Sean Corrigan On The Tenth Anniversary

Tyler Durden's picture

Sean Corrigan of Diapason Securities, on the ten year anniversary, a look back on the day after.

A Modest Craft

Sept 12 2001

It is at times like these that we in the financial sector are humbled in the presumption of our own importance and of the meaning of our works. Daily, we chase the ebb and flow of symbols and numbers across the screens and ticker tapes of the world, seeking to distill from them a fleeting pattern, or to recognize within them some more enduring form.

Rarely, if ever, amid the hubbub of the trading room or the raw intensity of the Pit, do we reflect on the power of such symbols. We crane for each flickering change in a terse alphanumeric—USZ1, DELL, CPI +0.2%, DAX +150—each of us striving uselessly, but compulsively, to see it before our peers do, or, with a little more purpose, to interpret it more quickly than they.

These electronic lights represent a stock, a bond, a currency; of that much we remain aware. But the stocks or bonds themselves are but symbols: a claim to the ownership of a minuscule fraction of some sprawling enterprise, or a right to receive payment from it in days to come.

Again, that payment—in dollars, or euros, or yen—is another symbol: a sign that men have "laboured the earth," in Jefferson’s trenchant phrase, and that they seek to exchange the fruits of those labours for our own.

This is where the chain of ciphers and sigils leads us at last, then—to the efforts of ordinary men and women going about their daily lives, working at one thing, the thing at which they are most competent, in order to swap their efforts for other things, for a whole diversity of things, made, in turn, by countless, faceless others doing what they are good at, too.

By such free and open exchange, best conducted using fair and honest chains of symbols so that no man is unwittingly deluded or knowingly defrauded in the act, we each seek to serve our enlightened self-interest and satisfy both basic needs and wider aspirations. We find the opportunity where we are most rewarded, and we send out our labours into the vast, teeming, immaterial, immanent Market that is our world.

And—O Mirabile—what things come back, in what profusion, pouring in from all corners of the globe, from people we have never seen, whom we will never see, and who equally are oblivious to our very existence also.

This is the majesty of the free market, of capitalism, this self-organizing scheme that most fully utilizes our jewelled planet’s greatest resource—humanity itself—so that the masses of today live better than all the fearsome khans and haughty emperors of old.

But on Tuesday, out of a clear autumnal sky, all this was put at deadly hazard by earnest men, albeit men whose earnestness had been twisted into suicidal hatred by the potent brew of fanaticism and despair. By their intricate assault on the good people of the U.S., these men showed that they were versed in the power of symbols all too well.

To attack the Pentagon—a cabbalistic form, if ever there was one—was shocking enough, displaying what guerrilla fighters have shown from time immemorial: that all of Caesar’s legions cannot guard against the man who fears nothing but to fail, and who holds his life most gloriously spent in depriving his enemies of theirs.

But far more shocking yet was the strike deep into the very heart of trade, of commerce, and of finance that those few crammed canyons of soaring steel and glittering glass at the tip of Manhattan represented, not just to America, but to the entire world. This was not just an abomination: in many ways, it was a deliberate act of sacrilege.

In tens of minutes, before unbelieving eyes staring from the streets below or gazing in horrid fascination at TV screens across the globe, fireball billowed into smoke and then collapse: crushing, utter, complete and roaring collapse.

As though struck from where they stretched unto the very portals of some jealous god to choking dust and stumbling rubble, they fell in ruinous descent, and Hope itself seemed perished.

The Twin Towers, standing symbolically over Wall Street, were a 1,300-foot rendition of those two, short verticals that transform a mere "S" into a dollar, transmuting it to a symbol for work and wealth and well-being across the Earth.

The enormity of the towers' swift destruction has been such as to suspend analysis. We have yet to truly register what has been done, how many lives have been lost in screaming (if mercifully brief) terror, how many countless other lives will bear the mark of what was wrought, shivering in the cold snatch of fear each time they see the suddenly naked skyline of New York.

It would be heartening to think that sober wisdom will now occasion restraint in the councils of the powerful, that the understandable desire for retribution, for lex talionis, to be invoked neither will lead to rash and unjust acts that only serve to excite more hatred, nor open up the way for the ever-eager State to intrude more insidiously in people’s lives at home, while snarling ever more belligerently at foes—real or imagined—abroad.

