Down goes the Dow

Ghost of Igloi wrote:

Seattle,

I think just about every public figure or company felt compelled to issue statements about George Floyd’s death. Interestingly those voices were were largely silent about the two Black security guards killed by their own race during the rioting. These two mean were outstanding citizens from what I read..

Igy

link?

Spot on on every point, Igy.

I don't understand how someone who claims to appreciate Dylan can be against protesting.

Earnie wrote:

Earnings Scorecard: For Q2 2020 (with 3 companies in the S&P 500 reporting actual results), 3 S&P 500 companies have reported a positive EPS surprise and 2 S&P 500 companies have reported a positive revenue surprise

Actual results vs. guidance

Interesting article here about how some countries are planing long term for the massive debt they incurred to fight the pandemic. Basically rolling out the post-war plans, aka austerity.

https://www.wsj.com/articles/governments-may-revisit-postwar-playbook-as-they-tackle-huge-debts-11592143233

Here's also another interesting article on racism and it's role in the economy according to Kaplan (president of the Dallas Fed, voting member FOMC). WSJ so, paywall, I know. Worth a read though.

Racket wrote:

Here's also another interesting article on racism and it's role in the economy according to Kaplan (president of the Dallas Fed, voting member FOMC). WSJ so, paywall, I know. Worth a read though.

Fed policies are inherently discriminatory to the minority communities. Beyond the current crisis one would only have to look at housing during the GFC. So these folks speak out of both sides of their mouth. Pretty much understood that financialization drives up the wealth gap, while doing little to encourage investment in economically disadvantaged communities.

I’ve been telling you this for months.

Ghost of Igloi wrote:

Fed policies are inherently discriminatory to the minority communities. Beyond the current crisis one would only have to look at housing during the GFC. So these folks speak out of both sides of their mouth. Pretty much understood that financialization drives up the wealth gap, while doing little to encourage investment in economically disadvantaged communities.

Wow Igy, how very surprisingly left/borderline socialistic of you! Financialization is rent-seeking with a few extra steps, so I agree it's one thing that's driven up the wealth gap. If you want to blame the Fed for that, seems like Alan Greenspan is probably the main culprit more than anything else.

Ghost of Igloi wrote:

“BLM and ACAB is a distraction from liberal urban administrations that have failed Black communities. ...

Seattle does not have a large Black community (7%), but is ruled by Democrats with a heavy dose of white guilt” White guilt feeds the business of victimization. Al Sharpton is one of it’s biggest millionaires. ...

Clearly there is a growing realization in the Black community that the culture of victimization is a problem. I believe in the capacity of a person to better their life. ...

Igy, I've selectively snipped parts of your reply. This pretty much reflects precisely what I thought you were trying to say in fewer words the first time. So thank you for clarifying and confirming. And in reply, I reaffirm that you've lost most of my respect.

We each form our own world view as a function of upbringing, education and experience. I can't (don't) fault you for having come to the one you hold, and I understand how that may have evolved over time; there is no objective view of the social dimensions of USA or the world. And yet at the same time, I can hold you in contempt for your view, when it conflicts so sharply with my own subjective view of the world (which of course I view as the *right* one, as you do yours).

What you call white guilt, I think of as human empathy. No doubt there is some element of cultural guilt among some participants. And no doubt there are also narcissistic do-gooders looking simply to attract attention for their good deeds. Maybe that's what people mean when they talk about virtue signalling and social justice warriors. And yet those childish taunts diminish the value of good done by people trying to help with no motivation for self-promotion, and, worse, they sweep aside or attempt to invalidate the social issue at the crux of the matter.

With your words you've mocked a movement that is trying (if possibly too earnestly) to correct an imbalance that is fully baked into society. Words like yours (you are hardly alone) fight tooth and nail to preserve inequity.

I think I'm going to change my screen name. Henceforth I'll go by the VS-SJW-IR-TS idiot, to capture these new elements of my evident persona and gather a couple of my other occasional thematic noms-de-plumes from other recurring LRC topics.

I have a couple of interesting stories about protests and resistance / uprising.

