Oct

17

Will someone besides Rand Paul make the moral case for not taking accumulated wealth from people and then talk about the practical dimunition of incentives for everyone, and how if 5 people vote to take away from the richest among them it's stealing as in a democracy

With one democrat in the debate after another opining on taking away from the rich, against cap gains, and for a wealth tax it's a bad backdrop and could take a day or two for the market to countenance all the agrarian reformers without the agrarian

More important, the dead ball is effecting the Yankees already even before 2020

If the four poor ones take out a gun and shoot the wealthy one and steal his money everyone aside from the agrarians would say that it's wrong and evil and should not be allowed. But if the 5 of them vote on it, and take it away from the wealthy one, it's not wrong to most people

Guaranteed to happen "a variant of your own man says you were out" will soon transpire. Warren Buffet will say along with his fellow travelers that the wealth tax is good and fair and we fellows are in favor of it

With the republican so closely knit together we are really missing John McCain to be "your own man says that the wealth tax is good and his family of billionaires support him and the Sage in this 1000%"

Good for all and a nice answer to wealth taxes and socialism: "The March of History: Mises vs. Marx The Definitive Capitalism vs. Socialism Rap Battle"

Like night follows the day, the democrats have hauled out their first exampled of "your own man says you're out" as a refresher in street games all over, when a dispute arises the opposing team loves to haul out someone on your own team that agrees with them your team is hosed

The markets had a very dull day and it seems like a good time to apply the insight from sports betting and sports to markets. There is much complaining about the reffing in football. The face mask penalty even had a "your own man" on Greenbay saying it wasn't fair.

Sharps note that the home field advantage is going away. 75% of the NFL images had the visiting team beating the spread. One is reminded of the reffing on arbitrations involving market disputes. Many accounts will not be opened unless you agree to arbitrating with the NYSE arbs.

These arbitrators are on average 70 yrs old and are selected by the NYSE based on how they opine against the big firms. I had a lock case against a broker who backed out of a trade. With bravado I told the arbs that they should give me nothing if they agreed with broker

Fortunately they had pity on me and opined that I should get zilch but they didn't hold me responsible for costs. With all the brokers giving 0 commissions these days it is incumbent to look at the ways they have to insure the house always wins. Paying for orders ranks high

"Billionaire Tom Steyer says he'd tax the rich, roll back Trump-GOP cuts": here's the first of the flood of "your own man said you're out" that will be coming down the stream. How long will it be till the Sage from Neb joins in the chorus? Do I have a square on the other side of that?

As I look back on my 60 years in Wall Street I am reminded of many pleasant interludes. My remembrance of visiting the Sherry where the boy wonder committed suicide brought back the pleasant memory of Abe descending the stairs. (Hopefully I will revisit the stairs on my Tokyo visit)

My experiences in the arbitration brings back a scene from Nock's Memoirs of a Superflous Man. In Berkeley in the old days, it was common to buy votes (the great Herb London told me it is still very common. Nock noted a poor sinner outside the Wigwam who jauntily sang "Marching Through Georgia ". He always got through the first stanza and then lapsed into a drunken stupor

I listen to "Marching Through Georgia" in fond memory of Albert Jay Nock, Herb London, and rigged city elections all over

And I was reminded by the Hurrah that Granpa Martin was Irving Berlin's bookkeeper and asked his secretary to marry him on her first day, and all the Niederhoffers came out of that to say nothing about the many pleasant moments that Martin shared with the honeys of Jesse: "Collins and Harlan sing Irving Berlin' My Wife's Gone To The Country Hurrah! Hurrah!"

That's it on Tweets for the day. I will devote the rest of day to Niederhoffer analysis of Japanese prices. But at least one can give a good instrumental version of "Georgia" in hono


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