It would be heartening to believe that in America of all nations, the brash, young, self-confidence of its people will swiftly reassert itself, that temperance will season justice, and that this brief, vicarious brush with mortality will give rise to a more measured outlook on life.

It would be heartening to think that, having been shocked by just how fragile is the framework on which we build our dreams, we will become less prone to forcing them upon others. Our fear must be that, in a world already made fractious and divided by the inexorable, UN-inspired, left-liberal-sanctioned politicizing of race and creed and gender, a world made insecure by the erosion of freedom and the imposition of alien values by the Guardians of our global Platonic republic, yet more discord is sown.

We must also fear that, in a world made resentful by seeing the fruits of its labours channelled to vainglorious corporate demi-gods who strut the stage like Achilles simply because a hyperactive credit system has grossly inflated their stock price, Capitalism is made to take the blame.

Capitalism is about the better production of wealth and its distribution through unrestricted exchange. It is about the multiplication of output that comes about by the division of labour. It is about the preservation of capital—those mental and physical tools that build each successive flight on our long stairway out of penury and deprivation—and it achieves that preservation only by the common virtue of thrift and the duty of stewardship on one hand, and by the banishment of envy and the sanctity of property upon the other. 

Capitalism is about "labouring the earth" more fruitfully so that fewer men go needy, so that the next fanatic finds less willing recruits, so that amid bustling commercial intercourse, barriers of class and race and ignorance are dissolved into mutual respect and benefit.

Capitalism is nothing to do with the agents of the Crown who sail alongside the honest argosies of trade. Capitalism is nothing to do, either, with the forced acceptance of any creed or code of law, save that of the honest self-interest by which both buyer and seller achieve an increment of value in their exchange.

For we must realize that Capitalism, this most certain route to prosperity devised by man, is also the victim of the exactions of the State and the depredations of the credit system. Why else, even before yesterday’s barbaric deeds, were we increasingly in peril of our livelihoods, our investments, and our savings?

Sadly, that is a verity too rarely glimpsed when the battle ensigns of the fleet and the Jolly Rogers of the corsairs are concealed amid the merry, ingenuous bunting of the mass of ordinary merchantmen seeking innocently to ply their trade.

From this passing meditation on these matters, which this week’s dark happenings have prompted, we shall soon return to the business of chasing symbols and trying to make sense of them. That is, after all, our modest craft in the rich whirl of the market.

For today, we pray for the maimed and the bereaved. We are anxious for the path of the economy and our immediate prosperity. We fret that liberty will once again be the most enduring loser.

In memoriam,

Sean Corrigan

Chief Investment Strategist

Diapason Commodities Management S.A.

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
TrembleTheDevil's picture

With all of the breathless media coverage going on about an impending 9/11 anniversary-revenge attack this article provides an interesting counter-point: that terrorists are mostly pretty stupid.

Top 10 Reasons You Shouldn't Be Afraid of the Terrorists

My personal favorite:

7. Terrorists in the cell caught by an FBI-NYPD sting in the Bronx were called “intellectually challenged” by their lawyer, said they were high when they were arrested, and claimed that the FBI entrapped them with fried chicken.

It's got some interesting anecdotal tidbits, and ends with what I think maybe should have been at the top:

Political Terrorism is a gyre that’s only set into motion when fear and panic cause the target to overreact with disproportionate violence, which draws sympathizers into the terrorist fold and creates justification for further attacks. If we don’t lose our shit – the terrorists lose.

Earl of Chiswick's picture

WTF

WTF

 

I just heard that Mayor Bloomberg  specifically excluded the first responders from the 9/11 ceremonies.

 

But for some reason there is no information of this on Bloomberg.com

perhaps we should ask Tom Keene

tkeene@bloomberg.net

 

"Due to 'lack of room,' NYC police officers, Port Authority police officers and FDNY firefighters are not 'invited' to the 10th anniversary of 9/11 at ground zero. Bloomberg defended the exclusion of first responders from the ceremony, saying that there was not enough space

 

http://www.ibtimes.com/articles/210893/20110908/9-11-anniversary-ground-...

 http://www.wnyc.org/articles/wnyc-news/2011/sep/07/firefighters-upset-ov...

http://www.foxnews.com/us/2011/08/17/11-first-responders-to-be-excluded-...

http://articles.cnn.com/2011-08-16/us/new.york.911.memorial_1_john-feal-...

