Thursday, June 19, 2008
There Will Be Flood
Too funny -- especially part 2!
via Comedy Central
Wednesday, June 18, 2008
Tuesday, June 17, 2008
1927-1933 Chart of Pompous Prognosticators
1 "We will not have any more crashes in our time."- John Maynard Keynes in 1927 [NB: The authenticity of this one is a little suspect]
2. "I cannot help but raise a dissenting voice to statements that we are living in a fool's paradise, and that prosperity in this country must necessarily diminish and recede in the near future." - E. H. H. Simmons, President, New York Stock Exchange, January 12, 1928
"There will be no interruption of our permanent prosperity." - Myron E. Forbes, President, Pierce Arrow Motor Car Co., January 12, 1928
3. "No Congress of the United States ever assembled, on surveying the state of the Union, has met with a more pleasing prospect than that which appears at the present time. In the domestic field there is tranquility and contentment...and the highest record of years of prosperity. In the foreign field there is peace, the goodwill which comes from mutual understanding." - Calvin Coolidge December 4, 1928
"When the financial and business history of 1929 is finally written, developments of the past fortnight will occupy a prominent place in what will doubtless be the chronicle of an exceptionally brilliant twelve month period." - The New York Times, July 1929
"It becomes increasingly evident that, in many respects, 1929 will be written into the commercial history of the country as the most remarkable year since the World War in point of sustained demand for goods and services." - The New York Times, August 1929:
4. "There may be a recession in stock prices, but not anything in the nature of a crash." - Irving Fisher, leading U's. economist, New York Times, Sept. 5, 1929
"Stock prices will stay at high levels for years to come, says Ohio economist" - The New York Times, II, Page 7, Col. 2, Oct 13, 1929
5. "Stock prices have reached what looks like a permanently high plateau. I do not feel there will be soon if ever a 50 or 60 point break from present levels, such as (bears) have predicted. I expect to see the stock market a good deal higher than it is today within a few months." - Irving Fisher, Ph.D. in economics, Oct. 17, 1929
The market went into decline until Monday, October 21st, 1929
"He dismissed yesterday's break in the market as a 'shaking out of the lunatic fringe that attempts to speculate on margin.'" - Irving Fisher, The New York Times, Oct. 22, 1929
"Security values in most instances were not inflated"
"The nation is marching along a permanently high plateau of prosperity"
"any fears that the price level of stocks might go down to where it was in 1923 or earlier are not justified by present economic conditions"
- Irving Fisher, speech to a banking group, Oct. 23, 1929
"This crash is not going to have much effect on business."- Arthur Reynolds, Chairman of Continental Illinois Bank of Chicago, October 24, 1929
Flashback to "Black Thursday," Oct. 24, 1929:
Stocks opened moderately steady in price, but traders whose margins were exhausted began selling heavily... at one o'clock the stock ticker was recording prices from half past eleven... stocks dropped 11% intra-day... After a bankers' consortium sent NYSE Vice President Richard Whitney to the stock exchange floor to offer to purchase in the neighborhood of twenty or thirty million dollars' worth of stock at the previous selling price [most likely above their quotations], the market eventually closed with only a 2% loss.
Ref: Only Yesterday: An Informal History of the 1920's, Frederick Lewis Allen, Chap. XIII.
Not long after, the stock market plummeted in two days of panic: October 28 became known as "Black Monday" (13.47% decline in the Dow), and October 29 as "Black Tuesday" (11.73% decline in the Dow). Between October 23rd and November 13th, 1929, the Dow fell by 39%.
