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Larry Summers Opens Mouth, Proves All His Critics Are Correct
Larry Summers, whose days in the Obama administration are thankfully numbered, presents the most incoherent rambling defense of our monopoly banking system, yet to appear in the public domain. When asked if US mega banks should be broken up, reports the HuffPo, "Summers said no. He added that it's not significant. But that's not the important issue," Summers said during the interview, adding to his answer as to why the U.S. shouldn't break up megabanks. "[Observers] believe that it would actually make us less stable, because the individual banks would be less diversified and, therefore, at greater risk of failing, because they would haven't profits in one area to turn to when a different area got in trouble. And most observers believe that dealing with the simultaneous failure of many -- many small institutions would actually generate more need for bailouts and reliance on taxpayers than the current economic environment." We dare you to reread the above from Larry the Hutt and not have your frontal lobe disintegrate into antimatter. Sure, 4 out of 5 Goldman CDO traders totally agree that Goldman's monopoly in the capital markets is terrific, and, in fact, if someone could "organize" a liquidity event at RBC, Barclays, UBS and CS, they would really apprciate it, doubly so if, like JPM, they could then acquire the firms for a dollar over their Fed guaranteed debt. As for everybody else, well, if you have any doubt that Larry Summers is having his future personal assistant organizing his corner office at 200 West, he hope this should resolve it.
Yet there may still be hope that not all of America is run by corrupt demagogues. HuffPo writes:
A bill championed by Democratic Senators Ted Kaufman of Delaware, Sherrod Brown of Ohio, Robert P. Casey of Pennsylvania and Sheldon Whitehouse of Rhode Island proposes to break up financial behemoths. Observers say the proposal is gaining steam.
A test vote in the Senate Budget Committee on Thursday, which essentially would have expressed support for breaking up megabanks, failed by just a 12-10 vote. The small margin was surprising, one Senate aide said.
HuffPost posed the following questions, which were based on Summers's remarks, to the White House:
- Does Mr. Summers and/or the administration wish to see a Canadian-style banking system in the U.S. in which a handful of firms dominate the market in exchange for tougher oversight?
- Does Mr. Summers and/or the administration believe that larger institutions pose less risk to the financial system, due to their diversity?
- And for clarification's sake, how does "the simultaneous failure of many -- many small institutions...actually generate more need for bailouts and reliance on taxpayers than the current economic environment"?
In response, an administration spokesman e-mailed the following statement:
"The Administration has made clear its commitment to comprehensive Wall Street reform. The Administration's approach to ending Too Big To Fail includes stronger, more comprehensive regulation, higher capital requirements, new resolution authority to allow failing firms to fail, and restrictions on the size and scope of financial institutions. We cannot and will not go back to the status quo that caused the financial crisis."
Once the ponzi blows up, we hope that all those "representatives" who voted against Kaufman's bill will have long since moved to non-extradition countries. For their sake.
Fast Forward to the 4:34 mark in the video below:
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dupe
This has been my point for a while now. Financials is only a part of the problem, and financials reflect a coming end-game.
The Big Unwind is upon us. 300 years of speculation and borrowing from the future (and the past via fossil energy) are at an end.
Of course they have no idea what comes after. Nobody alive today in the Western world (and a large part of the rest of the world) has ever known a system other than the current one, and few can imagine any other system.
I can imagine another system. Quite easily. And we are heading there and you are not going to like it one bit. There will be no borrowers and no lenders. No fixed borders and no structures. There will be no lights or flights or global anything-at-all, and no portable power other than your two hands and an ox..
Collapse of money systems. Collapse of energy systems. Collapse of the great experiment in humanitarian democracy. Collapse in natural systems. And so on. You might not like it, but reality doesn't care what any of us likes or wants. 300 years of unwind, in 15 years or maybe 20, but not likely longer than that.
And the world will become a much quieter place.
I assume you are using the collective "you" when you say "you are not going to like it one bit" because I'm already up to speed on this thinking and this reality. This is coming, of that I have no doubt. Somewhere in the next 100 years, the world's population will drop to less than a billion and probably less than 500 million.
And it might just be in the next 10 years.
You just hit it on the head why they don't care if this system burns! Looking around at the culture and the actions I'm convinced we are heading into a mass kill off. Don't know when but it's in the pipe. The smallest of things will cause it. We have next to no food reserves, we have a super tight supply chain that is highly vulnerable to a catastrophe, we have not pursued alternative to oil despite having the danger of oil dependence thrown in our face far before I was born. Anything could trigger it really. A freak volcano, an exceptionally bad harvest year, or a solar flare. Then there are the man made catastrophes which are to numerous to mention.
If we look at a world without the use of cheap energy the population must radically reduce. Now if we use the historic measure as a guide say 1900 the pop would be supportable around 1.5 billion. The 1900 number might also be optimistic because they had an infrastructure suited for their world. Our infrastructure would not be suited for their world. However if the crash down was rapid and catastrophic who knows. 5 out of 6 people are not going to go quietly into the good night.
Now I don't think this will happen soon, the 10 years, at least globally. And there are certainly ways to avoid this fate, however it seems that no actions have been taken to do so. It might not also be global, I don't know what precautions other societies have taken. So perhaps their standard of living will fall as well but it will not be the willful march off the cliff that is happening in the US. I've often joked with my friends that in the future we could see mass starvation in the US. The cosmic irony of everyone in the USA being on a diet, and then being forced onto a real diet.
energy industry biggest consumption of water, not agriculture.
america can hold it's own for a while, (with it's water resources) if people would stop showering every fucking day. china, asia they got some worries where aqua is going to come from for their masses.
Water and energy are too intertwined. Without cheap energy it it means no more cheap water. We face a huge water problem in this country, even with cheap energy. You are mistaken on water consumption though, showers mean nothing. The filter and treatment system takes care of that just fine. Most urban areas have a water treatment and filter system. Now most of these places are not toilet to tap, the water is moved and used in industry or agriculture. The primary uses of water are industrial/energy and agriculture not domestic consumption.
If you look at the Midwest they are pumping groundwater faster then replacement, look at Nebraska. Places in the SE are running out of groundwater like Georgia and Florida. The SW is a disaster waiting to happen, CA, AZ, NV. Hell they rationed farms in CA this last year. Misguided farm and energy policies are wasting water like crazy. If you want a real shock look at not only how energy inefficient ethanol from corn is, but how water wasteful it is.