Michael's picture

Most people believe 9/11 was an inside job and the collapse of building 7 was controlled demolition by our own government. So do most 9/11 first responders. That's why they are excluded from the ceremonies.

I won't be watching any news coverage of the anniversary for that reason.

Tuco Benedicto Pacifico Juan Maria Ramirez's picture

Right on Michael! I become naseous when I watch propaganda!

spiral_eyes's picture

Is bin Laden’s war on America being won through American debt acquisition? Let’s look at the debt — all $15 trillion of it — and decide for ourselves

http://azizonomics.com/2011/09/11/911-%E2%80%94-ten-years-on/ 

Fiat2Zero's picture

I have an interesting spin on the "missing gold," which is a motive people mention for 9/11 as an inside job.

Apparently around 1200 tons of gold reported, went missing. In looking at who owned the gold, most of it was from the COMEX (not sure whose vaults).

What if the gold was reported incorrectly? With all I've seen, COMEX fraud in the reporting realm is a virtual certainty.

Maybe there is an Occam's razor corollary to accept the simpler conspiracy theory.

Market Efficiency Romantic's picture

The perfect bank job, create a fake virtual deposit and let some stupid thug rob the bank, No matter, if they catch him or not, he will be questioned about the remainder of the deposits and the fake deposits are de-facto created.

There is a movie depicting that exact plot, well it involved compromitting MI5 files, totally forgot the equivalent of these, aka SEC files were stored in the same building as the 1200 tons of gold, as were CIA files. Follow the trail of the FEMA agent that was sent into the debree of WTC 7 and found an emptied basement instead of a destroyed one. He is living in Argentina and not being extradited despite US requests.

Abitdodgie's picture

One of the trucks that was transporting the gold from the twin towers was found in one of the service exits full of gold , so was the gold taken or was there no gold but given the idea it all had been taken by the truck in the service tunnel , and can you belive people still think it  was a terrorist job , guess you cant fix stupid .

Michael's picture

A complete and total worldwide economic collapse of biblical proportions should be enough to put an end to all the illegal US government sponsored terrorist activities.

I already placed the order for it to be delivered on October 10th and 11th, 2011.

Thank me.

long-shorty's picture

I understand that this site is largely read by people with minds more open to different ideas than the general population, but the fact that Michael's post could get 16 ups and 3 downs is a sure sign that the cluster A personality disorders are vastly over-represented here.

There have always been awful things that sometimes happen that people find hard to grasp. Some cultures have blamed angry gods; at the present time in America it is popular to blame our government. There is no need to be a believer in conspiracy to see the way corporate money has transformed our political system. It's right there in the open. And there's no need to make up horrible misdeeds that our government has committed--just read a little Chomsky.

But the Michaels of the world, with their tin hat conspiracies about a few Jews in a room somewhere running the world, they just discredit rational thought.

Hive Raid's picture

Chomsky is a Jew traitor. He lost all credibility when he denied the blatant truth about 9/11. It was impressive to see the old gnome seething with hostility when students presented him with the facts. In the same discussion, he had the chutzpah to say "what does it matter who shot JFK?!" ... It matters because the people who did it are the people who run things from behind the scenes. Some truth is just too true for the old huckster--especially regarding the Jew-orchestrated mass murder of Americans to justify the mass murder of Muslims and a new American police state.

Watch these documentaries for starters before dribbling more Freudian slander:

http://www.youtube.com/watch?v=xt0vDXSADYg

http://www.youtube.com/watch?v=guXirzknYYE

Tedster's picture

Funny, there was plenty of room for 1500 smashed and pulverized bodies of the slain.

The whole saga is one of supreme sadness because of all the admonishments to "never forget". No problem there - I'll always remember that this slaughter was entirely preventable and was absurdly easy to pull off because of positive steps and policies our government required, from immigration policies, to beauracratic red-tape with respect to intelligence, even policies ingrained "give the hijackers what they want".

