Posts Tagged ‘Wall Street’

The Economy? None of Your Business

Wednesday, February 28th, 2024

By Bob Gaydos

My “smart” TV

My “smart” TV. RJ Photography

   So the very smart TV made an unscheduled stop the other night on one of those “business” news shows with a bunch of well-dressed, middle-aged men and younger women talking to each other about money. I think. 

    They were talking about the day on Wall Street and they all sounded very smart, like the TV, but, I don’t know, maybe something got lost in the translation for me.

     What I can recall of their stream of consciousness conversation that day went something like this: “Nvidia … AI … Magnificent Seven … Tesla … Earnings … Inflation … Nvidia … Kathy Wood … Tesla … Fed … Rates … AI … Microsoft … Shorts … Inflation … Techs… Bubble… AI … Nvidia … Fed … Tesla … Apple … Trillion … Inflation … Fed … Nvidia … Over-Priced … Tesla … AI … China … Apple … Nvidia … Price Target… Shorts … Rates … Inflation … Amazon … Fed … Techs… Index… AI … Dow … Tesla … Kathy Wood … Nvidia … Google … Shorts … Inflation … Earnings… Recession … Fed … AI … META … Index … Fed … Nvidia.”

     That’s pretty accurate, I think. So it sounds like something to do with money, right? But not the economy because that word was never mentioned. Well, maybe someone said “consumer” one time in a passing remark on inflation.

     The thing is, they all seemed to understand each other and mostly agreed with each other, especially about Nvidia and Tesla and AI and Kathy Wood. But after listening, I wasn’t sure how the economy was doing or even what stock I should buy or sell, if I were in the market to do so and maybe couldn’t afford Nvidia. Or maybe I couldn’t afford not to afford Nvidia.

      Confused, I looked around and heard pretty much the same conversation on every TV business show, so I figured they got paid to talk to each other about Nvidia and inflation, but weren’t interested in telling me anything useful. Certainly not about business.

       Luckily, I finally found the “I-know-every-stock-out -there” savant, Jim Cramer, whose message, as usual, was clear: “Buy! Buy! Buy!” or “Sell! Sell! Sell!” But don’t trade Apple. Still. Oh, and the economy’s doing fine.

       There’s something quietly reassuring about being talked to directly, rather than eavesdropping on some private conversation. Especially about money.

      Smart TV take note.

rjgaydos@gmail.com

      

Connecting the Dots on Five Lives

Sunday, December 10th, 2023

By Bob Gaydos

F80B818B-215B-4E63-966F-0F72A70D1F07  I have always looked at my function as an editorial writer/columnist to not simply subject readers to my opinions on a variety of topics, but rather, to try to help them connect the dots: A plus B equals C. Or maybe it doesn’t. Here’s why.

     This past week, five prominent figures in American society died, one after another, and it seemed, at least to me, that the dots were literally screaming to be connected: Charles T. Munger, 99; Rosalynn Carter, 99; Henry Kissinger, 100; Sandra Day O’Connor, 93, and Norman Lear, 101.

     At first glance, the only obvious dots were their ages. All had lived past 90, two had reached 100 and two just missed. Good living? Good genes? Coincidence?

     Not being a big believer in coincidence, I had to take a closer look.

     Charlie Munger was the lesser-known half of the founding partners of the Berkshire-Hathaway investment conglomerate, headed by Warren Buffett. Munger was vice chairman.

       On Wall Street, everyone is always interested when Berkshire-Hathaway takes a financial stake in some company, or sells one, because of the company’s phenomenal success. Buffett usually gets the public credit, but he attributes Berkshire- Hathaway’s success to a piece of basic investment advice he got a long time ago from Munger: “Forget what you know about buying fair businesses at wonderful prices; instead, buy wonderful businesses at fair prices.”

     Buffett has always preached that same philosophy, irrespective of all the bells and whistles and charts and algorithms others use to try to game the market. Munger would have been 100 years old on New Year’s Day.

     Plains, Ga., is as far from Wall Street philosophically as one can get, but Rosalynn Carter and former President Jimmy Carter made it their home base through all 77 years of their marriage, dedicating their lives to promoting peace, social justice, mental health advocacy, caregiving and also, long after their years in the White House, helping to build homes for those of limited means. Humanitarian is a word Rosalynn Carter did proud, as First Lady and even more so later. 

