Stump Lane

THIS ISN’T SO MUCH a blog post as it is a series of block quotes that needed to be collected in one place.

The Wall Street Journal:

As traders and investment bankers near the finish line of what looks like a boom year for pay, some are spending money like the financial crisis never happened. From $15,000-a-week Caribbean getaways to art auctions to $200,000 platinum wristwatches that automatically adjust for leap years, signs of the good life are returning. [WSJ]

Alice Schroeder:

“I just wrote my first reference for a gun permit,” said a friend, who told me of swearing to the good character of a Goldman Sachs Group Inc. banker who applied to the local police for a permit to buy a pistol. The banker had told this friend of mine that senior Goldman people have loaded up on firearms and are now equipped to defend themselves if there is a populist uprising against the bank. [Schroeder]

LENIN’S TOMB:

… There is a staggering amount of spare capacity in the economy. Existing productive resources lie unused, while social needs are unmet, because there is no profitable means by which such resources might be used. Companies are not investing, and are not hiring. The banks are still not lending, preferring to hoard funds against future shocks, because their managers do not believe there are sufficient profitable investment opportunities in the economy. This situation is actually absurd. We have, collectively, all the means we require to house, feed, educate and employ the population, but we may not dispose of those means because there is no profit in doing so. [LENIN]

Samuel Gompers (circa 1892):

“Why should the wealth of the country be stored in banks and elevators while the idle workman wanders homeless about the streets and the idle loafers who hoard the gold only to spend it in riotous living are rolling about in fine carriages from which they look out on peaceful meetings and call them riots?” [Gompers]

WSJ via ladypoverty, Alice Schroeder via Corrente, LENIN via, well, me, Samuel Gompers via Anakin.