Thursday, November 29, 2012
Friday, November 23, 2012
Tuesday, November 20, 2012
Monday, November 12, 2012
Lucius Annaeus Seneca 4 BC – AD 65
A 2,000 year old passage "Letters from a Stoic"
Seneca is reflecting on people presumably from only a few generations before him. Generations which had not yet worn out the earth with dangerous aqueducts and new farming practices. Generations which had greater moral character and capacity for meaningful hard work. Generations which were less materialistic and vain. Generations which were less violent in civil life and war. Generations which had not yet discovered the disgusting sport of ‘Sexting’ (okay, that had yet to come).
"There can be no doubt that before this earth was worn out it produced a better type of offspring. But though they all possessed a character more robust than that of today, and one with greater aptitude for hard work, it is equally true that their personalities fell short of genuine perfection. For nature does not give a man virtue: the process of becoming a man is an art. Certainly they did not go in search of gold or silver or the various crystalline stones to be found in the nethermost dregs of the earth. They were still merciful even to dumb animals. Man was far away from killing other man, not out of fear or provocation, but simply for entertainment. They had yet to wear embroidered clothing, and yet to have gold woven into robes, or even mine it".
I chose this passage because it demonstrates that each of these complaints is timeless. His opinions of the past and his feeling about the present echo sentiments felt in modern times — no doubt every time. If you read on further you’ll see that Seneca credits the earlier generation’s fuller existence to a life without much of the lifestyle-enabling technology and corrupt leadership (sound familiar?). Remember Seneca the next time you feel high-minded and timely about these age-old problems.
Wall Street bet heavily on a Romney victory, and lost. Not only is Dodd Frank and the Volcker rule going to be a thorn in their paw for the foreseeable future, but Senator Elect Elizabeth Warren is going to haunt them for at least 6 years.
- Barry Ritholtz