All things one has forgotten, scream for help in dreams.
Elias Canetti, Die Provinz der Menschen
Mr. Wall Street Says: Don't worry, the Fed's got your back!
Let's play a game.
"We live in a world where love itself is condemned. People call it weakness, something to grow out of. Some are saying: 'Let each one become as strong as he can, and let the weak perish.' They say that the Christian religion with its preaching about love is a thing of the past. The neo-paganism [of the Nazis] may well cast off love but, in spite of everything, history teaches us that we shall be the victors over this. We shall not forsake love." Titus Brandsma, executed at Dachau, 26 July 1942
Mr. Wall Street Says: Don't worry, the Fed's got your back!
Let's play a game.
The Bonfire of the Vanities
"Lenin is said to have declared that the best way to destroy the Capitalistic System was to debauch the currency. . . Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million can diagnose." J. Maynard Keynes, Economic Consequences of the Peace, pg. 235
"...wealth gotten by vanity shall be diminished, but wealth gathered by labor shall increase." Prov 13:11-12.
"...We systematically examine the predictive power of January returns over the period 1940–2003 and find that January returns have predictive power for market returns over the next 11 months of the year. The effect persists after controlling for macroeconomic/business cycle variables that have been shown to predict stock returns, the Presidential Cycle in returns, and investor sentiment, and it persists among both large and small capitalization stocks and among both value and growth stocks. In addition, we find that January has predictive power for two of the three premiums in the Fama–French [1993. Journal of Financial Economics 33, 3–50] three-factor model of asset pricing."
The Other January Effect, Journal of Financial Economics, Volume 82, Issue 2, November 2006, Pages 315-341