Oldtent Archives 2007 - 2008

Brrrmyster gave me a call.  She will be in town in a day or two, visiting the old homestead, and we plan to get together to yak a bit… my first live tent meeting!

Many stories I can tell about good clean cheap wholesome living in other parts of the world but on the TENT it is like preaching to the choir.

Many others have posted on this aspect and perhaps beside PM’s and personal freedom, responsible living may be a common denominator between us?

I should have been more clear and said figure skating. Your advice is well taken…..no way do I want to insult a hockey player or a rugby player!! I do NOT have a suicide wish…HA

Don’t ever try to tell a canuck hockey player that ice skating isn’t manly!!  

Chinese acrobats are unrivalled.  I never miss a chance to see them when they come to town.  Swan lake was an incredible display of poise, balance, and strength.  Thanks for that.  My neck is sore.

Summary

The markets are extremely complicated right now, and will likely remain that way for quite some time (years). The reasons are legion, but they all hinge on the fact that our monetary system uses unconstitutional paper fiat debt money. This has caused untold imbalances and distortions within all markets and asset classes.

There is not enough time or space to go into them all. Suffice it to say that what is transpiring has to do with debt cycles; and that this particular secular debt cycle may be the last one the existing system experiences, as it may destroy the

entire system through hyperinflation i

f not corrected in a timely fashion.

07:24 GS Goldman Sachs’ Ken Wilson to temporarily leave company to advise Treasury Secretary Paulson - WSJ (00:26 ET) (182.84)
Citing people familiar with the matter, the WSJ reported that the company’s chairman of the Financial Institutions Group and most senior financial-institutions banker, Ken Wilson, will advise the Secretary on how to resolve the country’s banking crisis.
Reference Link (subscription required)
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NEW YORK, July 21 (Reuters) - Senior Goldman Sachs Group Inc investment banker Kendrick Wilson will take a leave of absence to advise U.S. Treasury Secretary Henry Paulson on the nation’s banking crisis, people familiar with the matter said on Monday.

Wilson, a vice chairman of investment banking and chairman of Goldman’s financial institutions business, has played a key role advising banks on capital raising and reorganizations.

He is expected to help address the crisis gripping banks, Wall Street firms and mortgage lenders, the sources said. He is expected to serve without pay through January, when President George W. Bush’s second term ends.

Goldman declined to comment on the matter. Treasury officials were not immediately available.

Wilson, 61, joined Goldman in 1998 and was a leading dealmaker during the bank merger boom of the late 1990s. Previously he was a vice chairman and head of investment banking at Lazard, Freres & Co, which he left amid a period of management turmoil at the partnership.

He was president of Ranieri & Co from 1988 to 1989, a firm set up by famed mortgage securities banker Lewis Ranieri. He was a senior executive vice president for now-defunct brokerage E.F. Hutton in 1987.

The Dartmouth College graduate served in the Vietnam War as a U.S. Special Forces officer…

-END-

Paulson is a Dartmouth man too. As Adrian notes…

Bill,
Banker Leaves Goldman Sachs To Aid Paulson

The GS South Office continues to expand!

online.wsj.com/article/SB121660908385169563.html?mod=mktw

QUOTE

While a number of details still must be worked out, Mr. Wilson, 61 years old, is expected to serve without pay, in a period through January, the people familiar with the matter said. President George W. Bush made a personal call to Mr. Wilson in recent days, asking him to assist Mr. Paulson.

END

Being on the inside is so lucrative you don’t need a salary!
Cheers
Adrian

Wilson has been called in to assist Paulson because the markets are a mess behind the scenes.

It is remarkable how many Goldman Sachs honchos end up at the U.S. Treasury in some capacity. GS is like a junior varsity pipeline for the varsity. There can be no doubt the quid pro quo here is a pipeline of information back to GS about financial conditions and the markets. Can there be any wonder why Goldman Sachs out trades the world quarter after quarter?

there are several of us in the n alabama area-let us know. mike 

if you can grow your own food, you can grow your own “entertainment”. search idabel, oklahoma.

rno

I am hoping to get down to your neck of the woods sometime this fall. If I do would like to share a cool one with you and any other Tenters in the area.

Dusty

birmingham al

..great to see you still lurking and now posting…

..O k where is Magic City ?…..

Full membership is only available to the deMented and when your wife complains about your monthly PMF, but we’ll let you in as an associate member for the time being.

first, thanks for the welcome months ago from fgc and dusty.  apparently the banks like most insolvents believe there is a way to borrow ourselves rich.  following the basic accounting equation, any addition to the asset side is counterbalanced by the liability created by the loan by the fed—no change in capital which is where the problem is.  Having said that i tried a small play on the skf at 161, stop 158 thank goodness and realized there is no ryhme nor reason to this right now.  i still hold a core of gold and silver stocks but like most got trampled in 5/07.  i enjoyed my time with all of you in georgia in the fall and wish the best for the flintstone project(s). will look forward to another get together in the southeast.  i appreciate all the posts and the analysis given.  as far as inflation / deflation ; it’s too hard too call- wait and see. hard to believe that gold will not be a major factor regardless. soee- i listen carefully to what you say-you have a good sense of timing and i appreciate your sharing.  farmboy -great chili and i enjoyed my time spent with you ,irish, aurum, silver rider,aquila, sinbad and the rest at vogel.  can’t offer much at the tent sale, but if you have any questions re pool tables, leave a post and i will help if i can-niche area of expertise — thanks everyone.            magic city mike

….in 2004 at Gold 450 per ounce..my house was worth about 1000 ounces

…..today at about 1000 per ounce it is worth about 500 ounces !

…ha…..deflation again