My pics--a sunflower using Adobe CS2 to provide different filters. Taken today in the waning sunlight.
I found great beauty in the imperfection of this sunflower.
Dictionary.com defines catharsis as follows:
ca·thar·sis Purgation, especially for the digestive system.
- A technique used to relieve tension and anxiety by bringing repressed feelings and fears to consciousness.
- The therapeutic result of this process; abreaction.
My family has abandoned me this evening. The men folk have gone to something that involves racing cars. My daughter is doing who knows what.
Today is a very important day for me. Hopefully, you'll not think I'm a nut. First off I'm pissed off beyond anyone's (even my own) ability to measure. Why? Because here we are on July 11, 2008 and we've not been deprived of an honest objective opinion about the depth of this credit crisis.
When I saw Jim Cramer on CNBC as some supposed "expert" I totally went over the edge. First, he failed to see any of this coming. He was extolling the virtues of WFC and WB for quite some time. I turned the TV off. I've so disgusted with him and his clown antics, I have no plans to renew my Real Money subscription though I adore the folks on Rev Shark's blog. Another TH, Second, Diane Swonk, who is repeatedly trotted out on CNBC (though I think that she's very smart and articulate) was positively patronizing about the breadth and depth of the credit crisis last Spring-I've still not forgiven her--and why she is still a "go-to" person despite this error is a mystery . Don't even get me started on Larry Kudlow. And Paulson and Bernanke pegged the losses at no more than $50B--I think that we'll ring the bell and go beyond at $400B. Whose got a ticker for this mess. Where is there an objective, credible opinion on any of this? (I realize that I did a first, second and become sidetracked).
I'm outraged--spittingly, cussingly, hissingly, outraged, that a firm such as Goldman Sachs can (1) underwrite and sell these CDO's to investors with
- donor money such as not for profits, church and educational institutions;
- municipalities to include public works;
- public pension plans;
- privat pension plans; and
- other qualified investors.
I try not to be a whiner. I find whining unattractive both physically and intellectually. Accordingly, this is the last whiney post on the matter that you will see from me. BUT.....I plan to figure out a way to devote my time and talent toward ensuring that this sort of thing is not perpetrated upon innocent investors.
You expect the people advising you about your money--we are talking about deep fiduciary and trust issues here--to be working on YOUR behalf--NOT on the behalf of lining their filthy, bulging pockets with additional fees at YOUR expense.
Many are shuddering about taxpayer bailouts etc. "Let them fail" is the chant. My friends, if they are allowed to fail it imperils stuff you expect to be safe: your retirement, your bank relationship, your money market, your Social Security, your Medicare.
I can honestly say that I've NEVER been more angry nor more moved in my life. (But is that such a bad thing?!) Hence, I've entitled my post as Catharsis. I had it today. Angry, pre-menopausal women are very dangerous when provoked! (But some of you may already know that!).