullshit, I need to spend more time working on work, and not grinding on all this nonsense.

Trade and work.... I don't look at a single one of these guys and see someone that I'm like "Damn! I'd like to have their life."... It's just a ton of, "What the fuck is wrong with you! Good scotch and a couple decent vacations don't make up for a day to day horror show."

New Economic Indicators and Releases

What does Blue Horse shoe love?- Blog search of "BHL"