EgoArt

just my imagination

Oss!

About Life

Julio Caesar [13 July 100 BC – 15 March 44 BC]

 

(a) It is better to create than to learn! Creating is the essence of life.

 

(b) It is not these well-fed long-haired men that I fear, but the pale and the hungry-looking.

 

(c) It is easier to find men who will volunteer to die, than to find those who are willing to endure pain with patience.

 

 

W. Buiter

 

> Buiter to Citi

 

good luck boy

 

 

Bear Stearns Anniversary

Implications

 

a) Leverage kills

 

b) If it quacks, it is a duck

 

c) Market efficiency

 

d) Big banks are like nuclear power stations

 

e) Statistical models are like bikinis: what they reveal is suggestive, but what they conceal is vital

 

f) Bagehot and Keynes were both right

 

g) Rent-seeking is not wealth creation

 

h) Much of the capital they put at risk belongs to others

 

John Cassidy is a staff writer at The New Yorker and the author of 'How Markets Fail'
http://www.ft.com/cms/s/0/b8b003ba-2f87-11df-9153-00144feabdc0.html

A Good Point

The rewards of virtue are measured by the magnitude of the sacrifice.

Technocratic

 

[...] This is in contrast to the technocratic illusion that there is a single absolute solution to society's problems. The alternatives are there to mark the way, to show the limits to assumptions. (Jean-Paul Fitoussi, 1993)

Spillovers