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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: skinowski who wrote (106584)	1/16/2010 4:17:06 PM
From: mishedlo	4 Recommendations Read Replies (7) of 116555

I am a big fan of Occam's Razor. Yes there are conspiracies all over the place but most are right in front of our eyes, like Paulson's coercion, and Geithner's AIG payout. Both were right out in the open. Yet those are not the ones that get the perpetual onging attention. Instead I hear every day how the PPT is manipulating the market every day, how there is a massive conspiracy by JPMorgan to suppress the price of gold, how Bush brought down the trade towers, how it was a missile (not a plane that hit the pentagon), and all sorts of other nonsense that goes on and on and on for years even though there is virtually no evidence on some of these, and mountains of evidence against some of conspiracies like 911 and the Kennedy Assassination. Indeed there is a virtual love affair with conspiracies and I think the reason is easy to explain. People want someone to blame when things do not go the way people think they should: Gold temporarily drops in price so it must be the "gold cartel" not a poor trade gone bad. People made a stupid decision to buy a house so a "conspiracy by the Fed and banks" suggest it was all planned. It is very convenient and easy way to absolve all guilt if there is a conspiracy to believe in for every failure that comes your way. I think Bernanke is a buffoon but like all academic wonks believes his formulas. He is not taking his marching orders from the Bilderburgs or scull and bones or whatever. With housing and the credit crisis, people simply started believing what they wanted to believe, and herd action took over. The enabling force was fractional reserve lending and the Fed, but the idea that the Fed is purposely causing this mess for the benefit of JPMorgan or whoever is ridiculous IMO. I may refine this, as I am typing off the top of my head, but this is my general thesis. Mish

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