Simon: I don't understand.Zoe: You've never heard of Reavers?Simon: Well, campfire stories of men gone savage on the edge of space, killing and—Zoe: They're not stories.Simon: What happens if they board us?Zoe: If they take the ship, they'll rape us to death, eat our flesh and sew our skins into their clothing. And if we're very very lucky, they'll do it in that order.Joss Whedon, Serenity
It looks like equities are getting set up for another 'big short.'
It is not quite clear whether we are at full apogee or not yet. If the international situation clears up, there is always plenty of paper left to take it higher.
This market is now an artificial construct. It is a wealth extraction machine, more poorly regulated than the average casino.
It is hard to tell where safety may lie. The usual suspects have most of the usual places covered.
But fortunately the abusers of civil society among us these days are not archcriminals, are not like the mythical hordes of the past. and most are not even extraordinarily intelligent, enough to hold and be successful in a legitimate profession.
They do not allow most of the normal prohibitions of conscience or human empathy to give them pause. They tend to be verbally acute, emotionally shallow, and mildly delusional. They may dress well and have admirers amongst the media and the public.
On the positive side, they are not too lazy to steal. Madoff may have worked very hard, but at the end of the day he was just a gangster. Most are just sociopaths who have chosen to hold a pen instead of a gun.
And it is not just Wall Street. People are great imitators, And when illicit behaviour and monopoly business tactics become tolerated they can soon enough become commonplace. The corruption and lack of moral principle and judicious moderation in Big Pharma and other 'service sectors' are appallingly fashionable.
They do not allow most of the normal prohibitions of conscience or human empathy to give them pause. They tend to be verbally acute, emotionally shallow, and mildly delusional. They may dress well and have admirers amongst the media and the public.
On the positive side, they are not too lazy to steal. Madoff may have worked very hard, but at the end of the day he was just a gangster. Most are just sociopaths who have chosen to hold a pen instead of a gun.
And it is not just Wall Street. People are great imitators, And when illicit behaviour and monopoly business tactics become tolerated they can soon enough become commonplace. The corruption and lack of moral principle and judicious moderation in Big Pharma and other 'service sectors' are appallingly fashionable.
If we can ever find enough honorable people to uphold the law, and give them the support that they deserve, we may find that a fear of physical punishment will have most of these modern day crooks cutting deals and turning state's evidence, or running for other places in their jets, like vermin scattering when a light shines upon them.
And that will be a good day.
Have a pleasant evening.