Sure China has a water problem, a big one. But it's in the north of China, the south has water, but is running into a pollution problem. They actually have a canal scheme which I think is a wasteful project, but then I'm not a hydrologist. They face major water problems but it is solvable for them because they are actually taking steps to address it, while America is not. India has a huge problem as well, but I have not researched their situation enough to really comment on it.
To explain the energy issue it's about the pumping and treatment of water. When you break it down it's actually pretty energy intensive to move and process water, water is heavy after all. Not to mention such water "solutions" as desalination which creates terrible waste water that has to be disposed of and consumes a lot of energy.
But them having problems does not help us, if anything it accentuates the worldwide problem, and most of the world is facing some kind of water issue. After all cheap energy makes up for water problems, but you take cheap energy out of that equation and you have a lot of problems.
I grew up in the desert and have studied this topic. Trust me the USA is not in a good water position. Most of the nation will face water issues in the coming years. An interesting read on the topic is Unquenchable http://www.amazon.com/Unquenchable-Americas-Water-Crisis-About/dp/159726...
If you want to look at a place with a good water position I would suggest Brazil. They have the most water per cap on the planet IIRC.
showering = water boarding if you ask me.
i think the whole showering thing is a conspiracy.
europe originally only did baths.
in fact give me a bath with a jacuzzi. ultimate vibrator.
lost my one peace of heaven when i sold that home with the water vibrator.
thats the piece i want to use†
Shameful - Interesting take on water- not surprized to read you grew up in the desert. In contrast, I grew up in the land of 10000 lakes and see another side to this story. We irrigate crops with highly efficient computerized systems and are not "using up" our resources. Forty years of well monitoring show no changes in water levels. The water flows underground like a monstrous river from the north. One thing is usually overlooked, when "experts" start talking about our EXCESSIVE energy use: American producers (at least in agriculture) are 12X more efficient than the world average.
The way a lot of our farms work in the USA is very water efficient, not sure on the energy side. Part of the problem is crop selection. Like growing cotton in AZ for example. Sure the soil can do it but cotton is a thirsty crop. Also corn, God do i hate the corn lobby. Corn is a very thirsty crop as well and we subsidize it way to much. This also gets into the idea of exporting water as a crop. Believe it or not this is a real issue. I know Senator Kyl from Arizona is not happy about alfalfa grown in AZ going to CA for example, he sees it as sending CA AZ's water. Or China eagerly importing soybeans from Brazil to reduce their own water consumption in growing them.
As to power though most of out economy, such as it is, is based on information and electronics. Our economy is uses quite a lot of power. Not saying that is even bad but it's important to note that water is "used" in energy production, just as energy in needed in water purification and movement. As power becomes more expensive it will put strains on all aspects of the economy as well as water. I'm actually for energy use as it makes life easier, the main problem is we have had arrested development in that sector for 50 years, and we are looking at cutting off the avenues that work now such as coal. I think mainly energy will get more expensive because government will make it more expensive and continue to be a roadblock in development of viable energy sources.
Right now water is heavily subsidized, which benefits the main users, agg and power/industrial interests. This is common in the world, it's heavily subsidized in China for example. But I'm quite certain that when there is a water crunch the people will be the ones asked to cut back even though our daily activities consume very little water directly, it's the indirect consumptions and most people are not aware of them.
There are places that have an abundance of water in the US. I'm not 100% on Minnesota but assume they do. I know MI and WI has vast water supplies, but that really doesn't help the places running out. It might be in the future that populations will need to think about the water situation before making a move. I think that a more free market in water costs might influence this. Might help breath like back into the shattered corpse that is MI. I'm speaking as a guy who grow up in the area of trouble and has looked at it. We will have a problem here sooner or later.
As an interesting aside the water factor makes a lot of "green" tech laughable. The best solars use water cooling, and locals would be best in sunny places (usually deserts). So Solar is a bit of a negative when you have to tie in the water consumption, like a solar farm in Death Valley for example. And then the great boondoggle of ethanol. The environmentalists should be screaming about the evils of corn based ethanol, but odds are they never researched it. Consumes more energy then if produces and guzzles down water.
One of the more abhorrent examples of water destruction is taking place in the tar sands of Canada. This process is often presented as a reason we don't have to worry about running out of oil, since "advanced technologies" will always find new sources. But extracting usable oil from this gunk requires huge quantities of water, in a part of that country that doesn't have unlimited water to spare, and the worst part is that water once used is unrecoverably toxic. It can never be cleaned and re-used, but requires ever-expanding storage lagoons just to contain the mess.
"Tailing Ponds" and what do you mean? Canada needs to up production to 4m barrels a day... so a tailing pond the size of Rhode Island... no biggie, relax and enjoy the ride.
Shameful- If you have such strong opinions on the corn lobby and corn subsidies, you must also be aware that subsidies for grain farmers have dropped @75% over the last 10 or 15 years.(not complaining, just a fact I know from 1st hand experience) My understanding was that the subsidies were designed to perpetuate the "cheap food policy" for the public, and that it worked all too well until ethanol became a factor. Ethonal was intended to replace MTBE as an oxygenate in gasoline. The oil company oxygenate had fallen out of favor after polluting 10000 wells in California alone. While research sponsored by Big Oil does not support ethanol as a competitor to gasoline, other studies show that ethanol is safer and cleaner than MTBE, and yes competitive FOR THAT PURPOSE.
Great lake states and New england are in a good water position. i expect water refugees from the southwest to revitalize MI, etc.
All the damn projects out west are silting up.
I will laugh when phoenix and vegas are ghost towns.
If I was in the position that the POTUS is in now, I'd not be asking my minions how to stave off financial ruin. I'd be asking how I can preserve the USA as much as possible, and export as much pain as possible to others, because the service of the US citizenry is Job One.
We have oceans on two sides, and Canada to the North. Bring home the Pacific fleet and sign a non-agression pact with Canada. The Mexican border can be dealt with, or we can take Mexico (in a day and a half) and secure all the way to the Isthmus of Panama, in a pinch. So we can quickly wall off the world and let it burn.
It's not even right or wrong, it's what he has to do.
That, and buy time.
They are buying time.
Yeah and maybe with the right man that would be possible. But lets face the hard facts, the president is bought and paid for before election night. It would take divine intervention to get an honest man in the office, and then more divine intervention to keep the hoards of assassins from killing him. To many rich powerful people are tied into sucking off the system and they would rather see the system destroyed then stop.