   “I was more of a political partner than a political wife,” she once wrote. Jimmy agreed. Indeed, she was a major factor in his 1976 election to the presidency. Yet it would be hard, even in these times of political anarchy, to find anyone to utter a negative word about Rosalynn, the world-traveling humanitarian from Plains.

    Of course, when it came to being known and influential around the world, few could outdo Henry Kissinger, secretary of state for both President Nixon and President Ford. Unlike Carter, however, there are plenty of negative opinions to hear about Kissinger to go with the positives.

     He was a constant presence on the world diplomatic scene during the unpopular Vietnam War. Some of his policies, including carpet-bombing of nearby Cambodia, resulted in the deaths of hundreds of thousands of civilians, to this day bringing anger and scorn from many. But his efforts regarding Vietnam also brought him a Nobel Peace prize.

    Kissinger is also known for his “shuttle diplomacy” in the Mideast and is credited with helping Nixon renew diplomatic relations between the U.S. and China, a major diplomatic accomplishment. Indeed, he had still been quietly active in recent years in trying to revitalize tense U.S.-China relations.

    Diplomacy of another sort was a trademark of Sandra Day O’Connor, who, of course, will always be known as the first woman to serve as a justice on the U.S. Supreme Court. President Ronald Reagan chose a fellow California politician in making the historic nomination and that political background was evident throughout her tenure on the court, not in a partisan political way, but in her recognition of the place of public opinion in the court’s decision-making process and her willingness to set aside her moderate/conservative views when she felt it proper to agree with the more liberal justices. It made her the quintessential swing vote in her 25 years on the court. Since her retirement from the court in 2006, for better or worse, every new justice has been a judge, not a political figure.

    When it came to acknowledging public opinions, though, Norman Lear was without peer. The creator of TV sitcom classics All in the Family and Maude, as well as Sanford and Son, The Jeffersons and Good Times, he introduced social and political commentary into popular TV shows, often going where other producers feared to go and letting people actually laugh at their own behavior.

   He received many awards for his shows, but he didn’t confine his outspoken tendencies to TV shows.  

    Lear was also an outspoken activist, supporting liberal and progressive causes and founding People for the American Way, an advocacy group that countered the growth of the Christian right in political debate. A strong supporter of the First Amendment, he also purchased, for $8 million,  one of 200 copies of the Declaration of Independence published on July 4, 1776, and took a road trip around the country with it so that Americans could see it firsthand. He was a proud American.

    And maybe it’s as simple as that. Maybe that’s where the dots connect. Each, in his or her own way, was not only a proud American, but someone who contributed significantly to the American experiment. Some may have disagreed with them from time to time, but these five, with nearly 500 years of life among them, used their years to the fullest. Each lived a life worth remembering.

rjgaydos@gmail.com

Bob Gaydos is writer-in/residence at zestoforange.com.

Beyond the Bluster, GOP Sacks America

Friday, February 24th, 2017

By Bob Gaydos

Ryan, Trump, McConnell ... the unholy alliance

Ryan, Trump, McConnell … the unholy alliance

One of the major problems in living with a narcissist is that everything is about him. He dominates the conversation, the day-to-day business, in sum, everything. It’s easy to forget that there are other things going on in the world other than those revolving around him. He demands constant attention. He seeks constant attention. And if those around him are not aware of what is going on, he gets constant attention, whether he deserves it or not.

When that narcissist occupies the most powerful position in the world, it sometimes seems as if there’s nothing else worth paying attention to or worth writing about other than whatever mean-spirited, idiotic statement or executive order emanates from him. Every headline, every news report, virtually every social media posting involves him. It is a nation taken hostage.

I have shaken my head in bewilderment every morning as I awaken since Nov. 9 and desperately look for something to write about that does not involve him. Let those whose jobs require them to write about him do their jobs and do it well and honestly and courageously. I’m still hung up on what the others in his party of convenience are doing to this country while everyone else is busy watching his Twitter feed.

The Republican Party once upon a time had a conscience, a sense of duty and had enough members with the guts to stand up and call a liar a liar, a bully a bully, a fraud a fraud, a bigot of bigot, and a crook a crook. Even when that crook insisted he wasn’t one.

