» Posted by Martin Weil on January 07, 2010

we have descended in the clutches of corporate and other special interests to a second world state defined by K Street instead of Independence Square. Our government doesn't work anymore, or perhaps more accurately, when it does, it works for special interests and not the American people.

No not Arianna Huffington, but Bill Gross, Chief Investment Officer of PIMCO (Newport Beach, CA.), the US' largest fixed income manager. Gross continues in his January "Investment" Outlook":

What amazes me most of all is that politicians can be bought so cheaply. Public records show that combined labor, insurance, big pharma and related corporate interests spent just under $500 million last year on healthcare lobbying for what is likely to be a $50-100 billion annual return. The fact is that American citizens have never been as divorced from their representatives - and if that description fits the Democratic Congress now in control - then it applies to Republicans as well - past and present. So you watch Fox, or is it MSNBC? O'Reilly or Olbermann? It doesn't matter. You're just being conned into rooting for a team that basically runs the same plays called by lookalike coaches on different sidelines. A "ballot box" pox on all their houses - Senators, Representatives and Presidents alike. There has been no change, there will be no change, until we the American people decide to publicly finance all national and local elections and ban the writing of even a $1 check for our favorite candidates.

Add Gross to the angry chorus of voices from financial professionals of all description regarding the stranglehold on DC politics by the largest industry players. Should be interesting to see where this leads.

» Posted by Martin Weil on December 22, 2009

The Healdsburg Plaza, Winter, c. 1905

» Posted by Martin Weil on December 17, 2009

I've known many people in the financial business who said I'm really proud because I did it all myself. ... the first thing I say is, 'Isn't that wonderful. You did it all yourself. I think that's terrific. I don't know many people that have done that. But tell me, how did you arrange to be born in the United States of America.'

Our birthright has created enormous wealth and stability of property and for us to think that we don't want to pay our fair share of the costs running this nation when our young citizens, let us not forget, are dying in wars out there trying to protect democracy and the nation we built up, it seems to be quite outrageous.

John Bogle, founder of Vanguard, quoted in a WSJ's Wealth Report posting on the issue of the inheritance tax

» Posted by Martin Weil on October 18, 2009

Harrods Gold Bullion
Sign of the times? Or sign of a top?

» Posted by Martin Weil on October 09, 2009

Charlie Brooker vents in the Guardian (UK). Very funny.

As a joined-at-the-hip-from-birth-to-Microsoft kinda guy, I will confess to similar occasional feelings of unrestrained hatred of everything Apple. The Stockholm Syndrome it appears.

» Posted by Martin Weil on October 01, 2009

» Posted by Martin Weil on May 19, 2009

Wherein UCLA social policy prof Mark Kleiman makes some sense:

Once the measures fail, the only hope is that Barack Obama will come in and play the role of the IMF: "Here's a bunch of Federal dollars you can have if and only if you change the two-thirds rule and eliminate the Prop. 13 rip-off for business." It might even work.

» Posted by Martin Weil on December 23, 2008

From The Big Picture

Actually, this would be more accurate if the start year was 2002, or even 1997.

» Posted by Martin Weil on December 01, 2008

Tanta, a prolific blogger who along with Calculated Risk was among the first voices to warn of an impending real estate crisis, died today of ovarian cancer at the age of 47. One of the true gems of the Internet's serious analytical community, Tanta had few peers as an economics commentator, whether in cyberspace or in the traditional media. She will be greatly missed by some 75.000 daily readers who, according to her obituary in the NY Times. included Paul Krugman, this year's Nobel Prize recipient in Economics, as well as analysts at the Federal Reserve.

Among her legacies, Tanta leaves a series of 13 essays, "The Compleat Ubernerd," (scroll down for links) explaining in meticulous detail every part - from origination to default, with multiple stops at securitization, ratings and more - of the entire mortgage implosion.

Rest in peace, Tanta.

» Posted by Martin Weil on September 10, 2008

Photo from The September 11 Digital Archive