A new age has dawned

Well, well. stirring stuff, Obama won the presidency. By the time it came along most of us weren't all that surprised, but that didn't lessen it's importance, both in the needed sense and symbolically. So what twisted poetry then, that on the same eve of that golden new age, while a 106 year old black women can touch a screen to beam her preference into the democratic process, California should approve Proposition 8, anulling its support for gay marriages and possibly thus annulling those marriages that it has actually already approved. Shame on you, new age.

Financial crisis update

Hi! This is not a financial blog but it's beginning to look as if it might be one, being as how it's the only thing that has encouraged me to write so far.

Did you ever wonder how it is that the vast majority of teams of financial professionals employed to advise us mere mortals in the street what's coming along, fund managers that'd be, are unable to predict that the economy's going to go pear shaped very soon, or that share prices will fall through the floor ... or whatever. Normally they can predict that interest rates are going to go up or down but that's because the way is all paved by governments and bodies making the changes long before they actually happen ....and we all know they're going to happen.

So you might have your money in a pension fund. Suddenly the market drops and your pension fund isn't worth tat. But erm ... weren't we paying that team of professionals to manage the fund, to perhaps actually anticipate wayward trends in the market and take steps long beforehand, erring on the side of caution, 'just in case'. Well no, well 'yes' we we were paying them, but 'no' they weren't anticipating (or at least acting as if they were) wayward trends in the market. I see it rather logical that a long period of frenzied, greedy speculation should end in tears. Maybe _I_ should charge for that insight.

I read today '.. "The former Federal Reserve chairman, Alan Greenspan, has conceded that the global financial crisis has exposed a "mistake" in the free market ideology which guided his 18-year stewardship of US monetary policy." ..' If I didn't laugh I would cry. I mean ...really... what are we on? Baa baa.... US treasury secretary, Henry Paulson, told the New York Times "I could have seen the sub-prime crisis coming earlier, I'm not saying I would have done anything differently.". Well why not?

Financial crisis

Big news today, Congress refused to vote the 700 billion dollar bailout for the banks. I do ask myself if the 'f' cats who caused the latest crisis, who took the money and moreorless ran, having cynically taken commissions on deals that you'd have to have been pretty naive not to have seen as flakey (would that make it a criminal act?), are actually giving any of that commission back. ...well are they? Or is the joke really on those who were duped into believing that they really could cope with the mortgages being thrown at them and that by defaulting on them black-mark themselves in the credit pool for many years to come. The problem is that financial markets don't appear to have a moral code of accountability, you really can earn or 'glean' obscene amounts of money full in the knowledge that you can then walk away from your sting not only leaving the other players gagging on the floor, the unethical act, but that the law will laud your business prowess and its government reward the organisation that you represent with compensation money when the sh*t hits the fan. Of course the victim or at least the victim's peers, the taxpayers, are paying the government. Perhaps we'd rather that the government had just given the money to our peers directly, or at least helped fund recyclable housing for them. 700 billion would make a nice impression on housing help for the needy.

Introduction

This log would have been 'anecdotes' but the name was taken. AnecLogs seemed a fairly good and even modernish synonym. Here goes then, Willkommen in AnecLogs.....

Looking up Anecdote it's defined as "A short account of an interesting or humorous incident" where dote is "show excessive fondness or love". An AnecLog then will be a little more serious as in log, "A record of a ship's speed" rather than "a long thick section of trimmed, unhewn timber". Actually Anec means 'duck' in the country where I live so we're not going to be taking it too seriously anyway.