Could Rome have been saved? Certainly, but it wasn't. It wasn't saved for the same reason the USA will not be saved. The people are to dumbed down to see what is happening and the powerful are feeding off the corpse of the empire.
+1000
Well done thread by everyone.
I think a catastrophe would be especially dramatic in developing nations of course. In the US there will be a mass exodus from the Sunbelt as air conditioning (which enabled the population boom from 1970 onward) would cost a fortune to operate. Using Katrina as a touchstone, I think its fair to say the the poorest, oldest, and sickest are left to a passive eugenic experiment. Cities will shrink, the unwinding of globalization will make the world a bigger place. But don't worry, the same people or their equivalents will still be owners, we'll be renters and steam power futures will be controlled and manipulated by the next incarnation of Summers and company.
what you have descirbed is EXACTLY what happened when rome and the hellenic civilizations collapsed. populations fell (esp cities), water/food distribution systems collapsed. knowledge and literacy died off and we had the dark ages.
this is the life cycle of civilization. it can't be stopped, just try to prepare for you and yours.
anything is possible & nobody knows everything.
question your assumptions & reconsider your conclusions.
delete
"pyrrhic victory"
Peak Affordable Energy Crisis... Not peak Oil.. Peak affordable oil..
Watch this first... http://www.youtube.com/watch?v=wYuLjGQQ-jg&feature=PlayList&p=C1B06538A32767DF&playnext_from=PL&index=132 and then tell yourself that silly Jew Canadian is crazy and he doesnt know anything about the U.S. of A. and how we are doing... then read JOE 2010...
and for a real up to date... view of what it looks like...
Utility Output Slows the Increase in Industrial Production
http://www.realclearmarkets.com/blog/Industrial%2520Production%2520March%25202010.pdf
JOE 2010.. says by 2015 we will have some real millatary issues to over come around the globe due to energy constraints.
Great analysis. Could it be that they hope corperations will inherit the world after they render government worthless, and they hope they can latch on at the tit?
like the catholic church after rome?
That may be the best analogy.
CD,
Don't go. Get as real as you dare. ZH is the container for it. Even if you are wrong, or out there, nothing should be off limits. Let's hash it out.
Don't be a pussy.
Yeah, I'm stirring up shit.
Love is the plan, the plan is death (James Tiptree Jr.).
YEEESSS!!! Listen to MsCreant. we NEED you man. Please PLEASE keep giving us the honest 100% truth!!! ( NO Sarcasm dude we love you!!)
Yes, CD is the father figure of the site!
"Sordid Truth Needs Sorted!" ~ Ruth 12:36
nothing is off limits for them so nothing is off limits for us. I won't let them wear me down and I for damned sure wont let them scare me down. Keep fighting the thought war CD. It is the foundation for action
The current aristocrats are a one trick pony, only somehow they manage to make it seem different every time they do it. They are captaining a ship on the edge of a hurricane. The 90's were smooth sailing but the winds took them east to the edge of a hurricane, and it stands between them and the new world. They see America beyond the storm and they don't like it. They are not the masters of the ship, or anyone for that matter. Letting the ship sail with the wind is no longer an option for the captain. He must take down the sails and assign the crew to rowing duty. The ship must now head south. Everytime the sucking sound gets stronger they must reassign more men from sailing to rowing.
In this paradigm there are many dilemmas for the captain. The crew gets hungries when they row and food is limited so they have to land eventually. The captain has to figure out how he can still be master after the storm. But for now, taking down the sails and rowing is good enough for him.
Same tactic they used with TARP... fear. Whatever man, move out of the way for progress.
His comments would actually be hilarious if they weren't so utterly pathetic :)
Larry was on NPR the other day and Robert Seigel (of all people) was grilling him about the TBTF getting money from the Fed window at 0% and buying T-bills at 3%. Larry brushed it off, Siegel returned forcefully to the question, Larry interrupts with "Nice try Robert, <we don't tell the Fed what to do with interest rates>."
A$$hat. Doesn't anyone remember what he did to Harvard's endowment?
http://www.npr.org/templates/story/story.php?storyId=126171324
I heard that while driving home from work yesterday. He sounded drunk.
Some solutions are ventured by Armstrong. What a difference in thinking style, knowledge & humanity. Summers is just another creature of failed economic policies of the past. Dead man walking...
http://www.martinarmstrong.org/files/The-Paradox-of-Solution-4-18-10.pdf
i would give my left gonad to see a summers vs. armstrong cage match of the minds to the death.
Larry the Hutt, unchain that free market princess! As the maw of the bond default desert monster opens for thee, meet thy golden sabered doom....
Hey Strannick, fancy meeting you here!
I guess since the acropolis of ancient Athens isnt an option, us philosophers gotta congregate somewhere...
Who dat??
I is muzungu, the nemesis of Jon Nadler himself!
Again ... use Mosler's proposals for bank Reform and then size automatically will not matter because they will be regulated just like a utility:
Word up, lovejoy, it's a bit late in the day:
97% of world economic activity is speculation.
82% to 85% of the US economy is leveraged speculation.
Where's the tax base?
Where's the economic engine?
Use this proposal to take out the leverage. Have bankers do what they 30 years ago. Work until 3 pm, make a couple of loans and then spend the day on the golf course.
Tax Base. The biggest fallacy in the world is that you need a tax base. The government does need taxes to spend. The only reason why taxes exist is to give desirability for the paper money that they used. They have monopoly power for the currency and accept nothing else but USD when you pay your taxes. If they did not tax, the USD will not be used -- why it would be worthless. So what gives value to a currency -- credability and supply and demand. If a country prints too much, there will be more supply than demand and the currency will weaken. You just hope the "numbskills" in DC are not corrupted out till eternity.
Just remember that private household budgets and national government budgets are not analogous – households must finance their spending prior to the fact (one cannot spend money one does not have, and thus must either earn it or borrow it), while governments must spend first (credit private bank accounts, "print money") before it can subsequently tax (debit private bank accounts). It is tough to coneptualize, but when you think about it you will understand it. We at the moment have a bunch of clown running monetary policy who think we are on the gold standard.
Nice work lovejoy.
So. That was really interesting.
I <3 ZH, just for that sort of thinking.
Aaaaahhhh....but you haven't addressed the crux of the problem: the monopolization of land, capital and knowledge.