"There will be no repetition of the break of yesterday... I have no fear of another comparable decline."- Arthur W. Loasby (President of the Equitable Trust Company), quoted in NYT, Friday, October 25, 1929
"We feel that fundamentally Wall Street is sound, and that for people who can afford to pay for them outright, good stocks are cheap at these prices." - Goodbody and Company market- letter quoted in The New York Times, Friday, October 25, 1929
"The fundamental business of the country, that is production and distribution of commodities, is on a sound and prosperous basis."- President Herbert Hoover, October 25th, 1929
"They have lost a few tail feathers but in time they will grow again, longer and more luxurious than the old ones." - The Wall Street Journal, between Oct 24 and Oct 29, 1929
"The investor who purchases securities at this time with the discrimination that as always is a condition of prudent investing may do so with confidence." - New York Times, October 28, 1929
6. "This is the time to buy stocks. This is the time to recall the words of the late J. P. Morgan... that any man who is bearish on America will go broke. Within a few days there is likely to be a bear panic rather than a bull panic. Many of the low prices as a result of this hysterical selling are not likely to be reached again in many years." - R. W. McNeel, market analyst, as quoted in the New York Herald Tribune, October 30, 1929
"Buying of sound, seasoned issues now will not be regretted" - E. A. Pearce market letter quoted in the New York Herald Tribune, October 30, 1929
"Some pretty intelligent people are now buying stocks... Unless we are to have a panic -- which no one seriously believes, stocks have hit bottom." - R. W. McNeal, financial analyst in October 1929
7. "The decline is in paper values, not in tangible goods and services... America is now in the eighth year of prosperity as commercially defined. The former great periods of prosperity in America averaged eleven years. On this basis we now have three more years to go before the tailspin." - Stuart Chase (American economist and author), NY Herald Tribune, November 1, 1929
"Hysteria has now disappeared from Wall Street."- The Times of London, November 2, 1929
"The Wall Street crash doesn't mean that there will be any general or serious business depression... For six years American business has been diverting a substantial part of its attention, its energies and its resources on the speculative game... Now that irrelevant, alien and hazardous adventure is over. Business has come home again, back to its job, providentially unscathed, sound in wind and limb, financially stronger than ever before." Business Week, November 2, 1929
"...despite its severity, we believe that the slump in stock prices will prove an intermediate movement and not the precursor of a business depression such as would entail prolonged further liquidation..." - Harvard Economic Society (HES), November 2, 1929
8. "... a serious depression seems improbable; [we expect] recovery of business next spring, with further improvement in the fall." - HES, November 10, 1929
"The end of the decline of the Stock Market will probably not be long, only a few more days at most." - Irving Fisher, Professor of Economics at Yale University, November 14, 1929
"In most of the cities and towns of this country, this Wall Street panic will have no effect." Paul Block (President of the Block newspaper chain), editorial, November 15, 1929
"Financial storm definitely passed." Bernard Baruch, cablegram to Winston Churchill, November 15, 1929
9. "I see nothing in the present situation that is either menacing or warrants pessimism... I have every confidence that there will be a revival of activity in the spring, and that during this coming year the country will make steady progress." - Andrew W. Mellon, U's. Secretary of the Treasury December 31, 1929
"I am convinced that through these measures we have reestablished confidence." - Herbert Hoover, December 1929
"[1930 will be] a splendid employment year." - U's. Dept. of Labor, New Year's Forecast, December 1929
10. "For the immediate future, at least, the outlook (stocks) is bright." - Irving Fisher, Ph.D. in Economics, in early 1930
11. "..'there are indications that the severest phase of the recession is over..." - Harvard Economic Society (HES) Jan 18, 1930
12. "There is nothing in the situation to be disturbed about." -Secretary of the Treasury Andrew Mellon, Feb 1930
13. "The spring of 1930 marks the end of a period of grave concern...American business is steadily coming back to a normal level of prosperity." - Julius Barnes, head of Hoover's National Business Survey Conference, Mar 16, 1930
"... the outlook continues favorable..." - HES Mar 29, 1930
14. "... the outlook is favorable..." - HES Apr 19, 1930
15."While the crash only took place six months ago, I am convinced we have now passed through the worst -- and with continued unity of effort we shall rapidly recover. There has been no significant bank or industrial failure. That danger, too, is safely behind us." -Herbert Hoover, President of the United States, May 1, 1930
"...by May or June the spring recovery forecast in our letters of last December and November should clearly be apparent..." - HES May 17, 1930
"Gentleman, you have come sixty days too late. The depression is over."- Herbert Hoover, responding to a delegation requesting a public works program to help speed the recovery, June 1930
16. "... irregular and conflicting movements of business should soon give way to a sustained recovery..." - HES June 28, 1930
17. "... the present depression has about spent its force..." - HES, Aug 30, 1930
18. "We are now near the end of the declining phase of the depression." - HES Nov 15, 1930
19."Stabilization at [present] levels is clearly possible." - HES Oct 31, 1931
20. "Executive Order 6102 Forbidding the Hoarding of Gold Coin, Gold Bullion and Gold Certificates
By virtue of the authority vested in me by Section 5(b) of the Act of October 6, 1917, as amended by Section 2 of the Act of March 9, 1933, entitled "An Act to provide relief in the existing national emergency in banking, and for other purposes", in which amendatory Act Congress declared that a serious emergency exists, I, Franklin D. Roosevelt, President of the United States of America, do declare that said national emergency still continues to exist and pursuant to said section to do hereby prohibit the hoarding of gold coin, gold bullion, and gold certificates within the continental United States by individuals, partnerships, associations and corporations and hereby prescribe the following regulations for carrying out the purposes of the order...
