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108,480. 1% of the population/households owns about a half of the stock. Noam Chomsky, Case Studies in Hypocrisy: US Human Rights Policy, Rhetoric and Practice, lecture 1999
138,033. The GameStop Reckoning Was a Long Time Coming: This week, gleeful online hoards turned thee stock market upside down. This shouldn’t come as a surprise … on what the author Martin Gurri calls ‘the revolt of the public’. New York Time online article February 2021
138,034. Smartphone-based trading apps like Robinhood changed that by introducing commission-free trades and an interface that made executing a gamma squeeze as straightforward as ordering a burrito from Uber Eats. Suddenly, millions of amateurs could organise themselves, generate their own market research and investment theses, drum up excitement in Reddit threads and TikTok videos, and enter the casino with the big boys. ibid.
136,235. The stock market is not the economy, and the economy is not the stock market. Kai Ryssdal, economist, September 2008
85,851. As Capone diversified he nonetheless cautioned everyone against investing in the booming stock market. It’s a racket, he said. (Prohibition & Stocks) Ken Burns & Lynn Novick, Prohibition IV: A Sea of Rum
12,662. Somehow, I don’t think Jesus came to Earth to ring the bell at the New York Stock Exchange. (Jesus & Stocks & Shares) Michael Moore
17,007. When someone comes to write a history of the Great Thatcher Decade (the 1980s), one of their basic texts should be a little book by a former City Editor of The Times, William Kay. Mr Kay called his book Tycoons, and based it on thirteen interviews with men who made millions in the early 1980s.
One of the self-made men was Gerald Ronson, whose Heron Corporation was unheard of when he launched his first ‘brilliant, daring’ take-over bid in 1981. Ronson told Kay that Heron was a ‘very conservative business.’ He said he didn’t take risks, he just bet on certainties. What’s more, he kept strictly within the law. ‘There are plenty of crooks in the petrol business,’ he told Kay, ‘but they don’t come to work for us.’
This was surprising because perhaps the biggest crook of them all was Gerald Ronson. He made his fortune not so much by ‘daring’ bids but by gambling on the stock exchange. His greatest gamble was in 1986 when his friend, the super-swindler Sir Jack Lyons, asked him to buy some shares in Guinness to boost the share price in the firm’s takeover of Distillers. Ronson obliged with a cool £25 million. He lost not a penny on this investment of course, but as a reward for stumping up so much at an awkward time Guinness slipped him a personal donation of £7 million.
Ronson and Lyons were only caught when the biggest swindler of them all, the American stock exchange gangster Boesky, grassed on them to save his skin. The crooked transactions by which Ronson and Lyons rigged the institutions they loved could not possibly have been exposed by ordinary journalists since there was no public record of them whatsoever.
Ronson and Lyons were not ‘rotten apples’ in the capitalist barrel, as has been pretended. On the contrary they were both very close to the grandest apple of them all, the prime minister. Lyons was a personal friend, and Thatcher’s two closest advisers, Tim Bell and Gordon Reece, both in their own right entrepreneurs of the kind she admires, were paid advisers to Guinness at the time.
The ruthlessness with which Thatcher and her cronies pursued the values of free enterprise did not extend to obeying the rules laid down by that free enterprise. Indeed, in a way, one of the central tenets of that free enterprise was that its devotees should feel free to make up their own rules. (Gangstas & Business & Corporations & Stocks & Shares) Paul Foot, article November 1990 ‘All Fall Down’
50,025. The answer has its roots in the other major social development of the 1980s: the enrichment of the rich. This has been so stupendous as to defy statistics. In all the countries of the world, including the poor countries, the rich have been enjoying the greatest bonanza ever. The top 10 per cent of incomes in the United States of America, already far, far ahead of the rest of the population, increased their share of the wealth by another 7 per cent. In Britain the value of shares on the stock exchange multiplied five times between 1983 and 1987, and even the stock exchange crash of 1987 did not stop the fantastic accumulation of riches for the already super-rich.
Old-fashioned ideas, especially in publicly owned state industries, that the chairmen and managing directors should keep their earnings down as an example to their workers, vanished. As the public utilities in Britain were turned, ‘in the interests of competition’, from public monopolies to private monopolies, the chairmen and directors rewarded themselves for what they assessed as their ‘true worth’ – and promptly doubled and tripled their salaries. Enormous fortunes were flaunted by the millionaires’ press. At the start of the decade there were only a handful of billionaires in the world: at the end there were 157. Millionaires increased four times – from half a million to two million.