Yes its not difficult to see what the leaders are struggling with. It has been obvious for quite some time now that a large swath of the american population is just not competitive vs asia. And their expectations are sky high. You can temporarily deal with this problem by giving people access to free money - home refi etc - and import goods for the sheeple. Unfortunately that particular strategy is now defunct. What to do next? Turn on each other? or go through a decade or two of austerity and serious skill upgrading ? No clue!!
Nope. Little to do with competitiveness between populations. A lot to with competitiveness between general environment.
The US general environment is no longer competitive with some other general competitive environments.
You dont house clerks in a royal suite. Clerks'general environment is more like motel rooms.
China's general environment is no longer for bottom jobs and is now much more adequate to host semi manufactured goods labour.
Next step in general environment for China is likely to be clerical labour, low-level engineering work.
Will not mean that US engineers are not proficient. Simply that the US environment is now too rich for an engineer to live on.
Mouth of the world Larry is the perfect representative of what our government has become.
I'm not market genius, but didn't it behave exactly how Harry said it would?
I think since Summers was 3 years old everyone around him was saying how smarl Lil' Larry was. One of the youngest Harvard profs, etc etc. It's so ingrained in his fat saturated brain that he is so much smarter than the rest of us, he
A) is unable to view alternative ideas as even remotely credible, and B) looks, talks and treats everyone (including the reporters who ask questions) as if we're morons who are unable to appreciate his ideas with out pathetic little brains. He will simply not accept that soemone else is better at his profession than he is!
I find this quote from Terminator 1 very much appropriate in relation to Summers:
"That terminator [Summers] is out there. It can't be bargained with. It can't be reasoned with. It doesn't feel pity, or remorse, or fear. And it absolutely will not stop, ever, until you are dead.
Smartest people are known for making dumbest moves once in a while. In the case of Summers, he's making them one after another for most of his career.
Hmmm...well, Larry did say "Women can't do science."
Maybe....Larry can't do thought????
From a different movie, paraphrasing Dr Manhattan:
"The world's smartest man [means no more] to me than does its smartest termite."
Off topic, but another apropo quote from Watchmen:
"'What happened to the American Dream?' It came true! You're lookin' at it..."
Also, the American "Dream" implies you must be asleep to achieve it.
No?
awesome!!!
"That terminator [Summers] is out there. It can't be bargained with. It can't be reasoned with. It doesn't feel pity, or remorse, or fear. And it absolutely will not stop, ever, until you are dead. Or until it's his nap time or he needs to stuff a whole wedding cake down his massive maw."
Seriously this is a man that is legendary for sleeping at meetings! How the hell do I get the job where I can:
1. Never be right on any decision.
2. Sleep anytime I want in any meeting I want?
3. Look like Jabba the Hutt
4. Be widely respected without regard to my clear lack of talent, personality, or looks.
If anyone can give me the hook up let me know! I'm willing to put on a 100+lbs and be high all the time on camera if that's what it takes!
Change we can believe in...
Veritas?
How did this clown get his reputation and become a Harvard man? Judging from whatever he says, he is either brain dead or he is working for that $5 mil from the fund. Eitherway, he is not on the side of the public, or joe sixpack.
Who run Bartertown? Who...run...Bartertown?
Sooner or later, we will all be saying to folks like him, "Spin the wheel raggedy man."
Hell I think the wheel is a valid form of punishment! But in fairness (randomness) and speed. What's not to like? Also might strike some fear into criminals "Break a deal, spin the wheel". Can't be any worse then the method used to pick government action in a crisis IE the chicken incident...
if there is any hope for this new president, he fucked it up completely.
Puuuhlease...how could there be hope for any American president? They have all been Wall Street lackeys, at least since Nixon.
I still can't believe all the hopeless buffoons who believe Al Gore (a k a iGor) will save the planet with his Generation Asset Management (hedge fund for profiting off of carbon offsets and carbon derivatives).
Obama believes in the free market (according to his recent Cooper Union speech) and the sociopathic greedheads pulls his strings and have a partnership at Goldman Sachs already set aside for him.
Larry Summers is a TURD.
Naahhh...he's a TURDLETTE.
Larry is the parasitic worm living in the anus of the flea sucking on the rat eating the toadstool growing out of the turd dropped on America by Wall Street.
Best. Insult. Evar.
+ 1 trillion
Larry Summers is exactly correct. Here at Standard Oil we survive on the profits generated from our very modest (88% market share) refined oil sales to compensate for high losses in our drilling, railroad, shipping, and refining operations.
Love and Kisses,
John D. Rockefeller
Summers reminds me of the bug in the 'edgar suit' in men in black.
Except in Larry's version, the movie is retitled "Men in Red".
I just watched the 1993 Larry King debate on NAFTA between Ross Perot and Al Gore.
1992 was perhaps the last year to save your country - subsequently Human excrement such as Larry, Al ,Bill and George worked to finally finish the republic and increase the power of the cartel.
These Bastards need to be taken down.
Not forgetting the effect of the GATT/WTO.
Sir James Goldsmith warned what was coming back in '94:
http://www.youtube.com/watch?v=4PQrz8F0dBI
Fantastic interview - Goldsmith is a intelligent eloquent observer of our travails , Unfortunately it is lost on that Tyson girl who seems to be a propagandized functionary while Charlie Rose was a limited servant of his masters , he has not improved with age.
Corporations are not paying for economic externalities and therefore register large profits.
But these entities rely on the state for their survival - although they seem to be developing private armies as a insurance against state failure.
We have reached a low point in this odyssey and we are a long way from home.
The Goldsmith interview is a rare gem.
I watched it yesterday for the first time ever.
The part where he talks about the efficient agriculture effect is where it gets really crazy
I've always said, a major crop failure is going to be the next black swan event. The capital misallocations on such a massive scale globally as an effect of unbridled greed pretty much guarantees us the eventuality.
Agreed, the agricultural sector will be our undoing. Feed back loops are real.
http://www.youtube.com/watch?v=pPRJQpWhE0o&feature=related
http://www.youtube.com/watch?v=BpAxV6uUxsM&feature=related
sobering stuff shorts
+10000000
Sir Goldsmith should have won an award for staying sane in the face Tyson's inane ramblings.
This form of argument seems to be growing in strength, where people from the world of reality argue with people from the world of academics. It is infuriating to here someone speak who has no real world experience but relies almost exclusively on statistics , statistics that have been jimmied to mask the reality. All of it to make a political point in what they regard as an academic debate while Sir Goldsmith and all that have followed don't see this as an academic exercise but a discussion about the reality people outside the bubble experience every day in their lives.
