Rick Ackerman: Headlines Misread The Market

Trader Rick Ackerman interprets the cheer-leading in the headlines:

“Could the newspapers simply be misinterpreting the signs? It would certainly seem that way. To take the headlines cited above, we see oil’s price surge as having absolutely nothing to do with a pick-up in demand. Rather, the push toward $90 a barrel represents speculative excesses in the futures markets, exacerbated by the reluctance of traders to take short positions.

How could they, when, on any given day, a terrorist with a missile launcher could cause the global price of crude to double instantly by scuttling a tanker in the Strait of Hormuz?

As for “bets on growth” pushing stocks higher, it is not bullish speculation that has been driving up shares for the last 13 months, but rather a vast excess of liquidity in the financial system.

As for the rise in T-Note yields to four percent, we seriously doubt this is being caused by competition from expansion-minded borrowers in the private sector; rather, it comes from the rising fear among lenders that they will be repaid in a currency whose value looks all but certain to fall precipitously in the years ahead.

If the central bankers truly believe that strong economic growth is about to trigger inflation, why do they continue to hold the federal funds rate near zero?

Frank Lloyd Wright: Education Today Provides Conditioning…

This is a brief excerpt from a live interview with legendary architect Frank Lloyd Wright (June 18, 1957), when he was ninety. The audio isn’t very clear, so I’ve provided a transcript. The words are pungent and speak succinctly to the task of weaning people from dependence on the state:

“Education has been unrealistic.
Education has not seen the nature of the thing we needed as a people.
Education has not provided enlightenment. It’s provided conditioning
By way of books, by way of what has been, by way of the past,
By the habituation of the human species to date.
And it hasn’t taken the views of the men who are capable of looking beyond
and seeing what the nature of the thing was.
What is the nature of this thing we’re in.
Now that’s the grace(?) of seeing in, not seeing at.
And all education today is a seeing at.”

Surreal India

Daily life in India grows more surreal for the ordinary man, says writer Pritish Nandy:

“You can’t afford food? No worries, we will give you a stunning cricket extravaganza with lots of movie stars and pretty cheerleaders.

You feel insecure because Maoists are now in 20 states and have killed more people than the jihadis? Don’t bother, we will buy you a $2.35 billion refurbished old Russian warship.

Your cities are crumbling under the pressure of migration because agriculture’s no longer a sustainable profession? No stress, we will build you fancy bridges and flyovers and walkways where no one will ever walk.

You can’t find a job despite all your education? No sweat, we promise 30% reservations for women in the Lok Sabha.

Increasing terrorist strikes are scaring you? Chill yaar, we will give you the perfect Indo-US nuclear deal.

Public transportation in the cities is on the verge of collapsing? Not an issue, we are building helipads at prominent locations.”

—  Pritish Nandy, “The Wonderland That’s India,”  Times of India, March 15, 2010

Climategate: Indian Environment Minister Says IPCC Wrong On Glaciers Melting

There are some interesting developments on the climate-gate frontier.

Apparently, the Himalayan glaciers aren’t melting, after all.

Or at least, not as fast as the IPCC (the Intergovernment Panel on Climate Change , the UN body tasked with climate change) thinks they should. Continue reading

Lew Rockwell On The Climatista Totalitarians

Lew Rockwell in The Misesean Vision:

“Let me give another example of the banality of evil. Several decades ago, some crackpots had the idea that mankind’s use of fossil fuels had a warming effect on the weather. Environmentalists were pretty fired up by the notion. So were many politicians. Economists were largely tongue-tied because they had long ago conceded that there are some public goods that the market can’t handle; surely the weather is one of them.

“Enough years go by and what do you have? Politicians from all over the world, every last one of them a huckster of some sort only pretending to represent their nations, gathering in a posh resort in Europe to tax the world and plan its weather down to precise temperatures half a century from now.

“In the entire history of mankind, there has not been a more preposterous spectacle than this!

