By John Galt August 12, 2007 Some five thousand years ago and change, a brave group of three hundred Spartan soldiers stood on the grounds of Thermopylae determined to protect their homeland and the city states of Greece from the onslaught of Xerxes and his army. Despite the bravery and valiant efforts of those souls, they were slaughtered. This lesson in history should not go unheeded as futility can some times bring hope, renewal and the ability to turn defeat into a rallying cry for…
Monthly Archives: August 2007
The Black Pearl is Sinking
By John Galt August 8, 2007 On March 18, 2005, Rob Kirby wrote one of the best articles warning everyone about what the future of our markets might entail titled “Pirates of the Caribbean”. Unbelievably, the mainstream media could have picked up this story and exposed potentially one of the greatest financial stories of our time, but thanks to the historical gyrations and long predicted exposure to the fantasy known as “the greatest real estate market in American History” (NAR’s words, not mine) plus American…
2:47
By John Galt August 5, 2007 At approximately 2:47 p.m. Eastern Daylight Time, on Friday August 3, 2007, an individual who used to control billions of investment dollars went nuts on the air. Not insane mind you, because his pleas were not totally unrealistic. Oh the begging was pathetic, the insults directed at “Helicopter Ben” and Bill “Shallow end of” Poole were flung without consideration (wait a second, did I just do that too?), nay, this was far greater than a personal admission of sorrow…
American Irrelevancy
by John Galt August 3, 2007 What if one morning, the world woke up and said “hey, we don’t need America any longer” and it became the new reality? That morning may well be starting not just in a geopolitical sense of the idea, but economically as well. The pomposity of our self-importance that we assign to every activity, every event, and every financial decision is being whittled away on a daily basis. The nations of the world are tired of our meddling both politically…
Goldilocks Autopsy
by John Galt August 2, 2007 Despite the Fantasyland tickets being issued by the Bubblevisionistas, there is an extremely harsh reality sinking in to many war rooms across the other amusement park known as “Realityland” which is slowly hitting Mainstreetland. That harsh reality is that credit bubbles do actually go “pop” and can actually impact the day to day operations of the financial markets. The recent announcement that Bear Stearns has stopped redemptions on a third hedge fund is only one more indication that the…
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