Good God, these people make economic policy! I had to turn it off. I would have tried to go through the screen.
What's worse is he is no longer alive and despite being proven wrong in every respect in that argument, Dyson still has respect in the academic community to point where she still inputs into national economic policy.
A Modest Proposal: All Tenured Professors must have start and run a business with more than 20 employees as one of the many prerequisites to reach tenure.
Getting published in academic journals should no longer be given significant weight in handing out coveted positions like that. Proving a theory works and having evaluated in a major business publication would be worth 100 papers published in some sleaze bag academic journal that no one reads.
Successfully running a small business would also be given much more weight. Hell spending 5+ years in the real world would be given more weight.
Man that debate pisses me off as that's exactly what is happening AGAIN to us today. That's why the dems will lose big in Nov. They have a love affair with academic theory and it's purveyors who have never seen or experienced the reality of the policies they formulate.
Thanks for sharing that link. I hadn't seen that interview before, nor did I know of James Goldsmith
Hey Narcolepzzzzzz, thanks for the link !!!
1992 was perhaps the last year to save your country.
I disagree. While its never too late to save our country, it is too late to save it without having to go through a long rebuilding/fixing period.
Well Yeah.
But the idea would be to save it for our children to enjoy without burning it up first and forcing them to rebuild it from scratch over 100 years using stone tools.
But yes I agree it's a little late in the game for that sort of wishful thinking.
Any fight back would involve a civil war within the western nations and countries - violence is unfortunately the only option but most of us including myself do not want to deal with this fact , besides the very act of extreme systematic death and destruction will change and distort the western culture in a even more dramatic fashion , remember that Europe has still not fully recovered psychologically from the wars of the 20th century.
To believe you can eject the ruling elite class with mere rhetoric is folly now, we are too far gone down the sewer.
There will be no shining city on the hill when this is all over - our children's lives will be nasty brutish and short.
If enough citizens pool their resources, perhaps the services of a PMC could be purchased to protect the people from their government...
Howmuch did he lose for the Harvard endowment?
In any world with a modicum of justice, he should be homeless in Compton.
That the elite take very good care of even their most inept, corrupt and obese play-uhs, there can be no doubt.
Children! Look and listen to the lies of these men and wimmin:
geithner,orszag,bernanke,summers,paulson,greenspan,rubin,
friedman,fuld,frank,thain,dodd,mozillo,o'neal,gensler, cassano,
blankfein, shapiro,yellin, fink,kashkari,dudley,dugan---
------listen and learn how to become A Master of the Universe, a world within a world, where even if you fuck up to the tune of trillions of dollars, it is WHO you know that counts in this world. Don't let anyone tell you differently. You too can become Bush, Clinton, and one of the above smegma specimens, with the world as your home, and NEVER have to say you're sorry, pay anything back, nay! go on to even more glorious and richly rewarded infamy, despised by those you screwed, and adored by AIPAC, the UJC and the ADL, along with the ISDA, Masons, and Pilgrims Society.
Word.
http://nymag.com/daily/intel/2010/04/what_were_gary_cohn_and_lloyd.html#comments
You have all these rules, and you think they'll save you!
It gives me a warm fuzzy feeling knowing we have such wise people in charge (of our civilization.) You know, the kind that learn from their mistakes. Assholes, every last one of them.
Saw the d-bag interview on PBS last night, at least as much as I could stand up until the bold print quote above. Very disturbing to watch, his eyes darting around the room avoiding any contact, rambling near incoherently, just doing his part as instructed.
He has to be aware that there was recently a hugely popular Frontline program (http://www.pbs.org/wgbh/pages/frontline/warning/view/) that placed blame squarely on him and Rubin/Greenspan for the failure to regulate derivatives. Doesn't he?
How can he say what he's saying with a straight face? Who is the the idiot asking the questions? Does anyone do even an ounce of historical research when they interview someone?
and the crack-up boom continues...
Of course they do. They just know which side of their bread is buttered on.
Right.
Why does the author assume that Mr. Summers days are numbered?
Because the administration is consistently contradicting him.
TYLER, how do you know his statement is incorrect??? He may be lying, but at least we know his background and can see he is a knowedgable guy. You on the other hand convince many niave readers that you know what the fuck you're talking about when we know nothing of your education or background.
What's that I smell?
Oh yeah, a TROLL!
lol...you'll have to come up with something better than that. Oh yeah, that's right now I remember: one of the Tylers was "banned from trading".
Whatever.
god, you are a dumb fuck.
what does knowledgeable mean?
show me one thing Summers "smartest man in any room" has touched that hasn't been an almost complete unmitigated failure.
Summers is a member of the Failurestocracy, the current most exalted group of self-selected individuals America possesses, whose claim to fame is that they are forever allowed infinite second chances. Failure is apparently the goal, as it is rewarded with all manner of riches and power, and affords the Failurestocrats the right to unlimited access to the wallets, labor and even progeny of the masses. Indeed, the masses exist merely to feed this Beast (Dreamworks could not come up with an uglier one than Summers' parents produced), stroke its ego, and bend over at its whim.
your like a blog's sag wagon. a support vehicle for cyclists, and clueless bloggers that break down. cyclists on tour call the vehicle a sag wagon, while racers prefer the term “broom wagon.”
And at places like the Ranger, Seal, Force Recon and Pararescue courses they are called the meat wagons. Perhaps it is the absence of these meat wagons that is contributing to the present situation & structure getting back to what Chindt is saying. Here we all do the job of mutual support for each other. Thanks for some excellent pot stirring commentary. peace
Its a fail up system. Fail at what you do and get promoted up. I see this all the time
hey, niave!
get a dictionary.
Ando, I could care less his education and background. It's all about content. Your
way is how guys like Summers stick around and never leave the stage. They keep saying
things like Harvard while they lose 18 billion. Apparently, it works. But, if it keeps
working, we'll never get out of this hole.
As far as I'm concerned, presidential candidates can wear brown bags on their heads too.
So you need to know education or background of the author to be able to make a judgement about the consistency, logic, veracity, workability, etc. of a post?
You sell yourself short. Think for yourself. Those credentials mean less than squat.
Bwaahaaahaaa... And what exactly does a piece of paper contribute to the development of considered opinion oh mighty discerner of fact from fiction? Just because you most likely consider yourself one of the beautiful people, who is just one more hater..
http://www.youtube.com/watch?v=Ypkv0HeUvTc
The question should be "how does this guy know his statements are correct?"
