Lewis meets Obama. Simply must read weekend material. From Vanity Fair.
To understand how air-force navigator Tyler Stark ended up in a thornbush in the Libyan desert in March 2011, one must understand what it’s like to be president of the United States—and this president in particular. Hanging around Barack Obama for six months, in the White House, aboard Air Force One, and on the basketball court, Michael Lewis learns the reality of the Nobel Peace Prize winner who sent Stark into combat.
Even after his parachute opened, Tyler Stark sensed he was coming down too fast. The last thing he’d heard was the pilot saying, “Bailout! Bailout! Bail—” Before the third call was finished, there’d come the violent kick in the rear from the ejector seat, then a rush of cool air. They called it “opening shock” for a reason. He was disoriented. A minute earlier, when the plane had started to spin—it felt like a car hitting a patch of ice—his first thought had been that everything was going to be fine: My first mission, I had my first close call. He’d since changed his mind. He could see the red light of his jet’s rocket fading away and also, falling more slowly, the pilot’s parachute. He went immediately to his checklist: he untangled himself from his life raft, then checked the canopy of his chute and saw the gash. That’s why he was coming down too fast. How fast he couldn’t say, but he told himself he’d have to execute a perfect landing. It was the middle of the night. The sky was black. Below his feet he could see a few lights and houses, but mainly it was just desert.
Full article here.
Guest post by Lance Roberts of Streettalk Live.
Mark Twain once wrote that “History doesn’t repeat itself, but it does rhyme.” While this is a statement that is often thrown around by the media, economists and analysts, few of them actually heed the warning. It has been even worse for investors. Over the past 800 years of history we have watched one bubble after the next develop, and bust, devastating lives, savings and, in some cases, entire countries. Whether it has been a bubble created in emerging market debt, rail roads or tulip bulbs, the end result has always been the inevitable collapse as excesses are drained from the system.
On September 6th, 2008 I gave a presentation discussing the December 2007 recession call we had made (NBER officially stated the recession started in December 2007 a full year later) and the potential for a substantial crisis ahead (the market began its collapse one month later.) During the presentation I showed the following slide discussing history and why this time was “not going to be different.