Sorry, I keep getting it confused with Davros. One has a plan to take over the world with the aid of heavily-protected, ultra-aggressive, lunatic invertebrates, and the other...
Sunday, February 01, 2009
Davos: inaugural address
Sorry, I keep getting it confused with Davros. One has a plan to take over the world with the aid of heavily-protected, ultra-aggressive, lunatic invertebrates, and the other...
DIY? GSI, say I.
Doing the rounds on the Internet...
DRILL PRESS: A tall upright machine useful for suddenly snatching flat metal bar stock out of your hands so that it smacks you in the chest and flings your beer across the room, denting the
freshly-painted project which you had carefully set in the corner where nothing could get to it.
WIRE WHEEL: Cleans paint off bolts and then throws them somewhere under the workbench with the speed of light. Also removes fingerprints and hard-earned calluses from fingers in about the time it takes you to say, 'Oh sh*t '
ELECTRIC HAND DRILL: Normally used for spinning pop rivets in their holes until you die of old age.
SKILL SAW: A portable cutting tool used to make studs too short.
PLIERS: Used to round off bolt heads. Sometimes used in the creation of blood-blisters.
BELT SANDER: An electric sanding tool commonly used to convert minor touch-up jobs into major refinishing jobs.
HACKSAW: One of a family of cutting tools built on the Ouija board principle. It transforms human energy into a crooked, unpredictable motion, and the more you attempt to influence its course, the more dismal your future becomes.
VISE-GRIPS: Generally used after pliers to completely round off bolt heads. If nothing else is available, they can also be used to transfer intense welding heat to the palm of your hand.
OXYACETYLENE TORCH: Used almost entirely forsetting various flammable objects in your workshop on fire. Also handy for igniting the grease inside the wheel hub out of which you want to remove a bearing race.
TABLE SAW: A large stationary power tool commonly used to launch wood projectiles for testing wall integrity.
HYDRAULIC FLOOR JACK: Used for lowering an automobile to the ground after you have installed your new brake shoes, trapping the jack handle firmly under the bumper.
BAND SAW: A large stationary power saw primarily used by most shops to cut good aluminum sheet into smaller pieces that more easily fit into the trash can after you cut on the inside of the line instead of the outside edge.
TWO-TON ENGINE HOIST: A tool for testing the maximum tensile strength of everything you forgot to disconnect.
PHILLIPS SCREWDRIVER: Normally used to stab the vacuum seals under lids or for opening old-style paper-and-tin oil cans and splashing oil on your shirt; but can also be used, as the name implies, to strip out Phillips screw heads.
STRAIGHT SCREWDRIVER: A tool for opening paint cans. Sometimes used to convert common slotted screws into non-removable screws and butchering your palms.
PRY BAR: A tool used to crumple the metal surrounding that clip or bracket you needed to remove in order to replace a 50 cent part.
HOSE CUTTER: A tool used to make hoses too short.
HAMMER: Originally employed as a weapon of war, the hammer nowadays is used as a kind of divining rod to locate the most expensive parts adjacent the object we are trying to hit.
UTILITY KNIFE: Used to open and slice through the contents of cardboard cartons delivered to your front door; works particularly well on contents such as seats, vinyl records, liquids in plastic bottles, collector magazines, refund cheques, and rubber or plastic parts. Especially useful for slicing work clothes, but only while in use.
DAMM-IT TOOL: Any handy tool that you grab and throw across the garage while yelling 'DAMM-IT' at the top of your lungs. It is also, most often, the next tool that you will need.
DRILL PRESS: A tall upright machine useful for suddenly snatching flat metal bar stock out of your hands so that it smacks you in the chest and flings your beer across the room, denting the
freshly-painted project which you had carefully set in the corner where nothing could get to it.
WIRE WHEEL: Cleans paint off bolts and then throws them somewhere under the workbench with the speed of light. Also removes fingerprints and hard-earned calluses from fingers in about the time it takes you to say, 'Oh sh*t '
ELECTRIC HAND DRILL: Normally used for spinning pop rivets in their holes until you die of old age.
SKILL SAW: A portable cutting tool used to make studs too short.
PLIERS: Used to round off bolt heads. Sometimes used in the creation of blood-blisters.
BELT SANDER: An electric sanding tool commonly used to convert minor touch-up jobs into major refinishing jobs.
HACKSAW: One of a family of cutting tools built on the Ouija board principle. It transforms human energy into a crooked, unpredictable motion, and the more you attempt to influence its course, the more dismal your future becomes.
VISE-GRIPS: Generally used after pliers to completely round off bolt heads. If nothing else is available, they can also be used to transfer intense welding heat to the palm of your hand.
OXYACETYLENE TORCH: Used almost entirely forsetting various flammable objects in your workshop on fire. Also handy for igniting the grease inside the wheel hub out of which you want to remove a bearing race.
