A Beatles' Guide to the Bear Market
What the Fab Four can teach us about those reviled ursines.
I'm back in the U.S.S.R.
You don't know how lucky you are boy
Back in the U.S.S.R.
There’s been much debate about whether the practices of our politicians and senior officials have steered us toward socialism, or even communism. One thing I know for sure: What’s now occurring seems anything but democratic, and I can’t argue with those who say we now live in the United Socialist States of America, rather than the USA I was so fond of in the past.
Like others, I’m sickened by what I see every day. What scares me most is that many of those trying to fix the system are hopelessly ill-equipped to solve a once-in-a lifetime global economic depression. This goes for all branches of Government and both sides of the aisle.
Welcome to the USSA - the United Socialist States of America.
The Fool(s) on the Hill
Day after day alone on the hill,
The man with the foolish grin is keeping perfectly still,
But nobody wants to know him,
They can see that he's just a fool,
And he never gives an answer.
Far be it from me to call politicians fools - at least with regard to lawmaking. But when I see a bunch of lawyers try to solve the most complex economic failure in history, without a shred of economic experience, I shudder.
We all know that hope is a poor roadmap to success, but I still hope our leaders will stumble upon the right solution - the one that can:
1. Make housing inventory disappear
2. Reverse the trends in unemployment.
3. Magically de-toxify toxic assets.
4. Bring back the walrus. (Just checking to see if you’re still awake.)
All kidding aside, I don’t care who’s in charge, provided they take the bull by the horns and work to understand the issues we face and how deep they run. I hope the fools on the hill know the American people are on to their tricks - or lack thereof.
Lucy in the Sky with Diamonds
Look for the girl with the sun in her eyes,
and she's gone.
Lucy in the sky with diamonds
When Sergeant Pepper’s Lonely Hearts Club Band was released, It was and still is one of the most critically acclaimed albums of all time. Lucy in the Sky with Diamonds was either a) a song about the drug LSD or b) a song that fit beautifully within this gargantuan piece of music.
In any case, it may also be a case study for how we should feel about the ruins of our markets. Are they a) an LSD-induced acid trip down Esoteric Security Lane, or are they b) just a bunch of really cool securities that turned out to glow in the dark - that is, the stuff we call nuclear waste?
And in the end
the love you take
is equal to the love you make.
I recall as a teenager listening to ‘The End’ as if were actually the end. What I take from this song is this: We should expect those who receive to also give.
All of us on Wall Street should be in the business of helping our clients reach their goals. But somewhere along the way, that end has been lost to money and greed.
Perhaps we (and I mean both the sell-side and the buy-side) should be sure that the client’s goals are always the focus. This way we won’t need a revolution in the good old USSA:
You say you want a revolution
Well you know
we all want to change the world
You tell me that it's evolution
Well you know
We all want to change the world
But when you talk about destruction
Don't you know you can count me out
Don't you know it's gonna be
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