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Dining on the Future: An Inward-Out Exploration of Cosmic Retribution, Alienation, and Market Dynami

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  • Dining on the Future: An Inward-Out Exploration of Cosmic Retribution, Alienation, and Market Dynami

    For those with an interest, a recent essay of mine in Eclectica

    http://www.eclectica.org/v13n1/ball.html

    "For many years the political shtick went something like this: by indulging in debt-fueled consumption today, we were mortgaging the futures of our children and grandchildren. Invariably we would cluck our tongues before heading off to explore the efficacies of "an interest-only, payment skipping, minimum payment option enabled, negatively amortizing, no-money-down, no documentation, pre-payment penalizing, three-month LIBOR 40-year adjustable-rate mortgage with a balloon." Actually this beast was a tongue-in-cheek construct that appeared recently on MSN Money. As we've learned, the truth was not a whole lot stranger than the fiction.
    Stretching financial jargon to a sardonic extreme, we effectively discounted future cash-flows with cavalier abandon in order to plump up present value. This present value bias was due to an overweighting of the pronouns me, myself and I. Each of us was eating for three—and I have the obesity trend lines to prove it...(continuerd at above link)
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