The Business of Money

If those who manage and gather it
Were not so quick to slather it
On those who watch and legislate it,
Less so for to regulate it,
Likely there'd be risk in it,
But less than now exists in it,
Regaining public trust in it
When rules are more robust in it.

Last night, Dr. Goose attended a stimulating panel discussion at the Museum of the City of New York entitled: "Can Wall Street Reinvent Itself?" The short answer is that nobody knows, but you can provoke some necessary clear thinking and soul-searching when smart, knowledgable and conscientious people tackle the question. Moderated by NYU financial law professor and retired Lehman investment banker Ronald Filler, the panel included -

• Josh Brown, financial advisor at Fusion Analytics and former broker, author of Backstage Wall Street, blogger at Reformed Broker;
• Heidi N. Moore, New York bureau chief of Marketplace radio and former Wall Street Journal reporter;
• Bill Miller, partner at the Herskovits law firm, providing legal counsel to securities-industry firms, registered persons, whistleblowers and defrauded investors; Forbes contributor, blogger at Broke and Broker.

If there was consensus among the panel, it was that the public's trust is damaged and can only be regained by by an industry structure that rewards working in the client's interest, with simple, strong rules to enforce such behavior.

Time To Invest?

Said a broker, in recommendation,
At a client's undue hesitation:
"Throughout time, we deduct,
Sh^t has always been f#cked;
Pray be bold in your risk allocation."

In times like these, after a prolonged economic slump, isolated indicators may offer glimmers of hope; an improving jobs number here, more manufacturing there. And yet, the economy as a whole is not clearly improving. At such times, investors may become paralyzed by the conflicting data, waiting for all the stars to align and thereby missing a rocket launch to the moon. Investors may need the equivalent of a "snap out of it!" delivered with a bracing slap. Here to meet this pressing need is Joshua Brown, the investment advisor and blogger known as the "Reformed Broker". Urging investors to "Get Your Shit Together," Mr. Brown says:

I have no idea when this secular bear market and the attendant economic malaise will truly be over - but I know for a fact that if you're not planning for its end you're going to miss your chance.