Rousing the rabble
nemo paradise

Nemo isn’t much for conspiracy theories, but today, hundreds of “demonstrators,” mostly union members, occupied the lobbies of two banks in New York City, shouting “Bust up big banks.”

How the hell did that happen?

Please don’t tell me that they thought this up themselves. Or that labor leaders did. What’s really in it for them? Why would a mob of people take a day off from work and do this? It’s hard enough to get a union members to work when you pay them; getting them to demonstrate for free would take some serious arm-twisting by the leadership.

Nemo smells a rat. Did someone at a certain colonial edifice down in DeeCee make a few phone calls to the AFL-CIO?

As unlikely as this seems, the coincidences are starting to pile up. Goldman charged with fraud — but no one can find any fraud. Goldman seared like ahi tuna by a coven of congressional chumps, who are outraged that Goldman didn’t have the decency to flounder like Citi. For all the self-righteous indignation and fierce declarations, the hearing was a complete waste of time. We learned absolutely nothing we didn’t already know, including the fact that most of our congressmen are pandering morons desperate to find a fall guy lest the voters conclude that maybe it was the legislature that was asleep at the switch.

It’s hard to accept that these events are not part of a concerted and coordinated effort to demonize the financial industry. And if things get out of hand, and people get hurt, I hope someone asks some questions. Fires are easy to start. They can be hard to extinguish.

Now suddenly, “demonstrations.” Shades of Hugo Chavez.

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nemo paradise

About nemo paradise

Nemo has been perversely fascinated by finance since emergence from college as an English major with little or no math. His opinions, analysis and observations are generally subjective, and employ vast amounts of quantitative analysis the same way that an elephant turns savannahs into useful energy, with impressive piles of dung as a by-product. Nemo has been professionally employed in the trading and analysis of and commentary on financial markets since 1972. Nemo makes no short-term predictions, except when seized by caprice. The future is inherently unknowable, but is subject to analysis. Very, very infrequently, this analysis uncovers situations where outcomes are not random over the longer term. And, as you can tell, Nemo is a smug son of a bitch who has learned from his mistakes to guard his projections very, very carefully, but has no hesitation in attacking like a starving wolverine the misconceptions, idiotic assumptions and howling fallacies that financial pundits offer with stunning frequency.

Comments

Rousing the rabble — 28 Comments

  1. I’m too lazy to read the bill the Dems came up with because it’s over 1300 pages according to Larry Kudlow on CNBC, but if it really does allow the Executive to determine that a (public only?) corporation is important enough to the economy that they can expropriate it after deeming it to be in distress, as the Congressional Research Service Summary would seem to imply, then anyone associated with it should be traded to North Korea and Iran in exchange for the various hostages they hold.

  2. We all have our own general ideas how this will all, if not end, then start to end. We just don’t know when.

    As long as we have a government full of power-hungry clowns, unemployment and standards of living will not improve.

  3. ‘Hundreds of grass roots, spontaneous demonstrators wearing matching T-shirts and carrying identical printed signs today congregated here, blocking foot traffic and handing out laminated, tri-fold fliers outlining how directive 10-289 will save and grow jobs while lowering costs for consumers.’

  4. There is sadly a 2011 Tax Day revenue gusher plausibly coming: George W. Bush’s 2010 Tax Miracle, which would help the squishes join the Dems in opposing the massive spending cuts that are due, and OBambi will claim credit for the results of someone else’s policies. And then they’ll blame the Republicans when it suddenly stops. And then the Dems will re-run 2006 all over again.

    And now I’m thirsty.

  5. mostly union members

    Somebody checked their union cards? It seems to be a common tactic of the unions to hire cheap day labor to man the picket lines. They get paid below minimum wage, no breaks, and no healthcare.

  6. If they’re paid below minimum wage – which is what, $7.25 / hr. now? – then you’d think someone would record a video of that transaction and get some prosecuting going on.

    Yeah, sometimes I like to amuse myself.