The "politically correct" policies of the last several decades are nothing more than poison, that's what we need to remember.

williambanzai7's picture

And now everyone is put on red alert to look for three boogeyman of unknown description driving stolen trucks. Is this out of a comic book or what?

LetThemEatRand's picture

But Rummer claims we need to spend more trillions on the defense budget or these fried chicken eating stoners will blow us all to bits.   

trav7777's picture

agree...I am 911'd OUT. JFC, people let it go. This nation just wants to perpetually live in victimhood. Fuckin 10, 15 thousand died in a tsunami in Japan, 250k in the Xmas tsunami in indonesia and we're turning this into an orgy of "why oh why us."

JFC, we have troops in 100 countries, have been bombing all over the earth and we expected people to thank us for this shit? 

BigJim's picture

I'll say this for you, Trav: when you're right, you're right.

BigDuke6's picture

As a sign of respect for the fallen soldiers of the USA I read these stats in my Sunday paper and in my inebriated state have staggered around to find them.
I type them , fuck I miss c and p

War costs since 9/11. $2,516,000,000,000
Of this War funding costs. 1,649,000,000,000
Projected war funding 2012 to 2016. 278,000,000,000
Future care of veterans. 589,000,000,000

Bush was a fucking idiot to fall for it all hook line and sinker.
From those figures the saving will come from the care of the vets.

stacking12321's picture

bush did not fall for it.

the event gave him a lot of leeway in pushing his agenda, whether or not he was in on it.

if 9/11 hadn't happened, he would've had a lot of incentive to make it happen.

just sayin'

realitybiter's picture

I voted for W twice, sent him a letter at the end of the second term demanding the pardon of Campeon and Ramos, else I would forever refer to taking a dump as "a Bush" and do my darndest to move it into popular lexicon.....

I watched the interview he had televised recently.  It was clear that on on 9/11 there was an orchestrated effort to keep him out of the loop.  He was out of communication, for hours....  "For some reason the phones weren't working.  Dick Cheney was in charge."  They flew him around, cut the communication, until it was all over and all planes had hit there intended targets....(except 93)

I kid you not.  W ain't that bright.  Bigus Dikus was large and in charge.

dark pools of soros's picture

we cry for 9/11 as we have a hand in NATO bombing the marvelous water system in Libya

http://www.scoop.co.nz/stories/HL1109/S00041/the-great-man-made-river-project-libyas-achievement.htm

what a bunch of greedy, jealous hypocrites we have become

Bananamerican's picture

i can't do 911....

911 is an anchorman with a lump in his throat.

911 is 10,000 back-slapping contractors and Bush "Pioneers" with flag lapel pins and big shit-eating grins.

911 turned America into a "Homeland" and 3rd world populations into test subjects for some "pretty neat" 21st century weapons systems.

911 gave us EIGHT years of motherfucking incurious GEORGE and some of the shittiest country music ever created.

911 saw a country masturbate itself...to death...with a security camera to record the proceedings as the Rodent Freikorp cleaned its arsenal with the Constitution and the kleptocracy went into hyperdrive....

oh yeah, and endless war.....endless war

Take off your shoes Amerika and pour a 40, It's "911 Day"...

911....Who gives a shit

chindit13's picture

You'd give a shit if you lost someone dear to you.  So fuck fuck fuck fuck fuck fuck you to hell, asshole.

Funny how all the ZH community came out yesterday to offer condolences to somebody's mother.  You didn't know the woman, and you don't even know whose mother she was.  Then on a day when many people, American and otherwise, and on this same website, are remembering losses, all you can say is "who gives a shit?"

Again, fuck you and your entire gene pool to hell.

realitybiter's picture

I think you misunderstand.

 

I went to 9 11 this Summer.  It was a long trip.  I took the whole clan, it wasn't cheap either.  

As I stood in front of the Fireman Memorial it took all the strength I had to choke back my tears.  I was really sad.  It was that pit of your stomach, sucker punched sadness that washes over you like a rogue wave from behind.

