41,507. American borrowers have come to rely on Chinese savers, a symbiotic relationship between China and America that I call Chimerica. (Business & Money & Finance & Economics & Stocks & Currency & Risk & Investment & Globalisation & Federal Reserve & Banksters & Borrow & Saving & Debt & Wall Street) ibid.
36,116. So enormous have Chinese saving become in recent years they’ve enabled globalisation to do the most almighty U-turn. Previously, it was the rich English speakers who leant money to the poor Asian periphery. But now it’s the Chinese who are lending money to the Americans. Welcome to the strange new hybrid country of China and America – I call it Chimerica. (Business & Money & Finance & Economics & Stocks & Currency & Risk & Investment & Globalisation & Federal Reserve & Banksters & Borrow & Saving & Debt & Wall Street) ibid.
41,508. The People’s republic of China has become banker to the United States of America. (Business & Money & Finance & Economics & Stocks & Currency & Risk & Investment & Globalisation & Federal Reserve & Banksters & Borrow & Saving & Debt & Wall Street) ibid.
42,229. What starts with competition for Olympic medals could end in a battle over dollars if the Chinese decide one day to cut off their credit line to the American empire. Maybe as it name suggests Chimerica is nothing more than a chimera ... The really big crises come just seldom enough to be beyond the living memory of the people who run today’s companies, banks and funds. (Business & Money & Finance & Economics & Stocks & Currency & Risk & Investment & Globalisation & Federal Reserve & Banksters & Borrow & Saving & Debt & Wall Street) ibid.
41,509. The Ascent of Money has been one of the key factors in human progress, an extraordinary story of innovation, intermediation and integration that has done as much as anything to help people escape from the drudgery of subsistence agriculture. And yet Planet Finance can never quite escape from the gravitational force of Planet Earth. Because the Quants can never take full account of the human factor – our tendency to underestimate the probability of black swans. Our propensity to veer from euphoria to despondency. Our chronic inability to learn from History. (Business & Money & Finance & Economics & Stocks & Currency & Risk & Investment & Globalisation & Federal Reserve & Banksters & Borrow & Saving & Debt & Wall Street) ibid.
42,305. Strong’s intervention really paved the way for the financial system we have today. Thanks to all that credit he created, the Stock Market rose higher and higher. (Economics & Capitalism & Money & Market & Finance & Stocks) Masters of Money II: Hayek, BBC 2012
42,306. Hayek believed Strong’s policy was sowing the seeds of an eventual bust. (Economics & Capitalism & Money & Market & Finance & Stocks) ibid.
42,513. ‘The insiders had sold off a billion dollars of their stock in the preceding several months.’ (Corporation & Stocks) Enron: The Smartest Guys in the Room 2005, written McLean & Elkind & Gibney, Bill Lerach, attorney for shareholders
42,514. Though Lou Pai flew away from Enron with $250,000,000 the divisions he left behind lost a total of nearly $1,000,000,000 but Enron managed to disguise that fact. (Corporation & Stocks) ibid.
42,515. Enron mounted a campaign to capture the hearts and minds of stock analysts. (Corporation & Stocks) ibid.
42,516. The game was called Pump and Dump. Top execs would push the stock price up and then cash in their multi-million dollar options. (Corporation & Stocks) ibid.
42,518. The analysts weren’t analysing at all; they were willing to believe virtually anything Enron told them. (Corporation & Stocks) ibid.
42,519. ‘Enron has created the market to buy and sell bandwidth like a commodity. Ask why.’ (Corporation & Stocks) ibid. Enron advert
42,520. Enron’s stock soared 34% in two days. (Corporation & Stocks) ibid.
42,522. [Andrew] Fastow had to figure out a way to keep the stock price up by hiding the fact that Enron was thirty billion dollars in debt. (Corporation & Stocks) ibid.
42,811. It is impossible to underestimate the shock – a sense of stunned disbelief. (Stocks & Markets) Steve Fraser, author Wall Street: A Cultural History
42,813. As people came in to trade stocks on October 24th there was a sense that maybe something had changed. Something different. All of a sudden there weren’t buyers ... And prices began to fall. Karen Blumenthal, author Six Days in October
42,816. The shares are a penny, and ever so many are
taken by Rothschild and Baring,
And just as a few are allotted to you, you awake
with a shudder despairing. W S Gilbert, Iolanthe 1882
42,817. The crowd grew thicker and noisier. And then there was an eddy in the middle of it. And a man in shirt-sleeves was pushing his way across the street in the direction of the Morgan offices. This was Charles E Mitchell, chairman of the national city bank. He had pushed his way into the offices of the house of Morgan, and a little later we learnt what he’d gone for. Claud Coburn, The Times, Memoirs 24th October 1929
42,820. It was not accidental. It was a carefully contrived occurrence. Louis McFadden
42,821. Actually, it was the calculated shearing of the public by the world-money powers triggered by the planned sudden shortage of call money in the New York money market. Curtis Dall
42,822. We going to turn the bull loose. Ronald Reagan
42,823. Within a few weeks three billion dollars of wealth simply seemed to vanish. Without a year forty billion dollars had been lost. But did it really disappear or was simply consolidated in fewer hands? And what did the Federal Reserve do? ... The Fed continued to brutally contract the money supply further. (Stocks & Federal Reserve) Bill Still, The Money Masters
42,824. The stock market continues to sag without end. Have orders in to sell everything. I figure I’ll have about five hundred left if I’m lucky. A humble ending to a potential profit not four months ago of nearly a hundred thousand. At least I say to myself I lost all in the greatest panic in history. Arthur Inman, diary entry 12th November 1929
42,825. The Stock Market Crash in 1929 did not create the Great Depression. But it did start a sequence of events that eventually culminated with the Great Depression. Ron Chernow, financial historian
42,812. Hoover was president and he and Andrew Melon the Secretary of the Treasure were way to the Right and felt that it was not the government’s job to interfere with this. They believed in pure unfettered capitalism. Seth Glickenhaus, Wall Street worker 1929
42,826. Pork bellies. Mmmm. I have a hunch something very exciting is going to happen in the pork belly market this morning. Trading Places 1983 starring Dan Aykroyd & Eddie Murphy & Ralph Bellamy & Don Ameche & Denholm Elliott & Jamie Lee Curtis & Kristin Holby & Paul Gleason et al, director John Landis
42,827. I care about how much money we’re going to get for our pork bellies. ibid. Mortimer
42,828. Randolph, we’re about to make millions in frozen orange juice and you’re talking to me about human nature. ibid.
42,829. The Financial Journal: What’s News: New Appointee Valentine Electrifies Duke & Duke. ibid.
42,830. You idiot! Get back in there and sell! Sell! ibid. Mortimer
42,831. Turn the machines back on! Turn the machines back on! ibid. Mortimer