.The Big Takeover.

.not that you need another article on the financial crisis, but this is a good one.

The Big Takeover
by Matt Taibbi
(excerpt from the article)

The most galling thing about this financial crisis is that so many Wall Street types think they actually deserve not only their huge bonuses and lavish lifestyles but the awesome political power their own mistakes have left them in possession of. When challenged, they talk about how hard they work, the 90-hour weeks, the stress, the failed marriages, the hemorrhoids and gallstones they all get before they hit 40.

"But wait a minute," you say to them. "No one ever asked you to stay up all night eight days a week trying to get filthy rich shorting what's left of the American auto industry or selling $600 billion in toxic, irredeemable mortgages to ex-strippers on work release and Taco Bell clerks. Actually, come to think of it, why are we even giving taxpayer money to you people? Why are we not throwing your ass in jail instead?"

.Full Text available here: http://www.rollingstone.com/politics/story/26793903/the_big_takeover

.milly.

.another day, another painting.

.i think color is great.

{click on the image for more detail}

.6 hour painting.

.I have been out of town every weekend and finally I had a night to paint. So last Friday, with a glass of wine in hand (or three..hehe), I completed this one in 6 or 7 hours. I was in the zone.

.His hand is just hanging out there, not sure what that is all about, but one day I'll get these arms and hands right. BUT, at the same time, I like the ackwardness of it. Is he going to tap on the glass or does his head cocked to the right and arm out mean he is getting ready to wave at me?!

.optimism.

.March 10th 1989 - March 11th, 2009.
.SP500 Index (top): 149.64%.
.Japan's Nikkei Index (bottom) -76.73%.

.even if we lost all of that 149% gain tomorrow, at least we had periods of false hope & optimism...while not always rational, clearly that is part of being American and hopefully this attribute will pull us out of this mess.

...excerpts from DEAN WITTER's memo to his firm...

May 6th, 1932

A very interesting book could be written on mass psychology and the effect thereof. That everyone is influenced more or less by the opinion of others is obvious. There was no reason for the unwarranted heights which the market reached in 1929 except universal over-optimism - there is no excuse for the present market value of good bonds and stocks today except undue pessimism. In 1929 no pessimistic comment could survive. Today an expression of confidence in the future of the country is unpopular. Strangely, the peaks of 1929 and the low quotations of today are both due to the same cause, which is lack of intelligent and sound analysis. It is strange that such divergent conditions should come within such a short period and should be due to such identical factors...

There are only two premises which are tenable as to the future. Either we are going to have chaos or else recovery. The former theory is foolish. If chaos ensues nothing will maintain value, neither bonds nor stocks nor bank deposits nor gold will remain valuable. Real estate will be a worthless asset because titles will be insecure. No policy can be based upon this impossible contingency. Policy must therefore be predicated upon theory of recovery. The present is not the first depression; it may be the worst, but just as surely as conditions have righted themselves in the past and have gradually been readjusted to normal so this will again occur. The only uncertainty is when it will occur...

Does anyone think that present prices will continue when confidence has been fully restored? Such bargains exist only because of terror and distress. When the future is assured the dollar will long since have ceased to have its present buying power...

It requires courage to be optimistic as to the future of the country when nearly everyone is pessimistic. It is, however, cowardly to assume that the future of the country is in peril.

No sucessful policy can be established upon this unsound theory. It is easy to run with the crowd. The path of least resistance is to join in the wailings that are now so popular. The constructive policy, however, is to maintain your courage and your optimism, to have faith in the ultimate future of your country and to proclaim your faith and to recommend the purchase of good bonds and good stocks, which are inordinately depreciated...

~ Dean Witter, 1932