  7. Pingback: Instapundit » Blog Archive » ROUSING THE RABBLE? Well, the goons, anyway. If Tea-Partiers did this it would generate lots of co…

  8. As a union staffer, I know that unions routinely use staff to demonstrate as “union members.” They also have a cadre of “lost timers” — members on union-paid leave from their real jobs — whose main responsibilities are to attend demonstrations.

    The more militant unions treat their staffs like garbage, while claiming to protect “working families”. Long overtime, abusive managers, etc. They rely on true believers who are willing to burn themselves out for the cause. It’s pathetic, really…

    This is one of the reasons why unions can get people to demonstrate at banks in the middle of the day.

  9. “We learned absolutely nothing we didn’t already know, including the fact that most of our congressmen are pandering morons desperate to find a fall guy lest the voters conclude that maybe it was the legislature that was asleep at the switch.”

    Hello? Congress was the one who installed the switch. Now, they’re desperate because somebody turned it on, and unleashed their low income housing Kraken.

  10. I am anti-union-goon, but one legitimate way to deal with the financial system is to break up the banks (don’t let them ever be too big to fail; the other way is to make clear we won’t bail any entity out, they will fail).

  11. I fear for my country. Watching this from the outside it sounds more like the things that happen in Banana Republics than the country I grew up in.

    Then again, I said at the time to those that would listen that Clinton was turning the US into a Banana Republic. I was fooled for a while, but Bush just kept things moving in that general direction.

    I’m watching Thailand as paid goons from the “Reds” “demonstrate” in the streets. Next week it will be the other color’s turn. Is my anxiety that we could see the same thing in the US in the near future too grim?

    Wait until the Greek austerity actually kicks in. They throw bombs over there at banks. Usually empty ones at 3AM. It’s only one step away from throwing them when they aren’t empty.

  12. The only people able to take time off to “protest” in N.Y.C. are those out of work. Everyone else is trying to keep a roof over their head. They want to protest? Try protesting against the idiots, including ‘the one’ who sued to get govt. backed loans for folks with no way on earth to repay them. N.I.N.J.A. loan for half a mill? Sure, sign right here! (The govt. will guarantee it, via freddie or fanny mac). Just astoturf the banks who were forced to grant these loans when it all falls apart.

  13. Pingback: Right-Wing Links (April 30, 2010)

  14. Ol’ Nappy is so extreme, she’s continued on the next bag…

    …what on earth did that have to do with nemo’s post?

    So…you’re allowed to veer off-topic* on a thread, but I’m not??

    * reference, most recently, your remarks on the thread two steps down, Post Heading:Technology Crawls Onward

  15. you’re allowed to veer off-topic* on a thread, but I’m not??

    Noooooo no no no no – I’d never say that. I was just wondering how you got there from here. What was the thought process that took you from astroturf protests to ugly women. SEIU group photos? Or maybe there was no rational, coherent chain of thoughts, Cthulhu having gotten to you already. Who would win in a Cthulhu-Santa Claus matchup, do you think? Would it be a beatdown of Bambi-vs-Godzilla proportions, or would Santa’s fast travel and cheeriness aura make him a match for Cthulhu’s towering height, tentacles, insanity aura, and willingness to eat people? I did assume that your logic path had nothing to do with the offensive slur against perfectly lawful protesters against government excesses. Although I’ll admit that seeing a gorilla tea-bagging Nancy Pelosi would make me laugh. Did you know that a gorilla has a very short penis? It is likely that a male gorilla could have sex with a female human virgin and she’d still pass a virginity testcite needed, a symptom of a patriarchal society in which the men have to beat their chests and their women to assert their masculinity because they have no real accomplishments to show. Much like gorillas chasing off competitors. Which then makes me think of the Senate and the figurative dick-waving contests. But that makes me queasy, so I think it’s time to end with a link which can serve as a Rule 5 launch point: Good Morning Wood

  16. I don’t think it’s frightening if people’s mind work this way. Human memory works associatively and thoughts run non-linearly, so it’s normal for all sorts of unexpected thoughts to pop out.