“I don’t know if it is tragedy or farce that the meeting on global warming came to an end with the politicians racing home to deal with snowstorms and record cold temperatures.”

Maya Angelou On What People Remember

“I’ve learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel.”

— Marketing saw, quoted by Maya Angelou

My Comment:

This quote led me to think of the way in which political debates these days have become entirely devoid of emotional intelligence. I’m convinced that the way we debate things is at least as important as what we debate. Maybe even more important.

There’s something fundamentally wrong with the media when it humiliates public figures, either directly and anonymously on the internet, or indirectly though misrepresentation and innuendo in print. There’s nothing funny, liberated, or “free speech” about any of it. It’s an abuse of speech… a form of violence.

Now if you cuss out someone who’s provoking and attacking you directly, that’s one thing. Turn about is fair play.

But using sexual humiliation as a tool to demonize political candidates (Sarah Palin) or feeding public voyeurism about prominent figures with no political relevance (David Letterman, John Edwards, Tiger Woods) is morally wrong and socially dangerous. It feeds a constant cycle of partisan retaliation that drives everyone but the most insanely ambitious out of politics.

Then, of course, the media turns around and complains without irony about how insanely ambitious politicians are.

Reporters are professionals. They have standards to adhere to. It’s not their job to simply supply a demand. It’s one thing to follow stories that interest people (within certain boundaries of what’s relevant to public discourse). That’s fair enough. But reporters can’t just cave in to whatever it is they think people want to talk about.

You could, after all, argue that people like watching snuff movies. Does that mean the media feeds that appetite too?

Demand doesn’t just come into being. It’s created. And that’s not a one-way thing. There’s a feedback loop. Demand feeds supply, which feeds demand. There’s an addictive element to the whole thing.

That means writers can’t just give up their own moral freedom to feed a demand for immoral things. They have to make a conscious choice to go against what’s in their (or their publisher’s) economic interest and do what’s right.

Admittedly, it’s hard.

As for the so-called hypocrisy of politicians, politicians (and entertainers) aren’t meant to be moral exemplars, so the question really shouldn’t arise at all.

Since the public expects a certain image, politicians have to conform if they want to get elected. Wanting that image to reflect reality strikes me as an example of the foolishness of the public, not of the hypocrisy of politicians.

Public figures are more and more simply the victims of mob mentality. From that perspective, John Edwards did quite right to deny the scandal until the end. It’s no business of the mob’s to know everything about a politician’s marriage and demand a standard from him that the vast majority of people don’t hold to.

Now, Edward’s team members are a different issue. They sacrificed money and time and they might naturally feel betrayed. That’s a different matter. Perhaps they should have researched him a bit more before latching onto him. That they didn’t suggests they have a problem too – mindless hero worship.

People can have extraordinary talents but it doesn’t follow they’re perfect human beings, and there’s something deeply troubling about the urge to demand perfection from mere human beings…. and then attack them when they can’t supply it.

If I were Edwards, I would have banged the door on reporters who hounded me, a long time back. I would have turned the tables and started asking them a few questions about their private lives.

I suppose that’s why I have a degree of sympathy for people who’ve played the game back at reporters, like CEO Mark Cuban..and lately, Patrick Byrne.

Cuban has used Web 2.0 to his advantage against regulators as well.

A New York Times article in 2007 described how John Mack Mackey of Whole Foods and even disgraced and convicted financier Conrad Black of Hollinger International posted anonymously on message boards to counter negative posts about their companies. [The articles noted that they ran the risk of violating securities laws, especially if they disclosed company business in their posts].

Perhaps that’s where the problem lies. We have laws to stop CEO’s of companies defending themselves against attacks, but none for the people who do the attacking, even if they have a financial motive for it and even if their attacks are founded on semi-truths and lies indistinguishable by casual readers.

Mack Mackey used the handle rahodeb, an acronym of Deborah, his wife’s name, and he even commented on how cute he looked with a new hair-cut.  Byrne, on the other hand, has used a pseudonym Hannibal (the ruler of Carthage, not the star of “Silence of the Lambs”), but always signs his name underneath. Both took up the pen to counter attacks on their companies by anonymous internet posters.

