So, do you like financial humor?

If so, please check out this month's "back story" from the November issue of Conde Nast Portfolio magazine. The piece I refer to is called the "2005 SUBPRIME-MORTGAGE APPLICATION"

Note the free bank check at the bottom of the page with inscription on center, "DUPLICATE AS NEEDED".

Portfolio is a new and inspired business periodical. I give its creators plaudits not only because I cackled for five minutes after reading the aforementioned spoof on lax mortgage underwriting practices, but also because this magazine contains incisive stories, fine writing and an attractive layout.

It is likely to succeed in an already crowded space.

UPDATE -- FEBRUARY 1, 2015

Though I never posted anything about this print publication afterward, I'll mention in this 2/1/2015 post script, that the magazine announced its closing back on April 27, 2009.

So much for my success prediction. -- JJM

Blessed with friends on the other side

Wikipedia image This post contains excerpts from an April 10 e-mail response to a dear friend of mine (edited for emphasis and anonymity). “Dear Mortimer, I’ll say hello to the guys for you and I’ll be thinking about you this evening. As for politics, yes, we tend to gravitate toward sources that share our views. However, I also read the New York Times Op-ed pages and watch MSNBC (as hard as those tasks are for me). I suppose you watch Fox on occasion and I know you read the WSJ – so good for both of us. We try. The state-sponsored education you cite that we both benefited from, came largely from our parents' sweat equity – translated into tax dollars – that funded the University of Wisconsin system. True, my friend. But, I'm not arguing for zero taxation, or zero government involvement in our lives. When Progressives argue in favor of entitlement programs, they'll sometimes cite Social Security (under-...

Economics 101 for the rest of us

W arren Buffet and Carl Icahn are famous investors but fewer people may know Ray Dalio. Mr. Dalio founded an investment firm 40 years ago called Bridgewater Associates. With $160 billion under management, Bridgewater runs one of the largest hedge funds in the world. Bridgewater founder Ray Dalio, Bridgewater website I recently discovered (among 3 million other people) a thirty minute YouTube video that Mr. Dalio produced to explain fundamentals of what he calls the economic machine . This video, which he narrates has been translated into several languages and viewed over 3,200,000 times. The content begins slowly with basic concepts but progresses to explain the primary levers that policy-makers use to manage and stimulate the economy. You can find it here . There are numerous lessons cleverly and clearly explained here. Example: I hadn't appreciated why economists seem obsessed with Wage Growth until I watched this simp...

Because it's not theirs to change

Freepik image This week there was controversy stemming from a publisher's decision to edit versions of children's stories written by the late Roald Dahl . The edits, whether inspired by Netflix (who according to Forbes purchased the rights to Dahl's work) or the publisher Puffin Books , sparked a public outcry and PR nightmare. The publisher curated an alternative version to the original work from Dahl's Charlie and the Chocolate Factory, (a story later adapted to make the film, Willy Wonka and the Chocolate Factory ), ostensibly to remove insensitive terms. There are several reasons why this ill-conceived, if well-intentioned attempt at inclusiveness -- a term becoming increasingly elastic -- failed miserably. I'm not discussing the evils of censorship today. Altering original art work to appeal to others is ill advised for another reason.....it's not theirs to change (and doing so can backfire). One ...

john maddente | midwestern clarity

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