Monday, October 27, 2008

A Nobel Prize Winning Economist Also Quotes Yeats

Query: Is the poetry loving Paul Krugman a gentle Weber County Forum reader?

Too Funny! It would appear that Nobel Prize winning economist Paul Krugman may have been reading Weber County Forum yesterday. From this morning's New York Times op-ed piece:
The Widening Gyre
By PAUL KRUGMAN

Economic data rarely inspire poetic thoughts. But as I was contemplating the latest set of numbers, I realized that I had William Butler Yeats running through my head: “Turning and turning in the widening gyre / The falcon cannot hear the falconer; / Things fall apart; the center cannot hold.”
The widening gyre, in this case, would be the feedback loops (so much for poetry) causing the financial crisis to spin ever further out of control. The hapless falconer would, I guess, be Henry Paulson, the Treasury secretary.
And the gyre continues to widen in new and scary ways. Even as Mr. Paulson and his counterparts in other countries moved to rescue the banks, fresh disasters mounted on other fronts.
Some of these disasters were more or less anticipated. Economists have wondered for some time why hedge funds weren’t suffering more amid the financial carnage. They need wonder no longer: investors are pulling their money out of these funds, forcing fund managers to raise cash with fire sales of stocks and other assets.
Alternatively, just more evidence that great minds think alike?

Read Krugman's full article here. It's a formidable piece, addressing the U.S. domestic financial gyre that's now spiraling into world-wide economic crisis. There's also some savvy discussion in the article comments section.

News is a mite slow today.... so please consider this an open topic thread, if you like.

Talk about whatever you want to talk about.

33 comments:

Wm M said...

You know the difference between a hedge-fund manager and a pigeon?

A pigeon can still leave a deposit on a Ferrari -

Have a great day fOrumTOWN ...

I'm here all week ...

Zeke said...

How about some John Keats;

"Beauty is truth, truth beauty,--that is all
Ye know on earth, and all ye need to know."

Ogden Nash said...

Most bankers dwell in marble halls,

Which they get to dwell in because they encourage deposits

and discourage withdrawals,

And particularly because they all observe one rule which woe

betides the banker who fails to heed it,

Which is you must never lend any money to anybody unless

they don't need it.

ozboy said...

Jeeze Rudi, I sure hope you don't throw your shoulder out of joint by patting your self on the back!

In your zeal you even elevated Krugman to possessing a "great mind"! Granted he can write a good column once in a while, but for the most part I think he is just another political hack.

Rhimes said...

There was a young man from Nantuckit....

Mike said...

Humpty Dumpty sat on a wall;
Humpty Dumpty had a great fall.
All the king's horses and all the King's men
Couldn't put Humpty together again.

Curmudgeon said...

Quoting Yeats?

Krugman must be another one of them east coast quiche eating chardonnay drinking liberals who doesn't live in the real America. Betcha he couldn't field dress a moose if his life depended on it.

Moroni McConkie said...

Open thread? Okay ... has anyone eaten at the new Jasoh yet, and what did you think of it?

ozboy said...

Moroni

Ya, I had the breaded Moose. I found it a little too Palinesque and hard to swallow, but a few swigs of Mrs. McCain's beer made it go down a whole lot easier. Next time I think I will try their Barrack of donkey. I heard it wasn't too popular here in Zion as folks are finding that one hard to swallow as well. I'm sure a cold glass of near beer will help.

Curmudgeon said...

MM:

They're touting it as a Restaurant and Brewpub. If you go, let us know what they're pouring. Their own brew or someone elses. Brew Pubs are signs that The Great Heart of America still beats, even in the midst of the Bush Recession/Depression here in Zion. And these days, I need all the signs that that is so that I can find.

ozboy said...

Oh, and I just luvs poetry day here on the ever erudite WCF.

My entry is the old saw:

There once was a man from Boston
who rode around in an Austin.
He had room for his ass
and a gallon of gas
and his balls hung out
and he lost em.

(must of been one of Mr. Curmudgeon's east coast Chardonnay swilling liberal pals!)

Curmudgeon said...

BTW, my argument that the SE has not become an uncritical mouthpiece for the Godfrey Gaggle took a solid hit this morning in the SE's lead editorial, and my argument is now listing noticeably to starboard.

It was gracious of you all not to mention it, but as much as I wish the task didn't fall to me, it does need mentioning. It's home town boosterism and Babbitry, Godfrey-style, plain and simple.

At least it doesn't mention gondolas. That's something, anyway....

Jason W. said...

Moroni:

I attempted to "eat" an onion-free, wood-fired pizza at the old Jasoh location -- near the defunct office of Addled Ed Allen's swindler buddy, Val "Sidney Rigdon" Southwick -- a couple years back; it was undercooked and disgusting. I don't recall anything about the service, but I never blame those fine folks and tip well regardless. I have a hard time banning a joint based on one experience, but it was really a Geigerian piece of pizza, so I haven't been back. Maybe it was the one poor item they offer, and I hear the pot things are tasty. I spend at least four nights a week downtown and always on 25th. I was sad to see Peddler's close their storefront restaurant, as the fare was divine and they poured Bavarian Brewery products (a Godly Midvale ambrosia I haven't seen offered elsewhere in my beloved OTown), so it's good to have another adult eatery down on the lower block. I don't know of the proprietor's Lying Little Matty Gondola Godfrey leanings, but that building houses one of The Forehead's staunchest apologists. Should I give it a try or will I walk into a dense cloud of onion-reeking vapor emanating from THE SKI IS BEAUTIFUL BLUE, ala Rooster's?