Lets start with foot on ground.
Guy says that a failing subdivision in a large enough bank can be rescued internally by transferring benefits from a profitable sector, given diversification.
Why not? Save that is not what happened. Large enough banks exist (you can always push the bar higher by claiming the banks were not large enough for the trick to work) and they were bailed out by an external entity(namely here the poorest countries in the world which often happen to be still rich in what is needed to support a human society)
That is one first stone in this guy's garden.
This noticed, the guy goes around this little roadblock by putting front to front a reality (large banks did not solve their issues internally) with a hypothetical situation very hard to relate with as it is so far from the actual configuration: it would take more to bail out a large population of small banks.
The guy crossed the Rubicon. You can argue soundly that it would take more not to bail out the large banks as this situation derives directly from the current configuration. But the situation of bailing out a large population of small banks is off limits. How does this guy know what properties from the current system would transfer to its hypothetical population of small banks?
Here's a quick example: how does this guy know that within a large population of small banks, specialization would not have happened? You could have small specialized in troubled sectors and other banks specialized in the healthy sectors this guy relies on to operate an internal bail out (as the guy implies healthy/troubles sectors)
Do you need to bail out healthy banks? No. Only troubled banks. Does this guy know the proportion of healthy banks vs troubled banks in his hypothetical situation? If yes, how does he establish the number?
Nothing more than surmise, pure intellectualism.
Another point is that this guy travests reality. Banks are not friendly inside. A sector which makes profits wants to taste the profits and is not eager to transfer them to a failing sector. People want their bonuses. If getting your bonuses means firing all of another department, so let it be.
Sheer intellectualism. This guy simply hides what works in reality: transfering wealth from one population to another.
Your population starts to get disgruntled, unrest start to kick in? Take wealth from another population and pour it on your own population to appease it. This is what works. Once done, you can masturbate all day long on whether or not a big banks/small banks environments would be better to achieve that. Without the transfer of wealth, big banks, small banks, it does not matter.
What a shifty-eyed tub of goo.
It's like he's watching Wimbledon.
Just call him Mr Chins. I think the juxtaposition of the "diet coke" and his ever-expanding waste line is hilarious.
Bam must sometimes wonder: why do I need enemies
when I have friends like this ?
Rubin should already been in the can, his
remaining days, for the damage done
at Harvard, just look at the similar muni-cases,
That moron. Summers and Timmie are the worst liabilities
, as Senator Kaukman has it, they should ve
capped / crapped a.s.a.p. As Denninger like to put it,
where are the handcuffs ? Criminal charges against
those three for the damage done, no less
summers like a tube of glue
made of horse shit
can squize into many shapes
get some on the fingers and you pick up all the dirt around
the glue in the tube is soft and gooey
outside a dried useless mound of old horse remains
Larry, meet your doom:
frantic fiat fly buzzing
on gold no-pest strip.
the haiku is back!
summer comes summers
squirming down west street, squid bound.
"where's my m&m's?!"
OMFkingGod- my wife saw him last night on NPR tv, he was FKING DRUGGED! He was on Tranquilizers such that for the 1st 4 minutes, he DID NOT BLINK HIS EYES. His puffy face melting, sagging as we watched, this dead stare while his lips slurred his words, his face muscles not knowing his lips were even moving. Head cocked to one side, he ran his answer in circles while saying NOTHING. Not answering one question, to the interviewer's amazement. Summers should be in fking REHAB! I sware, this guy is bad news.
Some historians suggest that part of the cause of the fall of Rome in 470AD was lead plumbing, and resulting in acute neural damage across the population.
When they write the history of the fall of Western civilization and the collapse of the global economy, someone will wonder parenthetically if the leadership was not perhaps a bit over-medicated.
"Some historians suggest that part of the cause of the fall of Rome in 470AD was lead plumbing,.."
Oh, god, that is such bulls**t and presupposes that the Roman Empire was "a good thing"....
There were, per capita, as many people happy when Rome fell as there will be when the American Empire falls.
The best scholarship pertaining to the fall of Rome is found in the scholar, Joseph P. Tainter's books.
Try his "Collapse of Complex Societies" -- most outstanding (he is an economic anthropoligist, I believe).
The twelve-page article which can be found at the site below is absolutely brilliant:
http://dieoff.org/page134.htm
ZH is like the golf course, all the men are frickin married.
Not all of the men here are married, but this is not eharmony.
shit, miles now you tell me.
and all this time i thought i was on a "mate for life" site.
Lizzy, ya .. you appreciate that most all the folks & concepts in the mix here are "mateable" one way or another. Speaking of which, do me a favor and let me know when you wanna teach me how to play football. ;-] peace pal
Not all, what's your point?
Yes also in this interview, there is a lifeless look in his eyes. He has a hard time keeping his eyelids up. He may be under the influence of some type of opiate or tranquilizer or a combination of both, much like the top Nazi's were. You have to wonder...are these people sociopaths or just very highly medicated?
It's one or the other.
maybe both? paid for with your tax dollars of course.
They are medicated so that they don't have to deal with their conscious
Maybe they're conscious of having no conscience?
crap. should have spell checked.
Actually Hulk, it works.
A question that should be drilled into Obama, Bernanke, Geithner, Summers, etc etc is why Goldman Sachs has been and continues to be allowed to drink from the Fed well. They are clearly not a bank and this question must be repeatedly put to these clowns as often as possible in any and every forum imaginable.
What could any of them say to this when speaking publicly?
INTERVIEWER: So Mr. Bernanke, many have questioned your decision to convert Goldman Sachs to a bank holding company, thus allowing them to borrow at 0% interest rates and then turn around and use those funds to manipulate the stock market, leading to record profits for the firm, and record bonuses for the executives. What are your thoughts on this?
BERNANKE: Goldman is critical to the financial markets. I'm not sure you heard but they are...shhhh... "too big to fail."
INTERVIEWER: Gotcha. When it was determined that all of the investment banks had negative book values if they had been required to mark their assets to their appropriate market values, were you in favor of suspending FASB accounting rules so that Goldman Sachs would then avoid having to recognize asset impairments?
BERNANKE: Yes, but only a limited number of FASB guidelines were suspended. We didn't change ALL the rules.
INTERVIEWER: Understood. With the record profits Goldman Sachs has earned while using free taxpayer money, are you at all dismayed by the fact that these profits are being paid out as record bonuses rather than used repair the balance sheet?
