Posts Tagged money

How the Ben Bernank will save the America and the world

Latest update:   3,269,368 views as of 2010.12.5.11:32 (JST)
ROFLMAO. The Xtranormal computerized voices only make it funnier – they seem to have a comic sense of timing. If you are eating or drinking, cover your keyboard and screen with clear plastic. You might also want to put on an apron. Then you’ll want to bang your head against a wall, but remember – medical expenses just went up thanks to change we can believe in.

I first saw this video a few hours ago. It had around 15,000 views. Now, 8 hours later, when I posted it, it had 46,780. How long will it take to get it to 2 trillion? Or even just a measly 600 billion?

Update: 182,031 (@ 2010.11.14.21:17)

Upperdater: 2,032,554 @ 2010.11.20.16:28 JST)

Update: 2,707,943   (2010.11.25.11:22 JST)

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Traders, Guns & Money

The Bonfire of the Vanities
Image via Wikipedia

1987 – publication of Tom Wolfe‘s Bonfire of the Vanities.
1989 – publication of Michael LewisLiar’s Poker.
2006 – publication of Satyajit Das‘  Traders, Guns and Money.

A steady stream of books by traders who can write, or writers who know something about trading. The essential message of these novels, though, seems to be the same, at least as far as trading and traders go: these people who play with other people’s money, do not know what they are doing.

Someone should have told Satyajit Das that this is not a new theme. It has been done before. It will not sell. Look. It only has 42 reviews on Amazon and the average rating is a pathetic 4.5. Lame.  And in the category of Futures trading, it is dangling along at an embarrassing #31, I mean, really. The market has spoken. The world has got the message, already, and learned the lesson. They learned it waaay back in 1987. 1989 tops. And Das puts out his book in 2006? He must think investors, bankers and businessmen were born yesterday! Hellloooo! Note to Das: this entire class of folk are now savvy. They will never be duped again. No, Siree!  Really. You’re wasting your time.

Das’ novel is fiction. That’s a clue. Fiction is not true. Das could only write fiction because there are no real people like in his novels. No-one is that stupid any more. I mean, come on: if they were, then the entire world would by now be on the brink of economic catastrophe. Which is nonsense, isn’t it? So there. Read on if you must, but honestly, I wouldn’t bother.

The associate from the law firm was there. “Albert, call me Albie, everybody does.” The partner eventually arrived. Short and with a full figure, Morrison Lucre lumbered into the room. There were more introductions and civilities.

Then, it was down to business, well almost. Morrison produced four pencils and carefully sharpened each one . He then laid them carefully next to the thick legal writing pad on the table. It took about five or six minutes to complete this activity. At the hourly rates of the professionals present, I calculated that the total cost of pencil sharpening was $2,000 – about $500 per pencil. It was truly a Zen moment.

“Shall we begin,” Morrison intoned. “I think it would helpful to go over the chronology of the transaction,” I began. “Splendid,” Morrison beamed. Everybody presumably was familiar with the transactions. But we were getting paid by the hour.

“OCM is a noodle maker?” I asked. “Yes,” it was Budi’s turn to beam. He unleashed a detailed history of the company. The description was punctuated by the occasional detail supplied by Adewiko. It was irrelevant. It was not even interesting. “Let’s focus on the transactions,” I interrupted. “Splendid. Yes, let’s,” it was Morrison.

There were so many zeros that I had trouble doing the calculations on my calculator. It was Monopoly money, a lot of noodles. OCM didn’t have the money. The loss was larger then the total capital of the company. This was a small technicality.

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A review:
Traders, Guns and Money will be useful for anyone with connection to finance but also anyone who cares about what might be going on with their money in this mysterious world, whether it is their pension money, the money they deposit with banks or the money of companies whose shares they own. This book will tell you some of the truth of what really does go on. [Don’t pay any attention to this. The reviewer obviously doesn’t know what he is talking about.]

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$700 billion is nothing


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Sub-prime and financial meltdown explained

A highly respectable and knowledgable British invesment banker is interviewed by another highly respectable British interviewer to give you the basics of the recent upheavals in the financial markets. Short, sweet, brilliantly funny.

Hat-tip to Tim Ferriss for the video. Ferriss, author of the phenomenal book The Four-Hour Workweek, uses this video to head the start of a series of blog posts about investing, based on his recent experiments and experiences.

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