No more. Their leaders have sold out to Wall Street, to big corporations, to right-wing fanatics, to white supremacists, to hypocritical evangelicals. To the people who donated millions to fund their election campaigns. And so, while the narcissist in the Oval Office has rained havoc around the world, diverting everyone’s attention, Republicans in Congress have been taking a hatchet to every conceivable program or regulation in place to protect or serve the American public.

They helped coal miners by saying it is now okay for coal companies to dump their waste into the rivers and streams where their employees live. They say we don’t need a law designed to keep mentally incompetent people from getting gun licenses. They say endangered species don’t need protection from man. They say funding for PBS and the arts is unnecessary. They also say funding for Planned Parenthood is unnecessary. And one of their leaders, Paul Ryan, speaker of the House, he of the constant smirk, now says he will somehow manage to find $20 billion to pay for a wall between Mexico and the United States. That’s the wall, you will recall, the narcissist said Mexico would pay for. Mexico said no way. That wall will never be built.

Also, and maybe you hadn’t noticed, but congressional Republicans also say there’s no reason for the narcissist-in-chief to show the rest of us taxpayers his tax returns. And that plan to repeal and replace Obamacare — which apparently many Republican voters don’t realize is also known as the Affordable Care Act? It still doesn’t exist, after eight-plus years. Former GOP House speaker John Boehner said the other day, ‘’It’s not going to happen.’’ He ought to know.

And finally, the piece de resistance, that $1 trillion, job-creating, infrastructure plan that the narcissist was going to design with his Republican colleagues in Congress? Haven’t heard a word. Folks, they’re making it up as they go along, stepping on people with little power and running away from questions by citizens who dare to show up at Town Hall meetings.

If you watch the movie, ‘’You’ve Been Trumped,’’ you’ll realize this is all just the same plot over and over again. In place of the Scottish government that rolled over to the narcissist and let him wreak havoc on the Scottish coastal environment, bully people, ignore laws and build an ostentatious golf course, we have congressional Republicans, smiling and nodding and saying in private to other nations, ‘’Don’t pay attention to what he says.’’

Don’t worry, Europe, we’re still on your side. That Russian thing? Overblown. Fake news. You know how reporters are. Besides, we’ve got Mike Pence warming up in the bullpen. When, not if.

I digress. A recent posting on social media suggested that perhaps our narcissist-in-chief would benefit from a dose of LSD. At first glance, I thought this was somewhat bizarre since the aforesaid seems to already have a bizarre sense of reality. But what the heck, I read the article since there’s nothing else on social media. The idea is that LSD strips the ego, lays it bare. Hello? This is me. Now. The article further said that the psychedelic drug was now being used again in legitimate research as a possible treatment for various illnesses. I’m reporting this mostly because I came upon the article just after finishing reading Tom Wolfe’s ‘’The Electric Kool-Aid Acid Test.’’ Yeah, I was late to the party, but synchronicity, you know?

I have my doubts that any drug could shrink that narcissist’s ego, much less induce a sense of reality that inspired love for all people. Timothy Leary and Ken Kesey were searching in different ways for something universal deep within the human spirit through the use of psychedelics. As far as we know, they didn’t find it. Then the government made it illegal.

But hey, if they’re really doing research with LSD again, I’d just as soon they use Mitch McConnell as a guinea pig. Wouldn’t he be a blast on the bus?

rjgaydos@gmail.com

Time to Divest Ourselves of Polluters

Thursday, May 15th, 2014
Fossil fuels are polluting the planet.

Fossil fuels are polluting the planet.

By Patrick Gallagher

Recently, lots of energy has gone into trying to convince universities to withdraw support from the fossil fuel industry. Polluting for profitability is slowly becoming as attractive an investment as apartheid or a slave-based business model.

Student and activist efforts have begun to sway the investor culture we live in while farsighted analysts are beginning to perceive murky futures for securities that rely on profits from smokestacks, pipelines, industrial runoff, groundwater degradation, air pollution and mountaintop removal.

In Silicon Valley, at the heart of 21st century emerging industries, Stanford University has joined 11 other colleges and universities nationwide in removing coal from its investment portfolio.