We are friends with a couple from Romania. The day of their revolution, she was at home watching TV or listening to music, and Caucescu called everyone to the town square to hear him speak. He evidently knew of rumblings of an uprising, so he promised everyone to lower prices and raise wages, in an effort to buy their continued obedience. Part way through the speech, sirens went off, telling everyone to go to shelters. She went home and watched TV as the country was taken by the rebels, which happened very quickly. He was a young army officer responsible for a platoon of soldiers. His unit's political advisor (this was soviet Romania remember) told him to hold a certain location (I think a train station) and protect it from the rebels. Meanwhile, he was contacted by the rebels and pressured to take their side, and go take charge of the local radio station. In that very short moment, he was faced with an existential choice: remain loyal to his oath and the government, or choose the populist side, abandon his post and take his troops to fight with the rebels. I can't imagine a choice like that, but he chose correctly (luckily) and lived to tell the story.

We have another friend from Turkey who we knew just before their aborted coup in early 2016. We haven't heard from him since we last saw him, in spite of many attempts to reach out. Last we heard he was to go fight near the Syrian border. Hopefully we lost contact simply because of his location and difficulties communicating from that theatre. That's the optimistic view anyway. Nevertheless, in that failed coup (which many think was orchestrated to flush out disloyal elements), our Romanian friend's choice would have been the wrong one. With respect to survival / freedom, anyway.

One last anecdote. Last year we were in Ukraine for ceremonies around the inauguration of their new president. My spouse had a tour of the Maidan Square, guided by a young lady in her mid to late 20s, who had led some 200 "freedom fighters" in the revolution (which was successful). She talked about a place where the rebels pulled up cobble stones from a road to use as weapons and build a barricade. A year or so later, after the revolution was over, the city planned to repair the road, and they wanted to pave it with asphalt. The locals were up in arms. They insisted that the road be repaired with cobble stones. Because, “we might need them again.” Evidently, the Ukrainian people have a rebellious nature that lies just below the surface. They will give their government some rope, but their patience is not unlimited.

Social inequity is never solved by meek, quiet obedience. Your nation was founded in the fires of revolution. As is all significant social change, to some degree.

VS-SJW-IR-TS idiot wrote:...The locals were up in arms. They insisted that the road be repaired with cobble stones. Because, “we might need them again.” Evidently, the Ukrainian people have a rebellious nature that lies just below the surface. They will give their government some rope, but their patience is not unlimited.

I should add, this reminds me precisely of your second amendment. The Ukrainians insisted on the perpetual right to bear cobble stones...

Market Watch's headlines are straight up yellow journalism. Markets down on new infection fears. Markets up because the Fed did such and such with rates. Claim to know the cause for everything.

VS-SJW-IR-TS idiot wrote:

VS-SJW-IR-TS idiot wrote:...The locals were up in arms. They insisted that the road be repaired with cobble stones. Because, “we might need them again.” Evidently, the Ukrainian people have a rebellious nature that lies just below the surface. They will give their government some rope, but their patience is not unlimited.

I should add, this reminds me precisely of your second amendment. The Ukrainians insisted on the perpetual right to bear cobble stones...

Take it to a different thread.

the idiot,

OK. I have never used “a loss of respect” to describe my feelings of people I disagree with. That tends to be a tool of the liberal. At least I have never dressed in black face, or would ever even consider it. Actions and what lies in your heart is far more valuable the demonstrations or professions of intentions.

Igy

Ghost of Igloi wrote:I have never used “a loss of respect” to describe my feelings of people I disagree with. That tends to be a tool of the liberal.

"Tool of the liberal?" What a weird thing to say, but OK; maybe I should add that to my new screen name (even though I wouldn't put myself in a "liberal" box as a generalization). I'm just being honest with you. I didn't say "I don't like you" or that you're a deficient human. Just that you've lost most of my respect for the views you've shared. I could have sugar-coated that I suppose, but I figured you should have thick leathery skin at your advanced age and maturity, and losing the respect of some random anonymous idiot on the internet doesn't seem like much of a tragedy. No offence was intended, although I can appreciate some could have been taken. I still mostly like you; I've just tuned you out on social issues.