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Next to kidnappers, politicians seem to be the most unpopular men in this great Republic. Nobody ever really trusts them. Whatever they do is commonly ascribed to ignoble motives. The country is always glad to see them humiliated…
As for the governors, they are so low-down that 2 or 3 of the 48 are always being impeached and there is always at least one who is on his way to the hoosegow. During the past 15 years no less than 20 governors have been charged with downright felonies, and 4 or 5 have actually gone to prison. The rest, though maybe honest enough, are mainly only demagogues and mountebanks. It would be hard to find any other class of presumably reputable men who show so high an average of rogues and charlatans.
H.L. Mencken
A Pound of Cure
Great piece by Andy Kessler on healhcare IT and why the medical industry is trying to stop it.
Goldman to make record bonus payout
Staff at Goldman Sachs staff can look forward to the biggest bonus payouts in the firm’s 140-year history after a spectacular first half of the year, sparking concern that the big investment banks which survived the credit crunch will derail financial regulation reforms.
A lack of competition and a surge in revenues from trading foreign currency, bonds and fixed-income products has sent profits at Goldman Sachs soaring, according to insiders at the firm.
Staff in London were briefed last week on the banking and securities company’s prospects and told they could look forward to bumper bonuses if, as predicted, it completed its most profitable year ever. Figures next month detailing the firm’s second-quarter earnings are expected to show a further jump in profits. Warren Buffett, who bought $5bn of the company’s shares in January, has already made a $1bn gain on his investment.
Fondo Libre:
There’s nothing left to do but laugh. Many knew this was the biggest transfer of wealth in history. It pays to be the prime broker of US government bonds. Life is about who you know. It has nothing to do with abilities.
SMN was my trade of the day! Commodities were simply on another planet. We’re back to reality.
Barry Ritholtz, author of the new bestseller "Bailout Nation", blames Alan Greenspan for America's financial collapse
Treasury’s Got Bill Gross on Speed Dial
Here is what Barry Ritholtz had to say:
“A frequent complaint is this: Why is the Federal Reserve paying Pimco to buy mortgage securities on its behalf, when the firm is already a huge buyer and seller of the same bonds? “That’s the equivalent of a no-bid contract in Iraq,” fumes Barry Ritholtz, who runs an equity research firm in New York and writes The Big Picture, a popular and well-regarded economics blog. “It’s a license to steal.”
In Poll, Wide Support for Government-Run Health
Americans overwhelmingly support substantial changes to the health care system and are strongly behind one of the most contentious proposals Congress is considering, a government-run insurance plan to compete with private insurers, according to the latest New York Times/CBS News poll.
John Authers On The Economy
“Green shoots, or red herrings? John Authers looks for answers in London. In this part, David Bowers of Absolute Strategy Research explains why inventory cycles could help sustain the equity rally.”