TABLE SAW: A large stationary power tool commonly used to launch wood projectiles for testing wall integrity.
HYDRAULIC FLOOR JACK: Used for lowering an automobile to the ground after you have installed your new brake shoes, trapping the jack handle firmly under the bumper.
BAND SAW: A large stationary power saw primarily used by most shops to cut good aluminum sheet into smaller pieces that more easily fit into the trash can after you cut on the inside of the line instead of the outside edge.
TWO-TON ENGINE HOIST: A tool for testing the maximum tensile strength of everything you forgot to disconnect.
PHILLIPS SCREWDRIVER: Normally used to stab the vacuum seals under lids or for opening old-style paper-and-tin oil cans and splashing oil on your shirt; but can also be used, as the name implies, to strip out Phillips screw heads.
STRAIGHT SCREWDRIVER: A tool for opening paint cans. Sometimes used to convert common slotted screws into non-removable screws and butchering your palms.
PRY BAR: A tool used to crumple the metal surrounding that clip or bracket you needed to remove in order to replace a 50 cent part.
HOSE CUTTER: A tool used to make hoses too short.
HAMMER: Originally employed as a weapon of war, the hammer nowadays is used as a kind of divining rod to locate the most expensive parts adjacent the object we are trying to hit.
UTILITY KNIFE: Used to open and slice through the contents of cardboard cartons delivered to your front door; works particularly well on contents such as seats, vinyl records, liquids in plastic bottles, collector magazines, refund cheques, and rubber or plastic parts. Especially useful for slicing work clothes, but only while in use.
DAMM-IT TOOL: Any handy tool that you grab and throw across the garage while yelling 'DAMM-IT' at the top of your lungs. It is also, most often, the next tool that you will need.
Michael Panzner interview
Some salient points in Michael's answers:
- The crisis could continue for another decade;
- investors will have to tread carefully and consider the risk of dealing with others;
- dividend yields could increase 2 - 4 times (suggesting that current stock prices could halve or quarter);
- after some more deleveraging during this year, it may be useful to accumulate precious metals
Also linked on AN is a story about Warren Buffett's firm insuring third parties against a long-term market drop. Berkshire Hathaway has taken $4 billion in bets; are they right? Or are they right only in the sense that nominal prices will hold, while inflation will mask the real reduction in value?
The banking crisis: did we have a choice?
Could any of the leading nations have retained their moral fibre during the monetary inflation of the last decade and more? Wouldn't prudent, restrained lenders have lost out to foreign sellers of "liar" and "fog a mirror" loans? Wouldn't the currency have risen and crippled exports? Could considerations like this form part of the "don't shoot me" defence of our busted banks and discredited politicians?
Or would it have been a trial by fire, where the virtuous are rewarded at the end? Denninger: "It is also increasingly clear that there are literally hundreds of midsize and smaller banks that are perfectly fine. They did not lever up, they did not write a bunch of crap commercial or residential construction paper that cannot be serviced and they most certainly did not drink the KoolAid of securitized synthetic garbage debt. Even in bad economic times traditional banking is a very profitable business - so long as you lend money to people who can pay you back or you have sufficient collateral so that if they default you don't lose your shirt."
In which case, the original offence of reckless finance has been compounded by the failure to punish it. The bailouts whisk away the deserved reward of the good, and teach a hugely damaging lesson to all onlookers: you can Get Away With It.
Of course, you can't - or rather society can't, though individuals will. And when injustice finally falls, it will take down with it many of the good, the poor and the powerless.
Or would it have been a trial by fire, where the virtuous are rewarded at the end? Denninger: "It is also increasingly clear that there are literally hundreds of midsize and smaller banks that are perfectly fine. They did not lever up, they did not write a bunch of crap commercial or residential construction paper that cannot be serviced and they most certainly did not drink the KoolAid of securitized synthetic garbage debt. Even in bad economic times traditional banking is a very profitable business - so long as you lend money to people who can pay you back or you have sufficient collateral so that if they default you don't lose your shirt."
In which case, the original offence of reckless finance has been compounded by the failure to punish it. The bailouts whisk away the deserved reward of the good, and teach a hugely damaging lesson to all onlookers: you can Get Away With It.
Of course, you can't - or rather society can't, though individuals will. And when injustice finally falls, it will take down with it many of the good, the poor and the powerless.
Saturday, January 31, 2009
Not Chicken Little: the sky could really be near falling
Jesse is not an air-filled doomster, yet here he has become really sombre. Pound heading for parity with the Euro, major banks insolvent, action ineffectual, hush-hush all around so the common people don't realize the gravity of the situation. It's rumour, but rumour that Jesse, clearly an experienced financial man, finds plausible.
Like I said, you've had your warning. Prepare for the worst, hope for the best.
Like I said, you've had your warning. Prepare for the worst, hope for the best.
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