NewMexiKen
Half Wisdom • Half Whimsy • Half Wit

Archive for October 22, 2008

The Great Crash

NewMexiKen is reading John Kenneth Galbraith’s classic The Great Crash, the story of the stock market crash of 1929, first published in 1954. (I have the 1961 edition.) It’s just 200 pages and worth your time.

History does not repeat itself, but the parallels between 1929 and 2008 are striking — financial speculation run rampant, naysayers shushed or ignored, reassurances abundant, new types of financial instruments, leverage maximized, regulation non-existent. And then the bubble burst, starting in September particularly and accelerating in October. Fascinating.

The ‘I have a dream’ vote

A story of early voting from a medical student in Evansville, Indiana, as told to Ben Smith – Politico.com:

For me the most moving moment came when the family in front of me, comprising probably 4 generations of voters (including an 18 year old girl voting for her first time and a 90-something hunched-over grandmother), got their turn to vote. When the old woman left the voting booth she made it about halfway to the door before collapsing in a nearby chair, where she began weeping uncontrollably. When we rushed over to help we realized that she wasn’t in trouble at all but she had not truly believed, until she left the booth, that she would ever live long enough to cast a vote for an African-American for president. Anyone who doesn’t think that African-American turnout will absolutely SHATTER every existing record is in for a very rude surprise.

The Dow Jones Industrial Average

Here are the 30 current components of the Dow Jones Industrial Average, the leading stock indicator for 80 years. Corporations have been removed and added over time, their stock values weighted to keep the Index consistent.

Blue chippers, every one. Even so, collectively their shares lost another 5.7% today (down 7.5% at one point). The Dow closed at 8519.21, down over 22% in 30 days.

(Or, as Atrios puts it, “Another exciting day at the dog track.”)

3M
Alcoa
American Express
AT&T
Bank of America
Boeing
Caterpillar
Chevron
Citigroup
Coca-Cola
E.I. du Pont de Nemours
Exxon Mobil
General Electric
General Motors
Hewlett-Packard
Home Depot
Intel
International Business Machines
Johnson & Johnson
JP Morgan & Chase
Kraft Foods
McDonald’s
Merck
Microsoft
Pfizer
Procter & Gamble
United Technologies
Verizon
Wal-Mart
Walt Disney

Oh, it’s a miracle all right

Dobson says that he and other pastors have been praying to God for his intervention in the election: “We were just asking for, rather boldly asking, for a miracle with regard to the election this year.”

Beliefnet

The most troubling question this election

… is what is the over/under on how many days it will take New Mexico to count the votes.

Early voting

According to at least one report, after just four days, 19.4% of New Mexico’s REGISTERED voters have ALREADY voted.

As for NewMexiKen, as soon as I make up my mind about the presidential contest I’ll probably go vote early too.

22 October

Three time best actress Oscar nominee Joan Fontaine is 91 today. Miss Fontaine won the Oscar in 1942 for Suspicion. Good genes in that family. Her sister Olivia de Havilland turned 92 in July.

Nobel Prize-winner Doris Lessing is 89 today.

“that epicist of the female experience, who with scepticism, fire and visionary power has subjected a divided civilisation to scrutiny”

Nobel Prize for Literature 2007

Christopher Lloyd is 70.

Annette Funicello is 66.

Catherine Deneuve is 65.

Jeff Goldblum is 56.

Ichiro Suzuki is 35.

It was on this date in 1962, that President Kennedy told the nation about the Soviet missiles in Cuba. From The New York Times report on the speech:

President Kennedy imposed a naval and air “quarantine” tonight on the shipment of offensive military equipment to Cuba.

In a speech of extraordinary gravity, he told the American people that the Soviet Union, contrary to promises, was building offensive missiles and bomber bases in Cuba. He said the bases could handle missiles carrying nuclear warheads up to 2,000 miles.

Thus a critical moment in the cold war was at hand tonight. The President had decided on a direct confrontation with–and challenge to–the power of the Soviet Union.

*****

All this the President recited in an 18-minute radio and television address of a grimness unparalleled in recent times. He read the words rapidly, with little emotion, until he came to the peroration–a warning to Americans of the dangers ahead.

“Let no one doubt that this is a difficult and dangerous effort on which we have set out,” the President said. “No one can foresee precisely what course it will take or what costs or casualties will be incurred.”

“The path we have chosen for the present is full of hazards, as all paths are–but it is the one most consistent with our character and courage as a nation and our commitments around the world,” he added.

It was as close as we’ve ever come to nuclear war.

It ought to be a national holiday

Curly Howard (Jerome Lester Horwitz) was born on this date in 1903.

Tina Time

Best late night line

“Sarah Palin had a good thought. She suggested that while Barack Obama is over in Hawaii, it might be a good idea for him to keep an eye on Japan.”

Jimmy Kimmel

Truest line of the day, so far

“What we have here is an election that won’t be decided on the worst smears, but on substance. And in such an environment, the GOP is ill-equipped to compete.”

kos