    The frightening, or at least annoying, part is when people don’t have filters between their brains and their mouths. A three year old chattering incessantly and randomly is cute. A sixteen year old boy is annoying. A senator is frightening.

  17. #13: Being too small can also lead to failure. Back in the days of the Great Depression, the US had laws restricting the ability of banks to open too many branches. This resulted in banks limited to particular geographic areas, with loan portfolios concentrated in whatever economic activity dominated that area. When that activity took a hit, the bank failed because they didn’t have adequate diversification. In contrast, Canada did not have those anti-branching laws and they did not suffer the same kind of widespread bank failure that occurred in the US.

    In effect, laws trying to prevent ‘too big to fail’ created a less robust banking system. You can’t escape from the law of unintended consequences.

  18. Being too small can also lead to failure

    I assume this refers to banks, and not the previously-cited gorilla appendage.

    We can shrink our banks all we want to, but that’s not likely to impress Germany (Deutsche Bank), Switzerland (Credit Suisse, UBS), The UK (Barclays), or other entities like HSBC, ING, etc.

    But why shouldn’t the US cede its financial supremacy? Banks are bad. Bad.

  19. What was the thought process that took you from astroturf protests to ugly women.

    No real “thought process” involved, I suppose – just idle “stream of semi-consciousness”, similar to yourself…

    SEIU group photos?

    Now, there’s an ugly random thought for you…

    Or maybe there was no rational, coherent chain of thoughts, Cthulhu having gotten to you already.

    Possibly, that’s it – does Cthulhu do a “brain-sucker” number on you before the main attack/consumption?

    Who would win in a Cthulhu-Santa Claus matchup, do you think? Would it be a beatdown of Bambi-vs-Godzilla proportions, or would Santa’s fast travel and cheeriness aura make him a match for Cthulhu’s towering height, tentacles, insanity aura, and willingness to eat people?

    I’m not certain – though, based on observation of Congress versus rational thought/behavior, I’d say insanity aura and willingness to eat people tends to beat mere cheeriness aura to its knees…

    I’ll admit that seeing a gorilla tea-bagging Nancy Pelosi would make me laugh.

    Now, that’s pretty funny to contemplate, I don’t care what brand of anarchist you are…

    Did you know that a gorilla has a very short penis?

    Yes – I remember seeing that once, in an unexpurgated edition of Ripley’s Believe It Or Not, I think…Gorillas apparently follow the Little Teapot rule: Short But Stout…

    It is likely that a male gorilla could have sex with a female human virgin and she’d still pass a virginity test.

    It seems likely that a male gorilla could attempt sex with a male human virgin, and he might still pass a virginity test…

    It also seems likely that your particular stream-of-semi-consciousness is having a bout of Mental Diarrhea. Prescription: Take in a couple of Obama public speeches*, stay strictly away from any form of the Guinness Book Of World Records for awhile, and it will pass – along with just about everything else, of course.

    A three year old chattering incessantly and randomly is cute. A sixteen year old boy is annoying. A senator is frightening.

    …while with either Slick Willie Clintoon or Ol’ Jimmuh Cahtah, we’re back to Annoying, alternating with Risible, layered over with Irrelevancy.

    As the old-time philosopher Bugs of Bunny might put it, you need to unlax – your frammis is wound too tight, and it’s restructing your digression.

    *all that cheery-but-insipid-droning-while-lying-and/or-saying-nothing-of-substance is virtually guaranteed to result in temporary Mental Constipation. Should easily counter that steady drip-drip-drip of Post-Mental Decongestion.

  20. Banks are bad. Bad.

    Absolutely, I agree wholeheartedly; I’ve said so for decades…but then, I’m mostly a financial moron.

    Though even I recognize an ugly-but-true thing about banks – as with freedom and capitalism, all the workable alternatives are worse; mostly, much worse.