Saturday, June 27, 2009

Truest Thing I Read On Saturday

If you want to wrap your brain around Taplin's item about declining corporate performance over the last 40 years and actually learn the difference between return on equity and return on assets, be my guest. I was too tired. I'm just gonna take his word that greed, deception and fraud suck.
But after a litany of wrongdoing from which I am not personally immune, this comment got me big time:

And then there’s the elephant in the room: The most enormous theft of wealth from the future, EVER.
Our consumption behaviors have all been in the general direction of stealing from the future, whether it’s depleting forests or fish or petroleum or topsoil or species diversity or CDOs and similar succubi, or just setting up threat-based tribal-loyalty political structures and conflicts that profit the few at the expense of the many. But even in Derivatives Forever BubbleLand, it looks like we can crow about a New First! A Highest and Biggest and Baddest Scam! We’re Number One! Here, son/grandson/daughter, here’s the chit I wrote for you, an IOU for each of you, in your name, for at least $50,000 present-value dollars, payable now, to me, from the “wealth” created by the belief that someday, whatever you might do, you will be able to pay back that IOU with interest. With enough left over to live on.

Sweet dreams.

P.S. Oliver Stone is bringing back Gordon "Greed Is Good" Gecko. Stone himself has adopted Buddhism as his defining philosophy. I wonder if he has a trophy wife. Sorry, I'm tired. Night.

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