Posted on 12/08/2008 2:33:01 AM PST by TigerLikesRooster
Bystanders to this financial crime were many
By Nassim Nicholas Taleb and Pablo Triana
Published: December 7 2008 19:18 | Last updated: December 7 2008 19:18
On March 13 1964, Catherine Genovese was murdered in the Queens borough of New York City. She was about to enter her apartment building at about 3am when she was stabbed and later raped by Winston Moseley. Moseley stole $50 from Genoveses wallet and left her to die in the hallway.
Shocking as these details surely are, the lasting impact of the story may lie elsewhere. For plenty of people reportedly witnessed the attack, yet no one did much about it. Not one of the almost 40 neighbours who were said to have been aware of the incident left their apartments to go to Genoveses rescue.
Not surprisingly, the Genovese case earned the interest of social psychologists, who developed the theory of the bystander effect. This claimed to show how the apathy of the masses can prevent the salvation of a victim. Psychologists concluded that, for a variety of reasons, the larger the number of observing bystanders, the lower the chances that the crime may be averted.
We have just witnessed a similar phenomenon in the financial markets. A crime has been committed. Yes, we insist, a crime. There is a victim (the helpless retirees, taxpayers funding losses, perhaps even capitalism and free society). There were plenty of bystanders. And there was a robbery (overcompensated bankers who got fat bonuses hiding risks; overpaid quantitative risk managers selling patently bogus methods).
(Excerpt) Read more at ft.com ...
Amen to that. His unpunished crimes made it easier for executives of major corporations to justify their criminal actions, IMHO. I'm not painting them with the liberal brush of "They're corporate leaders, so they must be guilty". I just seem to remember that there were an inordinate number of corporate scandals during his era.
As do I, sir. As do I.
L
As for your IRA; if you are retired and invested with the objective of GROWTH you must have had your income met from another source. Generally retirees change their objective to Safety, Income, Liquidity and lastly growth once the paychecks stop. Although values are down, investment cash flows are generally holding up. Selling may make you feel better for now if you can't afford the ride.
The failure of the Senate to convict Clinton was just one of many reasons. Myself, I tend to blame the media mostly for the loosening of the standards of acceptability. Then the lack of self-assurance that if you stood up and complained you wouldn’t have any supporters. Most people only need to be asked to join in. Sometimes a quick reminder that you are doing something for your kids will get them off their butts.
>Although values are down, investment cash flows are generally holding up. Selling may make you feel better for now if you can’t afford the ride.<
If futures looked better I would agree with you but for the next six months I advise everyone to get out of the market because it appears to be on a short rise with a serious fall coming next month.
Broker, I also suspect that you want people to remain active so your income doesn’t collapse further.
I certainly do.
Yeah, I have skin in the game. Timing is a fools game..
That doesn't follow.
It is for us the living, rather,
to be dedicated here to the unfinished work which they
who fought here have thus far so nobly advanced.
It is rather for us to be here dedicated
to the great task remaining before us
that from these honored dead we take increased devotion
to that cause for which they gave the last full measure of devotion
THAT WE HERE HIGHLY RESOLVE
THAT THESE DEAD SHALL NOT HAVE DIED IN VAIN
that this nation, under God,
shall have a new birth of freedom
and that government of the people, by the people, for the people,
shall not perish from the earth.---Abraham Lincoln, Gettysberg
---November 19, 1863
A policy of suppression of coal, oil drilling, natural gas exploitation and the over regulation of the building of nuclear power plants is also key to destroying the economic power of Americans.
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