Foundations, cities and states are recognizing they are made up of people who want to breathe clean air. Seattle, San Francisco and Portland are climbing on board the divestment train, having decided to join the smarter money by divesting of coal and investing elsewhere.

During Hurricane Sandy, many buildings around Wall Street in lower Manhattan could be accessed by pontoon boats via second-floor windows. This winter, the UK experienced otherworldly flooding attributed to carbon-driven climate change.

Worldwide banking customers are persuading their banks to not lend to fossil-fuel producers.

Major financial player Blackrock has teamed with the Natural Resources Defense Council NRDC to create a fossil free stock index. Blackrock is not chartered or known as a green or particularly socially responsible index group, but it is the world’s largest asset manager with $4 trillion (with a T) in assets.

The London Financial Times calls this move a sure signal that the global campaign against fossil fuels is entering the financial mainstream. Strictly business. In fact, options for alternate investments are now easily available with all the data to support wise decisions at hand for review. The fossil-free indices exclude companies that extract or explore for fossil fuels.

It’s an absolute truth that for the moment we all share the sun and that alternatives energies of all stripes are rapidly achieving parity with fossil fuels.  At this point, the first steps towards clean and sustainable energy independence are going to have to come from a sea change in how we subsidize the choices we make.

Divestment is right in front of us. Clean, renewable choices are at our fingertips.

To me it’s very simple.  I will not invest in handing a cup of dirty water to any of the kids in my neighborhood. I don’t wanna and I’m not gunna. If there are two canisters filled with oxygen and one is polluted I want the clean one. If the earth’s atmosphere is the only canister available I want it to be cleaned up.

I’d also like to share it with my neighbors.

If I can eat real food that is not densely laden with hydrocarbons and grown in mercury-rich soil brought to me by coal emissions from neighboring states, I’d just rather have the local healthier stuff, thank you very much.

I ‘m not interested in a dirty atmosphere in my home so I need to act accordingly by withdrawing my implicit financial permission in the form of investments from extractive and pollutive industries.

In taking this approach, we can launch a truly new era of investment and job creation that broadens the opportunities for the generations that will be forced to clean up this mess.

Ask the 300,000 folks in Charleston, West Virginia, if they wanted to divest themselves of the entire cities supply of contaminated drinking water last February and then maybe ask yourself, “What’s in my wallet?”

Patrick Gallagher lives in Warwick.

The Game’s Rigged; Revolution Time

Thursday, June 27th, 2013
Eric Snowden ... traitor or planned distraction?

Edward Snowden … traitor or planned distraction?

By Bob Gaydos

Edward Snowden, currently on the run and accused of being a spy, did more than reveal how much snooping our government does on its own citizens. For me, he provided a smack upside the head and a wakeup call to something I’ve believed for a long time but, being a bit lazy and self-absorbed, had dispatched to a dusty, unexercised corner of my brain.

To wit: The game is rigged. Put another way: “Dysfunction” has a function.

Consider this: With Congress’ approval rating at historic lows, with Republicans rejecting out of hand every proposal put forth by Democratic President Barack Obama, with a Democrat-controlled Senate unable to pass meaningful legislation because of archaic filibuster rules used by Republicans, with both major political parties staking out rigid positions on opposite sides of every issue, what is the one thing on which Republicans and Democrats suddenly agree? That Edward Snowden is a traitor.

That is the Edward Snowden who blew the whistle on the most sweeping, secret domestic spying operation ever conducted by an American government on its people. It is an invasion of privacy condoned — and now vigorously defended — by both political parties as necessary for the security of the people being spied upon. Yes, the politicians also read George Orwell. But they’ve been caught with their “bad-is-good” pants down and have demonstrated that, when their power is in jeopardy, they can find true harmony. All together now: Snowden is a traitor.

The threat to the power brokers, of course, is that a lot of Americans will awaken from their self-absorbed delusion that their elected representatives are actually trying to do something positive for their constituents, as opposed to the reality they are doing whatever is necessary to maintain their membership in the power elite. That’s the 1 percent who reap the fruits of the manufactured dysfunction.