BERNANKE: Goldman's balance sheet is super. Remember, the FASB rules suspension? That fixed everything.
INTERVIEWER: Hmmm... What are your thoughts on Goldman Sachs getting paid 100 cents on the dollar via the AIG bailout?
BERNANKE: Good deal if you can get it, no?
INTERVIEWER: Getting back to the issue of Goldman Sachs borrowing free money from the Fed and using that money to manipulate financial markets, don't you think it's pretty obvious now that Goldman Sachs is not a commercial bank and the Fed has essentially allowed an insolvent hedge fund borrow billions to play the markets? Don't you think this should come to an end?
BERNANKE: Where's the mens room? I'm starting to feel a bit sick.
the unblinking eyes is just one of the eyes on top of the pyramid on the dollar....its getting ready to be put out.
just when the eyes on each and every other block of the pyramid are about to open
He may not be completely wrong if he thinks that few banks with tougher oversight offer a more stable environment.
I think that macro irrationality of people is the reason for the entire financial mess and not evil intentions of the firms involved. On that presumption, anything that reduces competiton would (as what Mr. Summers is suggesting would do) would make the financial world less risky. This is because the following reasons:
a. In absence of substantial competition there would be lower financial innovation/jugglery
b. Hence, there would be lower pressure from investors on the incumbent managers to perform better than the best competition in a given field
c. Given low competition and push, there would be little incentive for the executives to change the status quo and they would tend to be much more risk averse.
This would kill financial innovation, but that may not be a bad thing as long as capital can be productively channeled to productive parts of the economy.
And as to the question of fairness; well sometimes its better to not allow a free access to everyone in certain fields as it may lead to predation as happened to the financial system.
I may agree on SUmmers on this point, but that does not change the fact that there is something seriously wrong with either his frontal lobe or his heart.
Watching Larry Summers's deconstruction to utter incoherence live and in color....
I recently heard some on the radio quote Summers as saying, "No one washes a rental car." Like it was some piece of deep wisdom. Have you ever rented a dirty car? Rental companies wash rental cars. It's their business model and responsibility. Has Larry ever run a business?
Has Larry ever run a business? If a poorly run and managed crime syndicate that ripped off the world of trillions is a business, then yes... he has.
Cool, Crimes have now been reduced to "errors" according to Summers.
Uh Yes Judge, I realize my client inadvertently swung an ax inappropriately which ended up as grievous errors when many children and small dogs had their heads removed, quite by accident I assure you. But I think your honor, calling them murders or my client a "axe Murderer" is going way to far with all due respect to the finely dressed district attorney with the latest in fashion and eye candy, obviously a regency graduate or a Yalie like myself.
As the great Larry Summers has noted on behalf of the Obama administration, crimes are no longer crimes in almost any case involving Ivy League graduates. They must be and have to be referred to as errors. See my (Dartmouth Class of 84)client made errors with an Ax. He obviously was swinging the ax at a inappropriate time and place and it obviously endangered those around him. But, your honor, everyone makes errors. He has apologized for this error and therefore , I believe you should grant motion for summary dismissal. I think you honor has to address herself to the question: Since when have errors become crimes with people with our backgrounds and upbringing? ...before making a decision
2.7 Milliseconds later
Motion Granted. Release the man. To the relatives, you have been officially apologized to. So please step back and don't do anything that may be classed as a crime. Remember none of you went to ivy league schools.
Summers said, "It's easier to bail them out this way"
He sees more bailouts to come. Otherwise, his logic would have been the inverse.
Or like Greenspan said, "just a couple of my friends had this right"
and just a couple helped them make the trade.
This is a managed economy. Summers is a rich socialist and he just told everyone.
What possible reason could 'they' have for gunning the engine until it explodes and they whole show falls in heap?
The only result I can think of is massive unemployment, leading to a reduction in worker pays and conditions. A massive fracturing of the economic worth of most Americans. If it were bad enough you could get a poor desperate society with a handful of major corporations being the aristocracy. But that would be pointless anyway since they already have massive power, own most of government.
So why would anybody want to do trash the economy on purpose.
It matters less to global companies as they are only nominally American, the make their profits in every part of the world, with Asia being the new universe.
There are any number of tin hat scenarios.
But I think it is dangerous to assume or create a nation wide meme that 'they' are running things so they will fail.
I prefer to think this is about gaining as much long term power and wealth as possible.
But I tend to agree it does look like they trying to accelerate everything of the end of the cliff.
That sounds about right. But, its not as if everyone has a meeting and agrees it has to fail. Each of their individual needs to shed the risk is identical. When you have enough people trying to make more money and shed risk, this is what happens. Did they know that? Yes. Most of the intelligent ones did. Then, you either do something about it (as many whistleblowers did) or you don't. The ones that don't reach the top. The ones that do get fired. This is the system Summers protects. He did it to a whistle blower himself. That should preclude him from giving ANY form of advice again. In the back of their minds, they convince themselves, it won't be THAT bad. But, even if they did, rarely would it matter. No tin hats, no conspiracies. This is a straight concert of interests. The effect is no better. That's all that should count. It doesn't. Evil intent is out there but it doesn't matter unless your selling regulation, getting your money back or putting people behind bars. That's all fine. But, we need to stop the next explosion now because the wick is lit and the exact same people are protecting it from rain.
That's why it's often called a race to the bottom.
Everyone has exactly the same reason to forge ahead as quickly as possible to grab as much as possible while there is anything left to grab.
Not a single soul has any incentive to not do the above.
The idea is that when the race is over and the winners take their spoils then they can relax and watch the serfs toil in the fields with their bare hands.
This sort of thing has been going on for about 4000 years. We're humans, it's just how we roll.
Though I'm not as sure the masses numbered at 7 billion will manage as well this time around. Eventually the end-game is the end.
