Davos cross-post: Tony Blair & Co. are still bullish on capitalism

STAIRWAY TO BAILOUT HEAVEN
(Stairway to Heaven, DEBT Zeppelin IV)
WilliamBanzai7

Here’s one for all you morose Bankers out there….

There’s a banker who’s sure all that his bonus is gold
And he’s buying the Stairway to Bailout Heaven.
When he gets there he knows, if the doors are all closed
With a scheme he can get what he came for.
Ooh, ooh, and he’s buying the Stairway to Bailout Heaven.

There’s a sign at Wall and Broad read it close to be sure
‘Cause you know opaque words have two meanings.
Getting fleeced by pinstriped crooks, there’s a jailbird who sings,
Sometimes all of our thoughts are misgiven.
Ooh, it makes me wonder,
Ooh, it makes me wonder.

There’s a feeling I get when I wish to invest,
And I’m trying to avoid innovative thieving.
In my thoughts I have seen rings of smoke in the breeze,
And the voices of those who were taken by Ponzi scheming.
Ooh, it makes me wonder,
Ooh, it really makes me wonder.

And it’s whispered that soon if we all call the regulator’s tune
Then the piper will lead fear and greed to reason.
And a new day will dawn for those who buy and go long
And the markets will echo with laughter.

If there’s a bust in your hedge, don’t be alarmed now,
It’s just a spring clean for the market queen.
Yes, there are two paths you can go by, but in the long run
There’s still time to change the trade you’re hooked on.
And it makes me wonder.

Your head is humming and it won’t go, in case you don’t know,
The market piper’s calling you to join him,
Well now laddy, can you hear the DOW blow, and did you know
Your stairway lies on the whispering winds of greed and irrational exuberance.

And as we wind on down the mythical Alpha Road
Our shadows taller than our NAV soul.
There walks a lady we all know
Who shines transparent white light and wants to show
How every get rich quick scheme can never turn to gold.
And if you listen very hard
The tune will come to you at last.
When all are one and one is all
To be a rock and not to roll.

And he’s buying the Stairway to Bailout Heaven.

shorter Davos hotshots:
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we’ll frown with concern, make a few cosmetic changes, but continue to insist on bellying up to the trough.
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Blair is an idiot (how many corporate boards does he sit on now?) The financial crisis had nothing to do with a lack of “values”, with a few highly publicized exceptions, all the culprits were nice people just ‘doing their jobs’; and even the excesses in executive compensation are irrelevant to the financial crisis. The problem is structural, and based on the commodification of money and the speed of transactions. Market capitalism has failed because “markets” have become susidiary to meta-markets (i.e. futures make sense in terms of ensuring that one can/will have the raw materials needed for production, but when futures become investment vehicles, the system falls apart.)
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as for this But neither can we go back to the credo of recent years: “If there’s a market for it and it’s legal I don’t need to think about anything else”…
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who does he think he’s kidding? Corporations exist to maximize stockholder value — and markets ensure that if one person figures out a way to make more money legally, everyone will be compelled to adopt it, or risk losing ‘market share’.

‘But neither can we go back to the credo of recent years: “If there’s a market for it and it’s legal I don’t need to think about anything else.”‘
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Sure we can, and we undoubtedly will. If we are serious about reform, we will need to do something about sorting out what is legal and what is not.

In my opinion, we’ve been living in the third way for a while. Since it has basically suited us, and will take severe economic and social disruptions to change, probably not for the better, I suggest we keep it.

I seem to agree with the ethics argument in the following sense: I feel that Fraud, Negligence, Fiduciary Mismanagement, and Collusion were rampant. We need a serious investigation and prosecution where crimes are discovered, and civil suits need to be pursued as well. Some of the advice, while not criminal, was not up to code, so to speak.

I feel that this goes back to the S & L Crisis. I felt that many investors got away with fraud, etc., in that crisis. One of the excuses for not prosecuting people was that sheer stupidity often looks like fraud. I didn’t buy it then, and I don’t buy it now.

In any case, I don’t get the feeling that many people agree with me, so I expect another one of these pushing the legal envelope catastrophes in the near future.

On the other hand, who can argue with better ethical behavior? Maybe people who argue that it’s not economically efficient in distributing funds to them.

You know I get the distinct feeling folks back home really couldn’t care less about what is being said at Davos.

Send a message to them Davos ski bums. Get back to work.

Is capitalism still very much alive and kicking? I doubt.

Meantime, do not expect too much from any world conference (Davos is no exception), lest one gets badly disappointed eventually. Like G20 before, the effect of Davos forum will probably fizzle out soon, despite the participation of top experts.

Yes, lots of big words but shallow talks in most global forums, but as usual hardly any follow-up or post conference evaluation, let alone solid or tangible actions.

Indeed, many of us have been living in dreams, and now we are suddenly confronted by the horribly ugly crisis. Perhaps this is truth in disguise. Don’t lament, accept it with humility and dignity. We need to go through it to rediscover if not reinvent our true selves.

And we shall OVERCOME.
(Tan Boon Tee)