Tuesday, February 26, 2008
Old Country Preacher
An old country preacher had a teenage son, and it was getting time the boy should give some thought to choosing a profession.Like many young men, the boy didn't really know what he wanted to do, and he didn't seem too concerned about it.One day, while the boy was away at school, his father decided to try an experiment.He went into the boy's room and placed on his study table four objects:a Bible,a silver dollar,a bottle of whiskyand a Playboy magazine'I'll just hide behind the door,' the old preacher said to himself, 'when he comes home from school this afternoon,I'll see which object he picks up.If it's the Bible, he's going to be a preacher like me and what a blessing that would be! If he picks up the dollar, he's going to be a businessman, and that would be okay, too. But if he picks up the bottle, he's going to b e a no-good drunkard,and, Lord, what a shame that would be.And worst of all, if he picks up that magazine he's gonna be a skirt-chasin' bum.' The old man waited anxiously, and soon heard his son's footsteps as he entered the house whistling and headed for his room.The boy tossed his books on the bed, and as he turned to leave the room he spotted the objects on the table.With curiosity in his eye, he walked over to inspect them.Finally, he picked up the Bible and placed it under his arm.He picked up the silver dollar and dropped it into his pocket. He uncorked the bottle and took a big drink while he admired this month's Centerfold.'Lord have mercy,' the old preacher disgustedly whispered, 'He's gonna run for Congress!'
Saturday, February 09, 2008
Introduction: An Overview Of Deep Capture | Deep Capture
Click on the link and read on.
Introduction: An Overview Of Deep Capture Deep Capture
January 24th, 2008 by Patrick Byrne
Dear Reader,
Since early 2005 I have been criticizing our nation’s financial system. Some recent news stories displayed confusion regarding my claims. I will therefore state them here in a way that will be difficult for others to misunderstand or misconstrue. Then in subsequent posts I will review evidence that has emerged over these past two years and evaluate the degree to which that evidence has confirmed or falsified my claims.
I can reduce my theory to ten simple claims:
1. The Securities & Exchange Commission, regulator of our nation’s capital markets, has been partially captured by financial elites to the point that it favors Wall Street over Main Street.
2. A clear regulatory violation (in fact, a crime) is routinely occurring in our capital markets, but it is enormously profitable for Wall Street banks and hedge funds so they prevent the SEC from addressing it.
3. As a result of this crime, while Wall Street profits, corporate governance in America has been shattered.
4. As a result of this crime, while Wall Street profits, companies (often innovative tech and biotech companies) are damaged or destroyed and Americans are robbed of their savings (often without any awareness on their part beyond their and their pensions’ losses in the stockmarket).
5. This crime has become so extensive that it may have created in our country’s financial system a crack so deep it could trigger a systemic collapse.
6. The relationship between Wall Street and the financial media is inappropriately cozy.
7. Though economists have produced data supporting the view that this has the makings of the financial scandal of our lifetime, most in the financial media have proven themselves incapable of bringing a critical mindset to this issue because of their too-cozy relationship with Wall Street (some elements of the financial media actually seem to be engaged in a cover-up on behalf of financial elites they cover).
8. Within “social media” (blogs, message boards, and wikis) evidence for the preceding points has been pieced together, but as a result, there is a campaign to hijack the social media discourse.
9. I will describe the evolution of a group of players who have come to dominate Wall Street and who turn up wherever this crime is occuring. Some of them have long-standing connections with media figures who are promulgating the cover-up in the financial press. Some also have discrete relationships with those who are hijacking social media to the same effect.
10. I will describe the pawns, that is, those figures from the world of financial journalism and social media who engage in blue-smoke-and-mirror attempts to obfuscate the issues and even cover-up on behalf of the people implicated in this crime.
To many, the preceding will appear a bald and unconvincing tale, too fantastic for even the loopiest Hollywood thriller (in fact, when I first began discussing these claims, The New York Post ran a photo-shopped picture of me with a flying saucer coming out of my head). For two years the profession of financial journalism has demonstrated that in its view there are, in fact, two subjects beyond critical examination: Wall Street, and the profession of financial journalism.
In the chapters that follow I will examine evidence that has emerged over the last two years and the degree to which it confirms or falsifies these claims.
I thank you for the courtesy of your visit and the gift of your attention.
Respectfully,Patrick M. Byrne
Introduction: An Overview Of Deep Capture Deep Capture
January 24th, 2008 by Patrick Byrne
Dear Reader,
Since early 2005 I have been criticizing our nation’s financial system. Some recent news stories displayed confusion regarding my claims. I will therefore state them here in a way that will be difficult for others to misunderstand or misconstrue. Then in subsequent posts I will review evidence that has emerged over these past two years and evaluate the degree to which that evidence has confirmed or falsified my claims.
I can reduce my theory to ten simple claims:
1. The Securities & Exchange Commission, regulator of our nation’s capital markets, has been partially captured by financial elites to the point that it favors Wall Street over Main Street.
2. A clear regulatory violation (in fact, a crime) is routinely occurring in our capital markets, but it is enormously profitable for Wall Street banks and hedge funds so they prevent the SEC from addressing it.
3. As a result of this crime, while Wall Street profits, corporate governance in America has been shattered.
4. As a result of this crime, while Wall Street profits, companies (often innovative tech and biotech companies) are damaged or destroyed and Americans are robbed of their savings (often without any awareness on their part beyond their and their pensions’ losses in the stockmarket).
5. This crime has become so extensive that it may have created in our country’s financial system a crack so deep it could trigger a systemic collapse.
6. The relationship between Wall Street and the financial media is inappropriately cozy.
7. Though economists have produced data supporting the view that this has the makings of the financial scandal of our lifetime, most in the financial media have proven themselves incapable of bringing a critical mindset to this issue because of their too-cozy relationship with Wall Street (some elements of the financial media actually seem to be engaged in a cover-up on behalf of financial elites they cover).
8. Within “social media” (blogs, message boards, and wikis) evidence for the preceding points has been pieced together, but as a result, there is a campaign to hijack the social media discourse.
9. I will describe the evolution of a group of players who have come to dominate Wall Street and who turn up wherever this crime is occuring. Some of them have long-standing connections with media figures who are promulgating the cover-up in the financial press. Some also have discrete relationships with those who are hijacking social media to the same effect.
10. I will describe the pawns, that is, those figures from the world of financial journalism and social media who engage in blue-smoke-and-mirror attempts to obfuscate the issues and even cover-up on behalf of the people implicated in this crime.
To many, the preceding will appear a bald and unconvincing tale, too fantastic for even the loopiest Hollywood thriller (in fact, when I first began discussing these claims, The New York Post ran a photo-shopped picture of me with a flying saucer coming out of my head). For two years the profession of financial journalism has demonstrated that in its view there are, in fact, two subjects beyond critical examination: Wall Street, and the profession of financial journalism.
In the chapters that follow I will examine evidence that has emerged over the last two years and the degree to which it confirms or falsifies these claims.
I thank you for the courtesy of your visit and the gift of your attention.
Respectfully,Patrick M. Byrne
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