Why was I sad?  I was sad because great, innocent, free people got wiped off the face of the earth.  Inside job or not, I could not help but feel that all of these lives were lost because we are a nation of f ups.  From the idiots that gave the terrorists IDs to the management of the CIA and FBI, to the stooges now that feel that all we have to do is piss away a trillion dollars a year into an Arab rathole and it will all be better....we are a bunch of F ups.   And still-

those innocent folks are dead.

that is sad.

chindit13's picture

I have no argument with what you said.  I am a believer in the incompetence and turf protection explanation for 911.  I was against the Iraq War, have nothing but contempt for Cheney and his browbeating of Tenet and championing of the Iraq invasion, and hate getting fondled by the TSA.  I know the terrorists won on 911 because, contrary to what Dubya said, we did let "these people, the terrorists, change our way of life".

I am also against the victimhood we seem to have embraced since 911.  I have experienced my losses, but I don't need to go to NYC or Washington to put them on display.  At the same time, I do not appreciate some of the callous comments made by people who do not know that loss.  Don't watch it if it bothers you, but respect others' feelings.

That being said, the conspiratorialists irritate me no end.  While some small minority of them are well intentioned, most are folks who just want to hate.  They are not about to listen to anything that conflicts with their pre-conceived view of how things are.  They are sheeple who insist it is everyone else who is a sheeple.  In the meantime, al Qaeda wins.

I am not of the view that US policy has nothing to do with the hate the US receives from the Moslem world.  At the same time, having a good deal of experience in the Islamic world and as a speaker of Arabic, I know that US policy is not the sole cause of what drives fanatical Islam.  Those who believe otherwise are naive.

So I prefer a two pronged approach.  The first is not creating any unnecessary enemies via bad policy and indifference to the suffering of non-US citizens.  The second is being aware that even that will not be enough for those who think spirituality lies in doing away with those who will not accept certain beliefs.

Bananamerican's picture

sorry Chindit, but some people were killed in a murder/suicide yesterday in Orange County. Yet the remnant of that family doesn't get to enjoy the Spectacle of a national mourning service every year. 

My mom died 3 years ago, my dad 10 years gone my twin brother 15. So you see, i have lost people dear to me. I don't demand that the ZH "community" commemorate my losses each year....it would be pretty frickin narcissistic of me if i did.

Some of us though do have a shared memory, reagrd and sense of loss for a country once considered to be the "last best hope of mankind" wounded by a stranger, finished off by her own relations... That's where you'll find me bitter.

I have two kids, by the way — 5 & 18...

Damn MY gene pool to hell?  say that to my face, you'll be crawling in your own personal Ground Zero.

THESE are your mourning peers Chindit...

[IMG]http://i55.tinypic.com/2aesf8z.png[/IMG]

chindit13's picture

No, you should not expect people to mourn, but at the same time, I doubt you would take kindly to someone stating on your own day of remembrance, "I don't give a shit".

There is a difference between dwelling on victimhood and lack of respect.  Some people lost children that day.

Rodent Freikorps's picture

Amen, Chindit.

That rant just rocked.

chindit13's picture

This is one post I regret having made.  To Bananamerican, I'm sorry.

In future remembrances, which I always believed should have been private and personal reflections and not national displays, I will quietly reflect, and do it away from any and all media.

realitybiter's picture

911 is a Joke

 

Public Enemy in what? 1989?

Sean7k's picture

You don't have to worry about war criminal trials as long as you win. You don't have to worry about it being reported in a controlled media. That is the beauty of totalitarian socialism- we take our biggest monsters and make heroes out of them. We are heartless, jingoistic, pathetic cowards hiding behind the biggest gun. We even kill our own. Happy 9/11.

Thank you Soros.

monoloco's picture

It was the American equivalent of the burning of the Reichstag.

dolly madison's picture

And unfortunately I fell for it hook, line and sinker back then.  I remember being glad that George Bush was president.  That he would be better to handle it than Gore.  I am so tired of being fooled by them.

Tuco Benedicto Pacifico Juan Maria Ramirez's picture

And I bet none of the persons mentioned above are/were loved ones or relatives of yours, if such an entity exists?!

