"We've become, now, an oligarchy instead of a democracy. I think that's been the worst damage to the basic moral and ethical standards to the American political system that I've ever seen in my life."
Jimmy Carter, 39th President of the United States
"I think the oligarchy now is audacious. They don't really care if they're legitimate. But there is a sort of 'Ok guys you're mad. How are you going to stop me' mentality at the top."
Robert Johnson, Institute for Economic Thinking
"I think I'm signaling something a little bit shocking to Americans, and to myself, actually. Which is the situation we find ourselves in at this moment, this week, is very strongly reminiscent of the situations we've seen many times in other places.
But they're places we don't like to think of ourselves as being similar to. They're emerging markets. It's Russia or Indonesia or a Thailand type situation, or Korea. That's not comfortable. America is different. America is special. America is rich. And, yet, we've somehow find ourselves in the grip of the same sort of crisis and the same sort of oligarchs.
It's a small group with a lot of power. A lot of wealth. They don't necessarily - they're not necessarily always the names, the household names that spring to mind, in this kind of context. But they are the people who could pull the strings. Who have the influence. Who call the shots.
I have this feeling in my stomach that I felt in other countries, much poorer countries, countries that were headed into really difficult economic situation. When there's a small group of people who got you into a disaster, and who were still powerful. Disaster even made them more powerful. And you know you need to come in and break that power. And you can't. You're stuck.
The powerful people are the insiders. They're the people who pay themselves the massive bonuses at the end of the last year. Now, those bonuses are not the essence of the problem, but they are a symptom of an arrogance, and a feeling of invincibility, that tells you a lot about the culture of those organizations, and the attitudes of the people who lead them.
But it really shows you the arrogance. They think it's over. They think it's won. It's astonishing."
Bill Moyer's Journal - Interview with Simon Johnson, February, 2009
"Power is as pitiless to the man who possesses it, or thinks he does, as it is to its victims; the latter it crushes, the former it intoxicates. The truth is, no one really possesses it."
Simone Weil
Stocks initially dipped, but managed to gather a footing and ended the day slightly higher.
VIX fell.
The Dollar rose a bit.
Gold and silver were utterly hammered, in observance of the Comex precious metals option expiration.
What a surprise.
Have a pleasant evening.
