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Can Democracy and Capitalism Really Co-exist?

Joe's Politico Blog - Sat, 12/03/2011 - 18:25
By Michael Hudson, a research professor of Economics at University of Missouri, Kansas City and a research associate at the Levy Economics Institute of Bard College Book V of Aristotle’s Politics describes the eternal transition of oligarchies making themselves into … Continue reading →
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The U.S. is now a Corporate Monarchy, a Corporatocracy.

Joe's Politico Blog - Thu, 11/17/2011 - 10:20
by Barry Ritholtz November 17, 2011 I did an interview with a print reporter yesterday about what has been going on with lack of prosecutions, the banks, and Wall Street in general. We discussed the corrupt exchanges and HFT. I … Continue reading →
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Where is the ECB Printing Press?

Joe's Investo Blog - Sun, 11/13/2011 - 19:51
by John MauldingNovember 10, 2011 Where Can I Find €3 Trillion? When Leverage Comes Back to Haunt You The German Dilemma So How Do We Solve the Eurozone Problem? Where Is the ECB Printing Press? DC, Cleveland, and New York … Continue reading →
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John Maynard Keynes Knew What Occupy Wall Street Tells Us Today: “Banks and bankers are by nature blind.”

Joe's Politico Blog - Sun, 11/13/2011 - 12:29
by James K. Galbraith November 11, 2011 Economist Friedrich Hayek is the darling of conservatives. Progressives prefer John Maynard Keynes. But when it comes to sensible policy, there’s really no contest. Friedrich August von Hayek was a charming and gracious … Continue reading →
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What caused the financial crisis? The Big Lie goes viral.

Joe's Politico Blog - Sat, 11/12/2011 - 12:11
by Barry Ritholtz November 5 2011 I have a fairly simple approach to investing: Start with data and objective evidence to determine the dominant elements driving the market action right now. Figure out what objective reality is beneath all of … Continue reading →
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Giuseppe’s letter to his son Joseph Brigham at West Point Academy.

Joseph Toronto Foundation - Mon, 11/07/2011 - 21:18

Joseph Brigham Toronto

In June 1875, both Giuseppe and his first wife, Eleanor, wrote letters to their first son, Joseph Brigham, who had just enrolled at West Point Academy to prepare for a career as an Army officer. This was a prestigious appointment and a high honor: only one person was nominated annually from each state for such an appointment, and the nomination had to be approved by both the governor of the state/territory, and the president of the United States. To turn down this nomination, or to accept it and then drop out of the Academy, would be considered very bad form, and a blight on the reputation of the state or territory that nominated the prospective cadet. So there was considerable pressure for Joseph Brigham to accept the appointment, which he did reluctantly, probably out of a sense of loyalty to his father, Giuseppe, who was a close associate of the governor and president of the LDS church, Brigham Young. Having made the long trek back East, and after barely a week at West Point, Joseph Brigham realized he had made a mistake, and expressed a desire to return home to pursue an academic career. He apparently hated the military mindset and lifestyle, and expressed his desire to leave the Academy. Giuseppe responded to his son’s dilemma with this letter in which he expresses his point of view and offers some fatherly counsel.

This letter is significant for at least two reasons:

1. It was always assumed that Giuseppe was illiterate, in both Italian and English, because he went to work as a merchant seaman at a young age and had no opportunity for formal education. This assumption seemed reasonable in view of the fact that we had no correspondence or diaries written in his own hand. Now, with this letter, we know that Giuseppe had managed over the years to acquire some rudimentary skill in both spoken and written English. The spelling and syntax reflect his struggle to express himself in the language of his adopted country, and though no doubt self-conscious about his lack of fluency, felt compelled to write a personal letter in his own hand (rather than using a scribe) at a time when his son desperately needed to feel his parents’ love and support.

2. In the letter, we gain deeper understanding of Giuseppe’s character and life experiences. He obviously cares deeply for his son and expresses his support for Joseph Brigham whether he leaves or stays at the Academy. Those must have been reassuring words to a son who found himself in an embarrassing predicament. We learn of Giuseppe’s feelings of loneliness and homesickness after leaving home in Palermo to help support his family. Although he felt like returning home, he tried to do what Heavenly Father would have him do, and sought His guidance. Giuseppe expresses his confidence that the Lord will guide his son just as he was guided during difficult times as a young man. Above all, he wanted his son to know that his parents loved and supported him, come what may, and that they would help him return home and start a new life if that was his desire. The picture that emerges from the letter is one of a faithful, tender-hearted father who was deeply interested in securing the well-being of his children, and who continued throughout his life to provide support to his own parents and brothers and sisters in Sicily.

The epilogue to this story is that Joseph Brigham did indeed return to Utah and enrolled at the University of Deseret. He was a brilliant student who upon graduation was immediately offered a faculty position to teach both mathematics and languages. He had a distinguished academic career, including service for many years as Vice-President of the university which by then had been re-named the University of Utah.

