Can You Disintermediate?
Fitts maintained that Wall Street and the banking industry are in the business of “pump and dump” (pumping up the value of lousy investments and then dumping them on unsuspecting rubes around the world). These industries were (and are) hopelessly corrupt, and Fitts said she wouldn't be surprised to see the Dow go as low as 4,500 before it begins to head upward for the long term.
Needless to say, I got no further sleep that night and was a zombie the next day.
But my outrage is intact.
Update on a Prior Story
Last Dec. 2, I wrote a column about the bureaucracy trying to take Barack Obama’s BlackBerry away from him. I said:
If President Obama believes he'll govern more effectively by employing a BlackBerry—getting information and input from myriad sources in real time—he need say just three words to the Secret Service, lawyers and White House staffers: “Make it so.” He might add, “And if you cannot make it so, you will be replaced by people who can.”
From Marc Ambinder’s blog of Jan. 21 for The Atlantic:
President Barack Obama is going to get his blackberry. On Monday, a government agency ... —probably the National Security Agency—added to a standard blackberry a super-encryption package ... and Obama WILL be able to use it ... still for routine and personal messages.