It seems to have become a real problem.

In 2008 Apple CEO  Steve Jobs finally had enough of the rumor-mongering about his health and called Joe Nocera of the New York Times a juicy epithet I will chastely refrain from repeating.

[Since I’ve begun contributing to Deep Capture and enjoy a degree of bloggeraderie with them, I’m refraining from commenting directly on Byrne’s running battle with the media, about which I’ve written before. I will just admit to being on their side versus Goldman and the short-raiders. I think they tell it like it is. But any obscene rants at reporters’ expense don’t earn brownie points with me. And I maintain a neutral rating on Overstock, since I just don’t know enough about that end of things].

Either journalists act like a responsible press, or they are paparazzi, in which case they should expect to be hounded and harassed in turn. If reporters want access to the highest levels of business and government, if they want to report on subjects that are socially and politically important, then they should show some respect for their jobs, qualify themselves, adhere to professional standards of behavior, and avoid tormenting other human beings just to make their names.

Remember these are the same reporters who failed to report accurately or in time on one of the biggest stories in a hundred years. And why was that? Because (with honorable exceptions) they were either too comfortable with Wall Street, too lazy to do the research, too ignorant to know where to look, too provincial to read the people who could tell them, and too venal to go against their interests…. or all of the above..

This kind of public exposure we subject people to is not a one-time business. There is a record of the Edwards saga for ever on the net, visible to the whole globe….every little painful detail. What kind of sensitivity to a sick woman does that show, just to take one angle.

Or consider their children..

Isn’t it a kind of torture?
And doesn’t it make us, as it makes any kind of torturer, bestial?
Meanwhile, the victims never forget…..

Doug Valentine On The Impotence Of Progressives

Doug Valentine offers a piece on the futility of much activism.

(Please note: The opinions in this piece are not mine. They are Doug’s. But his point was not to exclude himself or any other writer who claims to be an activist. Its something all of us feel one time or other. I know I do. Frequently. At some level, what writers do is perfectly useless and only a form of self-advancement, if that).

Why Don’t All You People Just Shut Up!

“As my friend Roger says, ‘Never have so many held Washington hangers-on office for so long and talked endlessly to each other for so much money and done so little as the Republic rotted. The utter impotence of the progressive think tanks, lobbies, etc. is a great unwritten story.’ Continue reading

The Demonic Style: Valentine On Military Historians, Avatars, and the CIA

Insight into why the revisionist media never ‘gets’ it:

“The extent to which this practice existed was revealed in 1975, when William Colby informed a congressional committee that more than 500 CIA officers were operating under cover as corporate executives and that 40 CIA officers were posing as journalists.

“When it comes to the CIA and the press, one hand washes the other. In order to have access to informed officials, reporters frequently suppress or distort stories. In return, officials leak stories to reporters to whom they owe favors. Continue reading

The Mental Gulag Is Here (Update)

Mind-reading passengers for terrorist potential – (note, potential) i.e. “thought crimes” – is here, folks, and seriously being batted about by Homeland Security:

“The aim of one company that blends high technology and behavioral psychology is hinted at in its name, WeCU — as in “We See You.”
The system that Israeli-based WeCU Technologies has devised and is testing in Israel projects images onto airport screens, such as symbols associated with a certain terrorist group or some other image only a would-be terrorist would recognize, said company CEO Ehud Givon.
Continue reading

Pankaj Mishra On The Strength Of Passivity

The old world, with its failures, weaknesses, and poverty, has at least a proper estimation of the limits of human action, says writer Pankaj Mishra in an oped in the New York Times, last August:

“India may have been passive after the Mumbai attacks. But India has not launched wars against either abstract nouns or actual countries that it has no hope of winning or even disengaging from. Another major terrorist assault on our large and chaotic cities is very probable, but it is unlikely to have the sort of effect that 9/11 had on America. Continue reading