Can we just say right now most of the market is a big, fat ponzi scheme? The whole shorting, fast trading process seems to me to be part of a upward spiral with a ping-pong ball, floating on air, elevated only by a percieved value.

Frankly, if the Fed provided it's discount rate to homeowners, permitting all OWNER OCCUPIED homeowners who had some visible means of support to refi at that rate, plus paying a $1,000 fee to recast their mortgage and no STATE transfer taxes, we'd all be out of the soup, IMO. Also, it would permit wages to fall somewhat and make American produced items more competitive.

Does this make sense to anyone else?

So interesting that the Global Warming camp does not seem to emphasize the need to reduce pollutants such as run-offs, dumping, etc. in developing countries. Have you seen the smog in China or some of their rivers?

Good post. A couple thoughts:
1) Cap & Trade will be the 'new' derivatives.
2) In the 60's Millman wrote 'The Permanent War Economy' which is what we've been doing.
3) Could the 'War on Global Warming' be the socially acceptable replacement for the 'Permanent War Economy'?

Final (!) segment:
6) Conclusion: Regardless of profession or recreational pursuit, consequences count, yet oft are unseen, ignored, or hidden. Investors wanting sky-high returns or engineering managers who don't ensure the project is done right are both examples of abdication of personal responsibility and common sense. resulting in a desire to 'get theirs' regardless of long term cost. No one cares about long term- the market or production are all about the short term. For example, budgeting, bidding and accounting methods don't take into effect the costs associated with purchase of cheap screws produced with poor metalurgy which require higher replacement rates. If a component costs x% less, but fails x% x y, shouldn't there be an evaluation of the 'real' cost? Not if a quarterly report depends upon short term financials. I will say, some firms appear to have begun waking up over the past several years.

Con't
4) Newer engineering grads have become dependant upon toys and focus on narrow specialization. A current trend is that 'blueprints' or design drawings don't need full detail- design has become more of a purchasing tool. Thus, the trades in the field (or older cross-trained engineers) are the ones who end up pointing out stupid design issues. Unfortunately, many of the management types couldn't read a blueprint if their life depended on it. Additionally, a sense of educational superiority in some, makes them unable to listen to reason. Both are a pain in the rump and are bad for the long term.
5) Firms are starting to wake up. Currently, my father, aged 75, is back at work trying to educate the educated. When he finally had to rip a couple of clipboard types a new one, one manager lamented that Dad didn't allow these folks to save face. Who the heck cares? If they weren't so pig-headed in the first place, they wouldn't have been ripped.
Con't

I come from a 'real' engineering family and disappointed my parents by not going into the field. Here's what I've learned:
1) An engineer would rather be right than president.
2) Engineers look at situations differently from most and are not swayed by emotional issues. That's why juries hate them.
3) Older engineers lament the intrusion of beancounters and lawyers at the upper levels of engineering management firms. The search for margin and competitive pricing has led to less precise design, which ultimately leads to A) Higher costs- retrofits or field manufacture and/or B) Design failure or early structural fatigue- both of which lead to A.

Continued below

Hey, I'm a Realtor- never worked with investors, never suggested risky purchasing, gave solid counsel based on clients goals, objectives, and financials. Passed up boatloads of earnings- not worth it. My fiduciary responsibility for clients trumps the quick buck.

Interestingly, the client appointments that did not result in a working relationship was because I told them the truth! Most folks don't want to hear it.

Many folks in virtually all industries seem to have left personal ethics behind. That is the greatest tragedy of all. Yet.... yet... I firmly believe dire circumstances offer an opportunity for individuals of integrity to create a better personal and professional environment.