Monday, April 1, 2013

Dave Stockman the Thorstein Veblen of our times?

Dave Stockman the Thorstein Veblen of our times? Dave Stockman,blast from the past,he had been a Congressman from Michigan from 1977 to 1981 and then OMB Director for President Reagan.Anyway Stockman wrote a piece for the New York Times,a prelude to his book,sounded very much like Old Testament prophet,preaching gloom and doom for the economy.It's old song and sometime but rarely it hits right notes.I guess, one such case was Thorstein Veblen(an economist of note) prediction of  the stock market crash of 1929.Unfortunately for Mr.Veblen he died just before the market tank in 1929,indeed,just months before so ended the life unusually academic.For Mr.Veblen had colorful life,to say the least,it was said he was so lazy he won't wash his dishes until they pile up and  them set the dishes on the lawn a wash them with a watering hose,and it was said,he was so bashful when he gave his lectures in class he speak hiding,sort of,under the desk,but he couldn't been too bashful for he got fired from Chicago University for sex with chancellor wife.
Now the mercurial Dave Stockman,after an unsettled stint as OMB Director Stockman left politics for the even more unscrupulous world of Wall Street.His investing style was contrarian,which can be wise but Stockman paid heavy price when ran Collins &  Aikman into the ground he was indicted,later drop but lost about 13 million dollars but then again being OMB director he was use to losing money.
What's the story with Green Mountain Coffee? On 9/2/11 the stock was selling at 103 by 6/20/12 stock tank to 18 and many said the company would be history,David Einhorn said short,short and if did today stock is at 58(or in the morning last I look) and if Einhorn ready is shorting the stock then he will be in his shorts for he can't  afforded pants,but maybe funny business is involve and why no media notice of this reversal of fortune?

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