All persons are hereby required to deliver on or before May 1, 1933, to a Federal Reserve bank or a branch or agency thereof or to any member bank of the Federal Reserve System all gold coin, gold bullion, and gold certificates now owned by them or coming into their ownership on or before April 28, 1933, except the following:
Such amount of gold as may be required for legitimate and customary use in industry, profession or art within a reasonable time, including gold prior to refining and stocks of gold in reasonable amounts for the usual trade requirements of owners mining and refining such gold.
Gold coin and gold certificates in an amount not exceeding in the aggregate $100.00 belonging to any one person; and gold coins having recognized special value to collectors of rare and unusual coins.
Gold coin and bullion earmarked or held in trust for a recognized foreign government or foreign central bank or the Bank for International Settlements.
Gold coin and bullion licensed for the other proper transactions (not involving hoarding) including gold coin and gold bullion imported for the re-export or held pending action on applications for export license..." Franklin D. Roosevelt, The Whitehouse April 5, 1933 20 May 2008
Monday, June 16, 2008
MV Agusta F4CC
1. Carbon-Fiber Fairing: Aerodynamically shaped to lower drag and hand-formed out of carbon fiber, it's a full 50-percent lighter than the thermoplastic job on its slower, lower-rent sibling, the F4-1000 R ($22,995).
2. Racing Tires: Pirelli Dragon Supercorsa Pros, rated to withstand speeds of up to 195.6 mph, which is, not coincidentally, the F4CC's electronically limited maximum velocity. Higher speeds would destroy the tires.
3. Four-Cylinder Engine: The liquid-cooled 1,078-cc, inline four-cylinder redlines at 13,000 rpm and lays down 197 horsepower on the terrified asphalt through a six-speed gearbox transplanted from a race bike.
4. Nonslip Seat: Stitched out of Alcantara, a synthetic suedelike material that's made only in one factory in the world (in Italy, natch) and prized for its ability to stop asses from sliding around.
5. Ultralight Wheels: Hand-forged of the thinnest aluminum that could possibly withstand the cornering forces and violent bursts of power delivered by a psychotic rider on a brutally potent motorcycle.
2008 MV Agusta F4CC
Base price: $120,000
Powertrain: Liquid-cooled (with water-oil heat exchanger), fuel-injected, DOHC, four-stroke, inline four-cylinder, four valves per cylinder, six-speed
Displacement: 1,078 cc
Maximum torque: 92 pound-feet at 9,000 rpm
Maximum horsepower: 200 at 12,200 rpm
Seat height: 31.87 inches
Dry weight: 412 pounds
Road test MPG: 27
MV Agusta's Limited-Edition Superbike Is One Sexy Beast
CARS 2.0 : COOL WHEELS
At $120,000, the MV Agusta F4CC is a rare breed of sport bike
Los Angeles Times Staff Writer May 28, 2008
Sunday, June 15, 2008
The Beatles - The Long and Winding Road
From The Beatles' Let it Be:
Saturday, June 14, 2008
Updating a Classic
Friday, June 13, 2008
NYC for Kids: Playtime in the City
A good overview on what to do with kids in NY:
"Not since the heyday of Robert Moses has the city been host to so many and so new a collection of playgrounds. Supersoft rubber safety surfaces and geodesic domes for climbing, the latest in recreational design, are cropping up all over town. Just last spring the playground on 110th Street and Central Park West reopened after a $600,000 face-lift, its first in more than 70 years. The sprawling Heckscher Playground at the south end of the park was recently redesigned as well, with a moat and a desertlike sand pit, and is so impressive it attracts not only the toddler and grade-school set, but also hordes of teenagers wishing they were little again. The Ancient Playground near the Metropolitan Museum of Art, which used to be one of our favorites, has just been leveled and by next year is scheduled to reopen.
There are nearly 1,000 playgrounds in the five boroughs run by the New York City Department of Parks and Recreation, and picking your favorite is as personal as deciding a name for your child. We love so many, it’s hard to choose. There’s the little playground on the beach at Coney Island with the palm-tree sprinkler; the Vesuvio Playground in SoHo, named after the nearby Italian bakery, with its long jungle gym that’s great for chasing one another. But there are a few that stand out, not just for their newfangled playground equipment, but for their shade, their vibe and the history that surrounds them."
The NonGuidebook Version of What to Do (and Not Do) in NY
New York’s Big Backyard
NYT, June 6, 2008
SUMMER IN THE CITY
Thursday, June 12, 2008
Cool artists renderings of a possible 2011 Porsche Hatchback, based on a VW Golf
Is Porsche developing the ultimate hot hatch?
Posted on Thursday 16 August 2007