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Wednesday, August 08, 2007

The theatre is the same

"This long episode of market mania, running for seven years, was based on the idea that non-performing loans could be turned into money by removing them from their point of origin and dressing them up in respectable clothes -- like taking all the winos in downtown Los Angeles, putting them in Prada suits, and passing them off as the faculty of the Harvard Business School. " James Kunstler

First of all I am very happy to see you are posting again, Mr. Kunstler.
My post of today has little to do with what you overall write in your post.
But some of your worlds, as usual, make me thinking.
It is not so hard to believe what you think almost impossible.
In principle what we are used to lately is that the "form", the "package", the market, make the product.
It is not so important what is inside, as long as it is presented in a nice way.
In a few words, substance is almost dead.
Call it "bubbles" call it cheating, call it whatever you like, but how many products (financial products) were presented as alluring and money makers, high money makers and in the end they were just what they were, an illusion well wrapped to look substantially valuable.

The big problem of today is the naïveté of the customer.
The big problem is that people believe in miracles.
In an ever ending run up, in an ever ending progress, in a never ending income increase, in a never ending success.
Technology has its timing, technology is no miracle.
But people believe that technology will always rescue them, also doing the impossible.
It is the blind faith in what they do not understand that brings people to ruin.
It is the false hopes fed by false promises.
As usual the theatre is the same, what changes are the actors who play...
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