Winged Wheeler

The thought for the day thread was, originally, started by Jungle and resided in the money forum. It has been hijacked by greeting card. I thought I would start a new one here with, hopefully, a more distinct focus on matters economic.

I have altered the thread title a bit to conceal its purpose from the Hallmark crowd.

WW

Winged Wheeler

It is no crime to be ignorant of economics, which is, after all, a specialized discipline and one that most people consider to be a 'dismal science.' But it is totally irresponsible to have a loud and vociferous opinion on economic subjects while remaining in this state of ignorance.

Murray Rothbard

jungle

Thanks Winged Wheeler, I highly value your contributions here and your humor.


"There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose." - Keynes

Winged Wheeler

tomgoodman

The purpose of investments is not to win a championship, but to survive the elimination rounds.

Winged Wheeler

It’s true that when you buy an index fund, you give up the chance to boast at the golf course that you picked the best performing stock or mutual fund. That’s why some critics claim that indexing relegates your results to mediocrity. In fact, you are virtually guaranteed to do better than average. It’s like going out on the golf course and shooting every round at par. How many golfers can do better than that? Index funds provide a simple low-cost solution to your investing problems.

Burton Malkiel

brianb

Any recommendations on how to limit the tax deductions from an IPO payout? I'm not looking forward to giving the G-man his mandatory cut of my hard work.

Winged Wheeler

The most important single central fact about a free market is that no exchange takes place unless both parties benefit.

Milton Friedman

jungle

Liberty and democracy are eternal enemies, and every one knows it who has ever given any sober reflection to the matter. A democratic state may profess to venerate the name, and even pass laws making it officially sacred, but it simply cannot tolerate the thing. In order to keep any coherence in the governmental process, to prevent the wildest anarchy in thought and act, the government must put limits upon the free play of opinion. In part, it can reach that end by mere propaganda, by the bald force of its authority — that is, by making certain doctrines officially infamous. But in part it must resort to force, i.e., to law. One of the main purposes of laws in a democratic society is to put burdens upon intelligence and reduce it to impotence. Ostensibly, their aim is to penalize anti-social acts; actually their aim is to penalize heretical opinions. At least ninety-five Americans out of every 100 believe that this process is honest and even laudable; it is practically impossible to convince them that there is anything evil in it. In other words, they cannot grasp the concept of liberty. Always they condition it with the doctrine that the state, i.e., the majority, has a sort of right of eminent domain in acts, and even in ideas — that it is perfectly free, whenever it is so disposed, to forbid a man to say what he honestly believes. Whenever his notions show signs of becoming "dangerous," ie, of being heard and attended to, it exercises that prerogative. And the overwhelming majority of citizens believe in supporting it in the outrage. Including especially the Liberals, who pretend — and often quite honestly believe — that they are hot for liberty. They never really are. Deep down in their hearts they know, as good democrats, that liberty would be fatal to democracy — that a government based upon shifting and irrational opinion must keep it within bounds or run a constant risk of disaster. They themselves, as a practical matter, advocate only certain narrow kinds of liberty — liberty, that is, for the persons they happen to favor. The rights of other persons do not seem to interest them. If a law were passed tomorrow taking away the property of a large group of presumably well-to-do persons — say, bondholders of the railroads — without compensation and without even colorable reason, they would not oppose it; they would be in favor of it. The liberty to have and hold property is not one they recognize. They believe only in the liberty to envy, hate and loot the man who has it.
"Liberty and Democracy" in the Baltimore Evening Sun (13 April 1925), also in A Second Mencken Chrestomathy : New Selections from the Writings of America's Legendary Editor, Critic, and Wit (1994) edited by Terry Teachout, p. 35

jungle

So, if some guy gets caught rolling off a few near perfect $100 dollar bills in his basement, he'll get slammed with racketeering and counterfeiting charges and end up locked in a little room with a small bed and a stainless steel toilet, ostensibly because he's "stealing from all of us" by "diluting the money supply" but Janet Yellen and the Federal Reserve can do EXACTLY the same thing on an unimaginably massive scale but, somehow, that's okay. How does THAT work?

Author unknown