Abitdodgie's picture

NO but one of the 50,000 Libyans was , so who gives a fuck about 3,000 supporters of a terrorist Government, after all most of the Jews were at home that day

Transformer's picture

hey trav, I respect a lot what you write here, but you're missing the whole point.  Of course we're 911'd out.  We have an idea of what really happened.  It aint us, the people, turning it into an orgy of why oh why us.  It's the elites/banksters/politicos trying to hang on to some part of the middle class.  Only the stupid and normalcy biased still believe this shit.  I can't watch it either.  Our local news had a segment of a local fireman being invited to go to the event.  He was all proud and saying how much respect he had for the NYFD.  somebody forgot to tell him they were banned from the event.

Blano's picture

Gotta agree with you too on this one trav. I purposely avoid all 9/11 items on TV (which is easier when you don't have cable) and am purposely going to church late tomorrow to miss some 9/11 remembrance thing at the beginning of the service. 

I'm disgusted with the direction this country has taken since 9/11.  All these remembering thingys are IMHO designed to make every one "feel good," while ignoring and/or steering the people away from the fact that we're either no longer a free country, or soon will be.  But if I said that to anyone in church, I might get thrown out.

Thomas's picture

I'm still shocked that they attacked building 7.

Thomas's picture

I posted this video on my course website. Not a lot of eyeballs yet but it is well done...

http://www.youtube.com/watch?v=YW6mJOqRDI4

Earl of Chiswick's picture

Thanks that is quite the professional presentation (just started watching)

chubbar's picture

That video is the longer version of many I've watched over the years. Basically it is science. The video covers the science and the many reasons why it is IMPOSSIBLE for bldg 7 to have collapsed the way it did.

Anyone who disputes these facts are either completely delusional or a card carrying member of the NWO.

It's hard for me to understand the evil that has to exist for something of this nature to have been carried out. It only serves to brace me for what I understand will be life changing events on the near horizon. This monstrosity cannot be allowed to gain a foothold in the collective consciousness of america. "They" will kick over the card table before they are forced to show their hand. Middle america must remain unaware of their dispicable acts or it is game over for them, they will not allow that to happen. Expect yet ANOTHER false flag event!

trav7777's picture

if it was impossible for 7 to collapse the way it did, then how did it collapse the way it did?

Ying-Yang's picture

Watch it and get back to us when you have an opinion

Tuco Benedicto Pacifico Juan Maria Ramirez's picture

Good question Trav! Why don't you ask that BBC reporter who reported the collapse of building 7 a full 20 minutes before it collapsed.  You can see the buidling over her left shoulder still standing during her report.  Don't bother watching the video though Trav.   I am sure you would deny that the building is still standing.  Ha, ha.  How much do the feds pay you to do their dirty work or perhaps you are not a real person at all, but a sock puppet?!

Cthonic's picture

I think Trav is merely quibbling with the way the statement is worded.  It's missing some phrasal cues: "The video covers the science and the many reasons why [some believe] it is IMPOSSIBLE for bldg 7 to have collapsed the way [NIST claims] it did."

To be sure, the early reporting of the Salomon Bros. building's fate is a highly damning media artifact; it's no wonder that BBC 'lost' that tape.

chindit13's picture

Have you asked her?  You think there wasn't just a little bit of confusion that day?  Did you know what a WTC7 was and what it looked like on 9-10-2001?  And do you think the "conspirators" would need to send press releases to foreign news sources just to make sure they didn't miss the collapse of a 47-story building?  Do you think a "conspirator" would risk getting caught for something so unnecessary, or do you think the BBC and all of its cub reporters were also "in on it"?

 

Seer's picture

Building is reported as collapsing and it's still standing.  FACT

MSM gets its marching orders, er, a, "news" segements from "official" sources and then just passes them along...  Have people not read Orwell?  Don't get it that there's next to NO independent invetigative reporting any more?

Yet, rather than admit to the facts, you, and others like you, would have us try to SOLVE a crime before it's even brought to trial!  How about we actually open up a case and have REAL investigations?  Shit, I'd settle for an opprotunity to educate people about gravity (yeah, novel concept).

Manhattan Project.  How come nothing was leaked on this?

Tough questions make people think.  Sometimes people have the brain cells to think with, sometimes not...