"The sense of responsibility in the financial community for the community as a whole is not small. It is nearly nil. Perhaps this is inherent. In a community where the primary concern is making money, one of the necessary rules is to live and let live. To speak out against madness may be to ruin those who have succumbed to it. So the wise in Wall Street are nearly always silent. The foolish thus have the field to themselves. None rebukes them."
John Kenneth Galbraith, The Great Crash of 1929
“There are two ways to be fooled. One is to believe what isn't true; the other is to refuse to believe what is true.”
Søren Kierkegaard
“When we trade the effort of doubt and debate for the ease of blind faith, we become gullible and exposed, passive and irresponsible observers of our own lives. Worse still, we leave ourselves wide open to those who profit by influencing our behavior, our thinking, and our choices. At that moment, our agency in our own lives is in jeopardy.”
Margaret Heffernan
“The second factor contributing to speculative euphoria and programmed collapse is the specious association of money and intelligence.
There can be few fields of human endeavor in which history counts for so little as in the world of finance.”
John Kenneth Galbraith, A Short History of Financial Euphoria
Fed Chairman Jay Powell gave some fiarly dovish comments today in his keynote speech at Jackson Hole.
It was absolutely no surprise to anyone who have been following things closely.
But it apparently surprised the markets (yeah right), which took off higher, going out near the highs.
The Russell 2000 was a top performer for a change of pace.
Gold and silver were shining, especially in the aftermath of the utterly obvious and heavy-handed take down last week by one or more of the short interest holding Banks.
Next week there will be a Non-Farm Payrolls report on Friday, ahead of the three day holiday weekend.
Need little, want less, love more. For those who abide in love abide in God, and God in them.
Have a pleasant weekend.