There is a shred of truth is what he says too. That's the problem. He speaks about it as if it were a "virus" that spontaneously appeared, not a bank product that was created by his friends. If he were speaking of a virus, he's right. It's nice that you know where it is....IF you have the cure. However, without the cure (strong regulation), it's akin to sayingwe have quarantined the virus. We are feeding it. When it is ready to be released again, it will be. Then, we'll trace its steps, count the damages, capture it, give it a new name for a moment and release it again. All the same people will be there naming it and telling you how bad it was. They'll say they didn't see it running down the street in broad daylight. This all started ten years ago. Warren Buffett, even, looked out over the horizon in 1999 and said don't expect S&P returns like the last 15 years for the next 15 years. They all knew. Importantly, Greenspan really knew. There would be less growth at home, and more players looking for a buck. The first thing you need if you're a banker under those circumstances is.... easy money. They got it with all sorts of bizarre excuses, including Y2K. Was that funny. The next thing you need is less competition. They got that with mass M&A and a wink by anti-trust dept. But, even that wasn't enough and never is. That's a human thing, momentum and greed. Summers couldn't even admit "greed" existed in that interview. His nose turned up, as if elite bankers have such base emotion as greed. Ha! Talk about Bonfire of the Vanities. They're smoothest when they seem too rich and connected to care about another 100M. Do they care? More than anyone you know. When all the games played out through the 00's.... then you got direct, obvious fraud. They all knew. They were invading the American home in a full sprint, for chrisake! Buying up originators like they were scared not to! The most holy asset of all American assets: home sweet home! They were cold calling and pulling homeless people into their vertically integrated CDO machine. Oh, but "we" didn't know "they" were doing that. I have a swap to sell you if you believe ANY of that. They were doing anything they could to insure they had complete unfettered and unregulated access to the American middle class and lower class. In the meantime, even that wasn't enough. They needed more leverage. They begged, pleaded in the basement for that. They pumped everything for every last penny. This didn't happen overnight. Ten years ago, diminishing expectations foretold it. That's what it's all about, expectations. Had we productive gains and organic growth over this period to feed the bankers, you would have never seen so much fraud. If you don't stop them, they will feed any way they can. Next, they're going to feed on themselves and fund their friends to buy up private assets with paper. So far, we've taken enforcement action like the occasional traffic ticket on a country road. The moment broad expectations lowered ten years ago was the moment we should have sent the cops out to frisk every twenty bankers that walked by.
++HOT
Summers made more sense when I turned the volume down.
The crimes committed against the American people by the likes of Summers, Geithner, Paulson, Bush, Obama, Goldman Sachs, JPM et al are even more egregious than what prompted the Founding Fathers of this country to rise up against King George and the Brits and forcefully gain independence. The cost of the theft and corruption and cronyism foisted on us is so horrendous that it does not even stop with those of us now here; it is so great that we must have children simply to keep paying off what they have already stolen and spent. That is slavery of the yet to be born. That is what Christians call Original Sin, and it is just as wrong in reality as it is in superstition.
There comes a time when the most unpleasant reality must be faced head up. We may be too late, but even if we are, the solution---the ONLY solution---is the same.
If any of you think we have time remaining, look at this tape again. See that lump of rotting flesh tell you that what caused you and this country all of the pain now facing it, and undoubtedly crippling it further in the future must be preserved at all cost. Hear him argue that those who caused the collapse must be allowed to do it whenever they please, and that you and your children must pay for it. Do you still think there is time to wait?
We may already be dead. We are dead in that the life of eternal serfdom is not a life worth living, except for those souls too weak to do the needful and too willing to be tread upon by the unworthy.
Our Founding Fathers knew they had reached the point where only one solution remained. They had the courage to stand up and face it rather than live a life of servitude in perpetuity. We benefited from their courage for hundreds of years, and because of that we owe them a debt. The time has come for us to pay THAT debt, not the debts that have been forced upon us by people that dishonor every thing the Founders stood for.
If it is too late, then we are dead anyway. There is nothing left to lose. We should not be so meek and so plient that we should fade into eternity without one last great fight for what every honest and thinking man or woman knows is right and just.
We have exhausted all available solutions working within the system. Indeed, because the system is broken, so completely devoid of fairness and justice, a solution does not lie within it. That is the sad reality.
Those who understand know what must be done. Those who understand know the cost. Those who understand know the price that any man or woman with any remaining pride must pay.
I have long enjoyed this site and what it has told me not only about our system, but equally important about the kind of people who are out there and understand where we are at this time and place in the history of our country and our world. Without this site I may not have known that there are people out there who are not co-opted and who do understand the threat we are facing. I did not come here ignorant; indeed, I came here with an education probably unlike anyone else here. I have seen inside all of the elements of the system that now threaten us, whether that is on Wall Street or in the inner workings of the government. On this site I have listened to what others "know", and I must admit that there have been times that I have smiled because I have seen people give the powers that be more credit than they deserve. They are not as smart as you think, they are not as powerful as you think, they are not as invulnerable as you think. They are human, and subject to the same weaknesses and failings of all of us. In a sense they are weaker than you and me because they have created needs for themselves the loss of which for them is unthinkable.
THAT is how you win. You find that weakness and exploit it. You find what they hold dear and you take it away. You destroy them by destroying the things they are now dependent upon.
Do not think yourself powerless. You have more power than you know, you just may not know how to use it. The range of ways in which any of you can exercise that power is broad, and not all things may be acceptable to all people.
The Founding Fathers were the same. One man could take up arms and end the life of another who stood in his way. Another man could not. For them, and perhaps for most of you, another way to join the battle must be found. One man knew that ridicule was almost as powerful of a weapon as a gun. Do not forget that many of your opponents are driven by a need to escape from themselves or to hide from the rest of the world what they know themselves to be. Tell them what they are. That is a small victory perhaps, but it is a victory. Destroy what they hold dear or destroy the illusion they have worked so hard to present to the world. Leave no opportunity unseized. Heckle them at rallies. Carry banners in front of their offices. Produce t-shirts that say what they do not want said. Be omnipresent and never let them rest. Words as well as swords contribute to the final outcome, so play whatever part your own heart allows.
ZeroHedge has hurt them, though they won't admit it. Perhaps ZH has reached the limits of what it can do, but I hope it keeps at it nonetheless.
For those who have the same fire and passion as the men and women who built this country, you no doubt have other means of attack. We all have our methods. We also all know that the time for patience has passed. It is time to take a stand. History will judge us not only by what we did, but also by what we might have failed to do.
It is time to write history. I wish you all success in your own endeavors and by whatever means you choose to fight.
See you on the other side.
You rock babe.
Wow, just wow!
Chindit13, my humble request to you. Either start a blog or ask ZH to allow you to contribute articles. What you write is just wonderful, but more often than not, it is buried deep in a thread and most people miss it, I think.
Or ZH should allow voting such that great comments can receive enough votes to bubble to the top.
But thank you for contribution. You are one of the few whose comments I always read diligently. They contain so much wisdom.