Look at it this way: Democrats talk about jobs, immigration, education, the minimum wage, etc. Republicans talk about abortion, guns, rape, gay marriage, etc. The parties bicker and banter and do next to nothing about any of those issues. Dysfunction. Or so it seems.

But they also ignore issues that would actually fix much of the apparent dysfunction — campaign finance reform and revising the filibuster rules, for two.

It’s planned dysfunction. You keep your talking points; we’ll keep ours. We’ll all get re-elected anyway or, if not, move on to even more-lucrative lobbying jobs, book tours, top corporate positions or TV punditry. Rigged.

And it’s not just Congress. Having plunged the world into the worst financial crisis since the Great Depression, American banks and investment firms (which used to be separate entities) are now reaping the profits of their plundering of other people’s wealth, thanks to a government bailout and the failure of the political powers that be — who reap substantial campaign contributions from these financial institutions — to send any of the bankers to jail.

In the sequel to “Wall Street,” arch-villain Gordon Gekko says he was convicted of a “victimless crime,” as if no lives are negatively affected when companies go under because of shady, immoral behavior by financial companies.

At least Gekko went to prison for his misdeeds. But then, that was in the movies and even his creator, Oliver Stone, tries to find some redeeming traits in his main character in the sequel. Meanwhile, in real life, no one can make any money today putting money in banks and, as Gekko also points out in the sequel, the task of investing money in the stock markets, where profits may be made, has been made so complex, only “about 75 people in the world understand it.”

That may be an exaggeration, but not by much. Most of us need to trust the very people who have proven to be untrustworthy with our money to make investments.

There are other dots to connect, but for now I’ll limit it to major corporations that move top executives to influential government positions and back again, getting laws written to their liking (often by their own former employees), usually without a whimper from members of Congress. Think Monsanto and Halliburton.

Corporations pour tens of millions of dollars into political campaigns hoping to elect candidates who will then return the favor by promoting legislation that will improve corporate profits or opposing proposals placing restrictions on corporate power. The latter would include the public’s right to sue and to obtain information on corporate practices. This is serving the private, not the public, good. It’s part of the system.

Now, this rigging did not occur in a vacuum. There had to be at least an implicit acknowledgement from the rest of us that what the people to whom we had entrusted power and position was doing was right and proper for all of us. That may have simply come in the form of apathy or blissful ignorance. Don’t bother to vote. Don’t try to understand the issues. Hey, life is already too busy and complicated without such things.

But not for those whose motivation is accumulating more wealth and power. For them, an important part of the rigged system is making it seem so complicated and out of our control that it is impossible to change. That’s not necessarily true. There are people, even politicians, who recognize that things have been rigged for a powerful elite and who speak out regularly about it. Sens. Bernie Sanders and Elizabeth Warren and Rep. Jim Moran are three of the most outspoken. They need allies and support, vocal and financial.

So do the Internet activists campaigning for campaign finance reform and greater transparency in government and Wall Street. These are not obscure issues that don’t impact us. Indeed, they are crucial to ending the grip of the 1 percent on our national wealth and positions of power.

There are some simple steps that can be taken by individuals, groups, towns to begin to reclaim some control over our lives. Registering to vote and actually voting is a start. Getting informed on the issues that matter and working to raise awareness (think the Occupy movement and social media) is another. The movement to sustainability and buying locally grown food, as opposed to that offered by corporate growers, are not just “feel-good” green ideas. Like using alternative energy, they challenge the influence of large corporations (and they don’t come more influential than oil companies) and give people some control over their lives. People have even started turning their lawns into vegetable gardens. Seattle is planning the nation’s first public food garden. Take a walk, pick an apple. Eat it.

Some of this may sound simplistic and even ineffectual in the face of such entrenched power and wealth, but all revolutions have to start somehow. And make no mistake, nothing less than an all-out revolution will serve to unrig the system and dislodge those who thrive within it. Some noise must be made. The alternative is to do what many of us have been doing for a long time — complain that “they’re all crooked, so what’s the use?”

Some people are comparing Edward Snowden to Paul Revere. I won’t go that far yet. There’s too much information still unknown (and yes, the mainstream media stands suspect as being part of the system). But I’m not ready to call Snowden a traitor either, not when Republicans and Democrats somehow manage to agree that he is. That smells too much like the fix is in.

bob@zestoforange.com