Tax-cutting everywhere aided the process. The highest rate of income tax in Britain was cut from 83 per cent at the start of the decade to 40 per cent at the end. With this went cuts in all the taxes which affected the rich: corporation tax, capital gains tax, inheritance tax. The poll tax, in abolishing property rates, put further millions into the pockets of the already rich. (Rich & Pay & Tax & Stocks & Shares) Paul Foot, The Case for Socialism ch 4
17,278. Just the usual ebb and flow of the stock market. It appears I’m the victim of an unscrupulous broker. (Gangstas: Atlantic City & Stocks & Shares) Boardwalk Empire: Marriage and Hunting s4e9, Rothstein
73,965. By rigging the game of course. What else is the Stock Market good for? (Gangstas & Game & Stocks) Broadwalk Empire: What Jesus Said s5e3
29,020. The uncertainties were over. There seemed little doubt about what was going to happen. America was going on the greatest gaudiest spree in history, and there was going to be plenty to tell about it. (United States & Stocks & 1920s) F Scott Fitzgerald, Early Success
36,584. Occupy Wall Street means making Wall Street and the corporate power elite understand that the people affected by the binge of unregulated greed are not going away, and they are not going to give up. (Elite & Greed & Stocks & Shares & Corporations & Wall Street) Dana Spiotta
41,802. The Stock Market was down more than 6,000 points. (Money & Economy & Banksters & Finance & Business & Lending & Loans & Credit & Stock Market & Wall Street) Frontline: Money, Power and Wall Street III, PBS
111,602. In today’s world real power lies in the hands of an elite group of anonymous men in open-plan offices. The men who control the world’s bond market … Bonds are the magical link between the world of high finance and the world of political power. (Business & Money & Finance & Economics & Risk & Stocks & Wall Street) Niall Ferguson, The Ascent of Money e2: Human Bondage
111,603. After the rise of banks the birth of the bond market was the next big revolution in the history of finance. It created a whole new way for governments to borrow money. (Business & Money & Finance & Economics & Risk & Stocks & Wall Street) ibid.
111,604. There are bonds out there worth around $85,000,000,000,000. (Business & Money & Finance & Economics & Risk & Stocks & Wall Street) ibid.
111,605. Between around 1810 and 1836 the five sons of Meyer Amschel Rothschild rose from the obscurity of the Frankfurt ghetto to attain a position of unequalled power in international finance. (Business & Money & Finance & Economics & Risk & Stocks & Banksters & Wall Street) ibid.
111,606. The South’s idea was to use cotton as calateral to back its bonds. (Business & Money & Finance & Economics & Risk & Stocks & South & Wall Street) ibid.
111,608. The next step in the story of the ascent of money was the rise of the joint-stock limited-liability company. But the ability of the company to transform our lives would depend on another innovation – the stock market. (Business & Money & Finance & Economics & Company & Stocks & Wall Street) Niall Ferguson, The Ascent of Money e3: Blowing Bubbles
111,609. Stock markets really can be like soap bubbles – we never quiet know when they’re going to burst. (Business & Money & Finance & Economics & Company & Stocks & Wall Street) ibid.
111,630. Ponzi scheme – after the legendary Italian-American con-man Charles Ponzi: to pay out the generous returns its promised to the first lot of suckers, a Ponzi scheme needed to take in more money from the next lot of suckers. (Business & Money & Finance & Economics & Ponzi & Company & Stocks & Wall Street) ibid.
111,631. The Mississippi bubble of 1719 was the first stock market bubble in history. (Business & Money & Finance & Economics & Company & Stocks & Wall Street) ibid.
111,632. Enron: It pioneered many of the dubious business practices that continue to plague us today. (Business & Money & Finance & Economics & Company & Stocks & Wall Street) ibid.
42,226. In our time we’ve witnessed the zenith of global finance. In 2006 the world’s total economic output was worth around $47,000,000,000,000. The total value of stock and bond markets was roughly $119,000,000,000,000. More than twice the size. And the amount outstanding of the strange new financial life-form known as derivatives was $473,000,000,000,000. Ten times larger ... This is the story of financial globalisation. (Business & Money & Finance & Economics & Stocks & Currency & Risk & Investment & Globalisation & Federal Reserve & Banksters & Borrow & Saving & Debt & Wall Street) Professor Niall Ferguson, Ascent of Money: Chimerica 2010
42,227. According to [George] Soros’s Theory of Reflexivity, financial markets can’t possibly be perfectly efficient much less rational ... His biggest coups came from being right about losers not winners. And the greatest of these was among the most momentous speculative hits in all of financial history. On September 16th 1992 with the British £ in big trouble I watched as Soros put out a contract on the Bank of England ... So sure was he that the £ would drop that he bet ten billion dollars. (Business & Money & Finance & Economics & Stocks & Currency & Risk & Investment & Globalisation & Federal Reserve & Banksters & Borrow & Saving & Debt & Wall Street) ibid.
42,228. The Nobel Prize in Economics. It seemed as if Intellect had triumphed over Intuition. As if rocket science had taken over from risk-taking. Equipped with their magical black box, the partners in LTCM seemed poised to make money far beyond the wildest imaginings of even George Soros. And then in the summer of 1998 when every self-respecting hedge-fund manager should have been playing with his yacht something happened that threatened to blow the lid right off the Nobel Prize winner’s black box: Reality started to misbehave ... On Monday August 17th 1998 a giant asteroid smashed into Planet Finance. (Business & Money & Finance & Economics & Stocks & Currency & Risk & Investment & Globalisation & Federal Reserve & Banksters & Borrow & Saving & Debt & Wall Street) ibid.
41,510. The only chance of survival was to find a White Knight to rescue them. And the most powerful Knight in town was none other than George Soros. It was the ultimate humiliation: the Quants from Planet Finance begging for a bail-out from the Prophet of Irrational Unquantifiable Reflexivity ... Fear that Long Term’s failure could trigger a general financial meltdown, the New York Federal Reserve hastily brokered a multi-billion-dollar bailout by fourteen Wall Street banks. (Business & Money & Finance & Economics & Stocks & Currency & Risk & Investment & Globalisation & Federal Reserve & Banksters & Borrow & Saving & Debt & Wall Street) ibid.
41,506. The ascent of money has seldom been smooth. Time and again it’s been punctuated by big painful crises. (Business & Money & Finance & Economics & Stocks & Currency & Risk & Investment & Globalisation & Federal Reserve & Banksters & Borrow & Saving & Debt & Wall Street) ibid.