Bet


Pic of the day:   The Mongul Invasion, by Kawasaki Jimbei II ( after Morizuno Yugyo)

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There is no single, definitive “stream of consciousness,” because there is no central headquarters, no Cartesian theater where “it all comes together” for the perusal of a central meaner. Instead of such a single stream (however wide), there are multiple channels in which specialist circuits try, in parallel pandemoniums, to do their various things, creating multiple drafts as they go. Most of these fragmentary drafts of “narrative” play short-lived roles in the modulation of current activity but some get promoted to further functional roles, in swift succession, by the activity of a virtual machine in the brain.

Daniel Dennett, Consciousness Explained

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And now you know why I love Daniel Dennett.  Onto the news…

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The most amazing paragraph I’ve ever read is in this article on bloomberg business.  Most amazing as in the biggest bunch of business bullshit propaganda I’ve heard in a long time.  It is the fourth paragraph in the story, but to get the context read the entire thing.  Bloomberg is an asshole about fair use so I’m not gonna quote the entire paragraph.

The article is about the $2,000,000,000 loss incurred by Jamie Dimon.  The article says that the  bets Dimon were making (and it was Dimon making them, no matter who was in charge of the unit he was in  charge of the company) were so large they were driving the $10,000,000,000,000  market (yes, that is 10 trillion) and could not be easily unwound.

The article says this and what does that 4th paragraph say?  The fact that there are investigations ongoing into the matter, and the fact that there is going to be a senate hearing over this is an overreaction to a minor misstep.

Overreaction to a minor misstep?  Overreaction?  MINOR misstep?

ARE YOU PEOPLE STUPID?

Oh wait, you people are in the stock market, of course you’re fucking stupid.  Gamblers, alcoholics, crackheads, all of you.

Shitty risk management, overzealous betting… If you read the actual story on what happened, these guys sound like gambling addicts trying to convince themselves that everything is gonna be ok, that they only “almost” lost their shirts.  They sound unprofessional and frankly dirty as hell talking like this is some small thing.  Jamie Dimon was personally driving a 10 trillion dollar market with bets so big that it was risky to his entire operation to unwind the damn things.

That is NOT a small thing, and anyone who tells you different is full of shit.

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Another great quote from this story by the crack addict enablers over at bloomberg business is in the last paragraph.  Some douche bag formerly of citigroup said :  “Advocates of tightening the so-called Volcker rule, which restricts banks’ proprietary trading, want “to use it for their own ends

And he wants to eliminate the volcker rule for his own ends.  The Volcker rule, the “ends” the douche bag is talking about is anything but dangerous to the stability of the market.  Yet this guy wants to get rid of the “So-called Volcker rule” and let the inmates run the asylum.  Again.

Let them do as they please like numbnuts here wants and the market will correct itself (srsly?) is what he apparently thinks.

Just like it did in 2008.

Ya.

Corrected itself to the tune of the biggest recession in recent memory which necessitated the biggest bailout EVER, which was handled poorly by that dumbass Dubya and that evil bastard Hank Paulson .  Paulson, along with Chris Cox destroyed much of our economic strength with the relaxation of the net capital rule.  Cox relaxed it at Paulson’s behest.  The entirety of Wall street got way in over their heads betting on sub-prime mortgages. And the whole thing went to hell in a hand-basket because we let Wall Street do things the way they wanted.

So ya, when these wall street shysters talk about their dislike for regulation like this dime store putz did, just remember where that little piece of deregulation got us.  Listening to these banksters, these criminals, should give us all pause.  They aren’t investors.  They are bettors. Betting on your future, betting for their own wants.  They don’t care if you win, so long as they do.  You lost trillions, and they still have their mansions and yachts.

Think on that.

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That’s it from here, America.  G’night.

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