3 thoughts on ““Everybody’s Talking and No One Says a Word…Everybody’s Smoking and No One’s Getting High…”

  1. 1. Watch Bernanke’s non-verbals from 1 minute on
    2. Dimon doesn’t say anything about several BIG BANKS that should have been gone.
    3. Read the “Big Short”, a number of people did realize the bubble was going to bust.
    4. Read the 2008 performance of Trend Followers and know that many TF’s followed!
    5. Dimon seems to be “lobbying” for banks
    6. I’m wondering what time will tell when it comes to Jamie Dimon. He is getting cocky!

  2. “We have to take steps to make sure what happened doesn’t happen again”.
    He’s a student of the Great Depression?

    Book recommendation for Uncle Ben: “Extraordinary Popular Delusions and the Madness of Crowds”.

  3. Never addressed in such “dialogue” is the basic blend of fiat money with fractional reserves for banks (and, the latter only within a given sovereign jurisdiction – the multiplication of Eurodollars is theoretically infinite, and could be true someday for another currency – yuan, Ecu, etc.).
    So, the system will forever tempt larger banks to lobby for schemes to help them lend, and to always be 1st in line for the new Monopoly money from the Fed,or other central bank, not so?
    The political side and the banking side will always pump up something – tech, mortgages, railroads back in the day – to have a Popular Delusion that needs lots of credit: banks take the interest, politicians the votes of grateful credit junkies: i.e. us?

    As to reading lists, the better treatment of John Paulson’s coup is “The Greatest Trade Ever.”
    Plus, the recent “Reminiscences of a Stock Operator” has thoughts from Paul Tudor Jones.
    Plus, Mike’s books, after all the Austrians & Ms. Rand – I’ve just ordered his 2 new ones.

    But, no sense talking withdrawal to addicts, especially if they’re credentialed and powerful.
    TF/Turtle tools seem to be not just the best, but the only weapons of self-defense lately.
    Damn good thing.

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