A full transcript together with images of the three page letter follow below:

Salt Lake City June 29th 1875

Dear Son

We received a letter Date of the 21 of June we herd you got there safe and good I herd you dont feel well in your mind towards Arived in that place your mind changed altogether we feel for you i know what that means that I been tried that way many times my self the Lord wants to draw nearer and nearer to him to lean unto him for help to give you experience between you and the Lord the Lord wants to make somebody of you and he is going to try you If that be the place for you If that be the place let the will of the Lord be done If it be to come back let the will of the Lord be done you said you know to much allredy to be bond there eight years My Dear Son it is your own choice if i prevent going you would find fault with me so i help you to go now my son cheer up take corage the lord be with you to comfort you if it is to stay or to come back dont be afraid about the passage we pay for you going or if it is to come back I will foot all the expeces for you to help you if it is to come back go and see brother Stanes(1) to help you to come back the cheapeast way he can and i will pay him back that is if you resolate to come back If the Spirit of the Lord want you to do so when i left my parents i felt home sick for a few days then i got over it because the Lord wanted me to go away from there then he sterenkeng me up and comfort me and give me helth and streketh and preserve my life many time because I done what the lord wanted me to do and i respect my parents and i fed them till they died so the lord be with me unto the end to finish my work so the lord be with you unto the end to finish your work the lord is going to make somebody you if he is to serve a government or to come back in this country(2) the lord is giving you expearence for you to feel for the lord and feel for your parence and you know how it is to be away from home now is the time for the Lord to stick religion your head we feel well and we pray for you that you may do what the lord wants you to do now you bileve a little better what your father taulk to you before you said not to sign our name in that paper till you sent a word back John Q Canon made me signe my name on a papper that i was willing for you to go and serve the government which I know nothing of the contrary amigitly i wen to John Q Canon he told me he sent the lettr to you you can do what you please if it is any good keep it if it is no cont burn it up my mind is still leading me back to Italy i wrote a few lines in the other letter which didend pease me which brothe louis wrought so I sent a lettr my self which Johny(3) wrote You didet tell me about any Italian vessel mabe you had no time we all send our best respects from father God bless you

____________________________________________
1 Staines, Church financial agent in New York.
2 “This country”: Utah, which was not part of the United States in 1975.
3 Jonathan Jones, the youngest son of Giuseppe and Eleanor, born 1865.

University of Utah Marriott Library Special Collections, Ms 179 Box 2, Folder 8
(Letter from Joseph Toronto to his son, Joseph Brigham, at West Point.)

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The elite still can’t face up to it: Europe’s model has failed

Joe's Politico Blog - Wed, 11/02/2011 - 21:17
Seumas Milne Nov. 2, 2011 These bailouts are for the banks, not Greece – and they’re deepening the crisis of democracy at the heart of the EU. You might think that giving people a say in the most crucial decisions … Continue reading →
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Long-term Outlook for U.S. Manufacturing and Energy.

Joe's Investo Blog - Wed, 10/26/2011 - 11:16
By Ambrose Evans-Pritchard The Telegraph -International Business Editor 23 Oct 2011 The American phoenix is slowly rising again. Within five years or so, the US will be well on its way to self-sufficiency in fuel and energy. Manufacturing will have … Continue reading →
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The Problem with the Deficit? It’s Not Big Enough

Joe's Politico Blog - Sun, 10/23/2011 - 14:31
by Ben Strubel Oct. 5, 2011 Numerous quotes, commentaries, presentations, and letters by some great investors, discuss the deficit, national debt, and the “unfunded entitlement” problems that are supposedly facing our economy. These great investors, who have been successful in … Continue reading →
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Picture of the day

Joe's Politico Blog - Tue, 10/18/2011 - 11:26
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Occupy Wall Street Must Also Occupy Congress and AG Offices

Joe's Politico Blog - Mon, 10/17/2011 - 12:17
by Barry Ritholtz October 17, 2011 There is an unfocused financial rage in the United States. It was born in the late 1990s on an unholy trinity of accounting swindles, the dotcom collapse and analyst scandals. It grew on a … Continue reading →
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USU Parents Day – I’m an Aggie.

The Torontos - Mon, 10/10/2011 - 22:40
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Quarterly Summary to Clients

Joe's Investo Blog - Mon, 10/10/2011 - 22:03
The markets have recently been quite volatile due in large part to several factors previously mentioned, the weak economy, threatened sovereign bond defaults in Europe, and severe political partisanship in US Federal financial affairs. Consequently, our accounts are down significantly … Continue reading →
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Greece is Looking Better.

Joe's Investo Blog - Thu, 10/06/2011 - 16:33
by William ClineOctober 2011 For purposes of European debt policy in the near term, the broad implication of the estimates here is that the package agreed for Greece has a suffi cient chance of succeeding and validating Greek solvency that … Continue reading →
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What is “Occupy Wall Street” all about?

Joe's Politico Blog - Tue, 10/04/2011 - 20:26
by William K. BlackOctober 4, 2011 The systemically dangerous institutions (SDIs) are inaccurately called “too big to fail” banks. The administration calls them “systemically important,” and acts as if they deserve a gold star. The ugly truth, however, is what … Continue reading →
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What is Debt Deflation and Why is it so Pernicious.

Joe's Politico Blog - Mon, 10/03/2011 - 19:01
by Michael Hudson September 15, 2011 The Super Congress is made up of people that President Obama has selected largely because they want to cut Social Security. They pretend that it must be paid as user fees, in advance, to … Continue reading →
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Protectionism beckons as leaders push world into Depression

Joe's Investo Blog - Mon, 10/03/2011 - 11:23
by Ambrose Evans-PritchardOctober 3, 2011 The world savings rate has surpassed its modern-era high of 24pc. This is the killer in the global system. It is why we are at imminent risk of tipping into a second, deeper leg of … Continue reading →
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Deficit Super Committee is Fighting the Battle of New Orleans.

Joe's Politico Blog - Fri, 09/30/2011 - 18:01
by Warren MoslerSeptember 30, 2011 I realize it’s not a perfect analogy,but, due to poor communications,the battle of New Orleans was fought well after the War of 1812 had ended. Likewise, the Congressional super committee is fighting the battle for … Continue reading →
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Cedar Breaks National Monument.

The Torontos - Sun, 09/25/2011 - 13:48
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