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Non-Tech : The ENRON Scandal -- Ignore unavailable to you. Want to Upgrade?

To: Julius Wong who wrote (1956)	1/31/2002 7:41:35 AM
From: Baldur Fjvlnisson	Respond to of 5185

Deflation will collapse this economic mess "People labored under the delusion that the evils caused by inflation could be cured by a subsequent deflation…But the statesmen who were responsible for the deflationary policy were not aware of the import of their action. They failed to see the consequences which were, even in their own eyes, undesirable, and if they had recognized them in time, they would not have known how to avoid them." —Ludwig von Mises

To: Julius Wong who wrote (1956)	1/31/2002 8:35:49 AM
From: Baldur Fjvlnisson	Respond to of 5185

<<Enron...Enron...Enron! Bush managed to avoid mentioning the word. But with the sincerity of a village idiot, every hack in medialand writes out the name a hundred times a day. "Reform!" they insist. William Greider, writing in the New York Times...or was it the Washington Post...worries about the "insidious corruption of democracy by political money" and thinks Enron gives us "a strong new brief for enacting campaign finance reform that is real." Here at the Daily Reckoning, we worry more about the corruption of money by politics. Most of the time the world's businessmen go about their work in an upstanding and laudable manner. Their motives are clear and pure - to make money. Good businessmen scarcely notice their company's stock price...and hardly have time to cook the books. The best they can do is season them a little bit for the benefit of bankers, investors, and tax collectors. And even that is generally a timid effort, understating the real value of the business as often as inflating it. But every once in a while, the lure of easy money distracts them. Like ghetto teenagers passing a convertible with the keys still in the ignition, the temptation to creative accounting becomes so great it is almost irresistible. Better men than Ken Lay have fallen for it in the past and better men will in the future, no matter how many auditors are on the job. The best an investor can do is to try to find a safe place to park his money and give the security guard a good tip... At least, corporate chicanery is cyclical. Political chicanery, on the other hand, is permanent. dailyreckoning.com