{"id":2614,"date":"2002-07-22T15:52:00","date_gmt":"2002-07-22T15:52:00","guid":{"rendered":"http:\/\/staging.armedliberal.com\/?p=159"},"modified":"2002-07-22T15:52:00","modified_gmt":"2002-07-22T15:52:00","slug":"flee","status":"publish","type":"post","link":"https:\/\/marcdanziger.com\/?p=2614","title":{"rendered":"FLEE!!"},"content":{"rendered":"<p>Bob Morris, who writes the usually sensible <a href=\u0094 http:\/\/www.polizeros.com\/\u0094 target=\u0094browser\u0094>\u0092Politics In The Zeroes\u0092<\/a> blog, takes Ted Rall\u0092s hook and gets reeled in (no permalinks, so just scroll down) with this:<\/p>\n<blockquote><p><b>Ted Rall on why it&#8217;s different this time<\/b><br \/>\nWise words from <a href=\"http:\/\/www.tedrall.com\" target=\"browser\">Ted Rall<\/a>, an investment banker turned cartoonist\/political columnist.<\/p>\n<blockquote><p>The trouble is that the accounting scandal that brought down Enron, WorldCom and Xerox is something far more serious than a short-term cyclical correction.  It threatens to undermine the foundation of market-based capitalism itself.  Bush addressed investors twice in one week, but his assurances that help is on the way only drove jittery securities exchanges to record lows.  &#8220;For lack of a better description, you have as much full-fledged panic as you are going to get,&#8221; commented Tony Cecin, director of institutional trading at U.S. Bancorp Piper Jaffray in Minneapolis. &#8220;The negative mentality is as pervasive as I have ever seen it, and I went through (the) `73 and `74 bear market.&#8221;<br \/>\nThe panic is real and it is rational: Investors finally realize that they can&#8217;t trust earnings and other &#8220;audited&#8221; figures released by corporations. Absent that information they can&#8217;t evaluate stocks, which leads to only one logical conclusion: sell everything and stay out of the market.<br \/>\n&#8220;Independent accounting&#8221; was BS all along; even companies that didn&#8217;t bribe their auditing firms outright with lucrative consulting deals controlled them via the millions of dollars in fees paid out for their signing off on company financial statements. It&#8217;s hardly a unique moment in history to discover that some shepherds have been munching on lambchops from a flock they swore to protect.<\/p><\/blockquote>\n<\/blockquote>\n<p>Rall, sadly is no better on business history than military reportage. Off the top of my head, from the turn of the century to the 90\u0092s:<br \/>\nTeapot Dome (and pretty much the whole Harding Administration)<br \/>\nJulian Oil, here in L.A.<br \/>\nIvar Krueger, in Sweden<br \/>\nI.O.S. (Bernie Kornfeld)<br \/>\nEquity Funding<br \/>\nCendant<br \/>\nPeople have always cheated; capitalism has survived, Rall\u0092s apocalyptic fantasies notwithstanding.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bob Morris, who writes the usually sensible \u0092Politics In The Zeroes\u0092 blog, takes Ted Rall\u0092s hook and gets reeled in (no permalinks, so just scroll down) with this: Ted Rall on why it&#8217;s different this time Wise words from Ted Rall, an investment banker turned cartoonist\/political columnist. The trouble is that the accounting scandal that [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/marcdanziger.com\/index.php?rest_route=\/wp\/v2\/posts\/2614"}],"collection":[{"href":"https:\/\/marcdanziger.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/marcdanziger.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/marcdanziger.com\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/marcdanziger.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2614"}],"version-history":[{"count":0,"href":"https:\/\/marcdanziger.com\/index.php?rest_route=\/wp\/v2\/posts\/2614\/revisions"}],"wp:attachment":[{"href":"https:\/\/marcdanziger.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2614"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/marcdanziger.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2614"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/marcdanziger.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2614"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}