REMINDER: All investment, economics, and finance related material now appears at the new IaconoResearch.com. For the time being at least, this has become a personal blog covering a variety of mostly unrelated topics.

It’s spring, so it must be time to move…

Yes, we’re moving again – this time to Bozeman, Montana – and this has just got to be our last big move because the truck hasn’t even arrived yet and we’re already exhausted.

Our year in Bend, Oregon has been wonderful and it’s a great town with lots of fantastic outdoor activities, but, we’ve decided to go where there’s even more open space (friends, family, and a broader selection of newer homes on larger lots also factor into the mix).

There may or may not be anything new here over the next week as we move and get settled in – no, we haven’t bought any property yet, but, we plan to by the fall.







“You Want the Truth?”

Inspired by yesterday’s Senate hearings on the activities of Goldman Sachs a few years ago, an instant classic by StatsGuy from over at  The Baseline Scenario blog:

“You want the truth? You can’t handle the truth. Son, we live in a country with an investment gap. And that gap needs to be filled by men with money. Who’s gonna do it? You? You, Middle Class Consumer? Goldman Sachs has a greater responsibility than you can possibly fathom. You weep for Lehman and you curse derivatives. You have that luxury. You have the luxury of not knowing what we know: that Lehman’s death, while tragic, probably saved the financial system. And that Goldman’s existence, while grotesque and incomprehensible to you, saves pension funds. You don’t want the truth. Because deep down, in places you don’t talk about at parties, you want us to fill that investment gap. You need us to fill that gap.

“We use words like credit default swaps, collateralized debt obligation, and securitization… We use these words as the backbone of a life spent investing in something. You use ‘em as a punchline. We have neither the time nor the inclination to explain ourselves to a commoner who rises and sleeps under the blanket of the very credit we provide, and then questions the manner in which we provide it! We’d rather you just said thank you and paid your taxes on time. Otherwise, we suggest you get an account and start trading. Either way, we don’t give a damn what you think you’re entitled to!”

When you think back to “A Few Good Men“, there are all kinds of other interesting possibilities – from Kiefer Sutherland to Tom Cruise and, of course, this memorable advice for Lieutenant Commander JoAnne Galloway from Lieutenant Sam Weinberg:

I strenuously object?” Is that how it works? Hm? “Objection.” “Overruled.” “Oh, no, no, no. No, I STRENUOUSLY object.” “Oh. Well, if you strenuously object then I should take some time to reconsider.”

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Scenes from the Goldman Sachs Hearing

My favorite image from yesterday was the occasional shot from behind Lloyd Blankfein as he was testifying. Slightly hunched over and diminutive with his ears sticking out a bit and his hands resting clasped on the table in front of him he kind of looked like Yoda. Camera crews swarming around panelists on their entry and exit as shown below was right up there too.

From this item at CNBC where about a dozen photos were collected from yesterday’s Goldman Sachs hearing by the Senate’s Permanent Subcommittee on Investigations, a highly anticipated event that seemed to leave an entire nation wanting.

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