THE SKI IS BEAUTIFUL BLUE

Tec Jonson said...

Since it's open thread time...

I haven't heard anyone comment on the painted horses littering downtown sidewalks. Has someone lost their mind. Is this urban art. I thought it had something to do with Pioneer Days but that is long past and they are still there. I find them ugly and uninspiring. The artwork is random and loud. Why not just paint the horses as individuals with natural coloring. Anyone else want to take a shot at them. Can we find out who funded them and at what cost? City involvement???

Keisha said...

Open topic thread?

Perfect!

Here's a New York Times article you all ought to read:

No Ordinary Woman

I rest my case.

I'll be voting for Obama this year, even though I'd like to see a woman in or near the White House.

the lovely jennifer said...

I thought Bella Abzug was a character in an Edward Abbey novel.

hmmmmm

the ever lovely jennifer

googleboy said...

Bella Abzug

what will it cost us said...

Still can't beat City Club for food and grog, and Brewskis has one of the best pizzas around, and open on Sunday. What a concept for a business that isn't subsidized by the city.

danny said...

Poetry day: "Things fall apart; the center cannot hold."

I tell you what cannot hold. Take a look at the DJI for the past 40 years or so. There is a big, big resistance level at about 7800, and the Dow has been bouncing off that all month. Last night, the futures hit it and also bounced off.

What lies below? If it can breach that level, the next support is 4000, or more realistically, 2000.

S&P 500 is no different. It has been hitting strong resistance at about 800. If it clears that, the next support is 400 or more like 200.

The rest of the world will be even worse. Interest rates there are spiking. There will be tyranny, war, famine, disease.

It's history in the making.

ozboy said...

Mr. Curmudgeon

I read this morning's SubStandard Editorial and I have to agree it did cast doubt on your past dogged defense of their incompetence.

However, a commenter by the name of "Flatlander" pretty much eviscerated the piece and made any follow on comments more or less moot. Pretty hard to follow brilliance.

Smart fellow that "Flatlander" hope to meet him some day.

danny said...

Oz,

Yeah, hope to meet Flatlander, wink wink. He's the only person I know who writes exactly like, hmmmm, you know, c.c.c.c.c.c.c.

Tell me, can a nice Mormon like me go into Brewski's? I checked out Rooster's finally and liked it. I'd like to try something else.

Has anyone noticed silver is about 50% to 100% more on ebay than on the Comex? It's crazy - I would have said impossible.

WM M said...

I don't know a lot about the painted horse project but I do know a few details ...

The Ogden Arts Council is having 75 horses commissioned to commiserate the 75th anniversary of Pioneer Days ... each horse sponsored is a $4000.00 donation ... I have no idea how much goes to the individual artist ...

There are only 24 on display now and they will soon be put in storage until all 75 are unveiled in July ...

Each horse has a story ... for instance, The City Club has one called "Henry the Horse dances the waltz" - a take from the Beatles song "For the Benefit of Mr Kite" ... the horse is painted in Sgt Pepper gala and colors ...

All in good fun ...

A splendid time is guaranteed for all ...

Ogden's painted horses

Wm m said...

danny ...

Protestants don't recognize the Pope as the world's spiritual leader ...

Baptists people don't recognize Christ as the only Messiah ...

Mormoms don't recognize each other in Brewskis ...

All in good fun ... ha, ha -

I'm sure you would be most welcome in Brewskis...

food lover said...

The best restaurant on 25th Street, hands down, is the Two Bit Street Cafe, next to Angelo's on the north side of the west-most half block. Check it out if you haven't already.

(No, I'm not related to the owners.)

danny said...

Wm m,

Donna and I will try out Brewski's. If their scanners detect my "g's", we will retreat to Rooster's.

Next on the list will be Two Bit Street Cafe.

what will it cost us said...

Brewskis and City Club are private, but it is worth the temp membership. Fri and Sat they have a band at Brewski's and charge a cover. Still a good deal for Ogden, saves on gas to Salt Lake and they provide cab service to and from for those that want to drink more than .08.

Friends that came up for the corn maze was blown away by Ogden and the things we have to off on 25th street, when they had dinner.

We need to stop paying developers to come here, people will discover Ogden and all it has to offer, besides high adventure.

quade said...

Also remember that Brewskis is a private club and so smoking is allowed indoors. I smoke from time to time but still don't like leaving smelling like an ash tray.

Wednesday night is open mic night at Brewskis and probably the best (music night) that Ogden has to offer.

I for one can't wait for the indoor smoking ban to take place.

Curmudgeon said...

Food Lover:

Two Bit Cafe is the only place in Ogden I know to get mussels. Ah, I miss the seafood available living on a salt coast... Two Bit Street Cafe does some good seafood.

And off 25th, the salmon at Sonora Grill ain't half bad either....

the lovely jennifer said...

googleboy -

My Bad! Mr. Abbey Heroine was named BONNIE Abbzug.

Been a while - I better read the book again.

Good catch.

Abby Zug said...

Jennifer

Bella the New York Congresswoman was the twin sister of Bonnie the Arizona river rat.

Curmudgeon said...

Comment bumped to main article

Al said...

Jason-

Two Bit Street Café carries Bavarian Brewery products. Tasty stuff.

beaver said...

Why do always take two Mormons fishing?

If you only take one, he'll drink all your beer.

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