Nice mention in Barron’s this weekend, from our Thursday commentary, Household Equity at all time lows. Its in Alan Abelson’s Up & Down Wall Street column.
Here is the excerpt via Barron’s:
"The wrenching changes being wrought by a falling Humpty Dumpty economy, largely created by credit, and a swooning stock market, kited by leverage, are everywhere evident. Housing foreclosures swirled up to an all-time high of 0.83% of all mortgages nationwide. Over 5.8% of homeowners were behind in their mortgage payments, the largest number in upwards of two decades. House prices lost a staggering 8.9% in 2007 as a whole (and they’re still tumbling).
Yet, despite the ubiquitous plunge in prices, the supply of unsold houses rose to four million, or to over 10 months’ worth. Homeowners’ equity fell below 50% for the first time since 1945, hitting a new low of 47.9%. As Barry Ritholtz nicely put it, never before have banks and the other various and sundry lenders owned more of the average American’s house than he or she does.
Speaking of lenders, thrifts and savings outfits lost a cool $5.24 billion in the final quarter of ’07, as they diligently wrote down tons of goodwill (perhaps it should more properly be called ill will).
In January, to continue this lugubrious litany of the damage done in the Humpty Dumpty economy and the ravages wrought by the bear market, the equity portfolios of the largest U.S pension plans, according to the calculations of Mercer, which keeps tabs on such things, shrunk by $110 billion. Not exactly chump change, even when it’s other peoples’ money.
We’ve long been a fan of Abelson’s unvarnished views and delightful prose. Its always a privilege when our thoughts find their way into his columns . . .
Federal Reserve: Household Equity at all time lows http://bigpicture.typepad.com/comments/2008/03/underwater.html
The Great Fall: Here Comes The Humpty Dumpty Economy
UP AND DOWN WALL STREET
Barron’s MARCH 10, 2008
Until his death in 1991, Miles Davis was one of the longest and strongest personal currents running through jazz music. There were well over 100 albums issued over the course of his career. He played with — and developed – some of the greatest talent jazz has seen. Band alumni include, Philly Joe Jones, Red Garland, Paul Chambers, John Coltrane, Herbie Hancock, Wayne Shorter, Ron Carter, Tony Williams, Keith Jarrett, Jack DeJonette, Branford Marsalis, John Scofield, Mike Stern, and well –- a ton of other great players. Basically, Miles was, is and will continue to be a personification of jazz.
Miles’ style embodied warmth, sophistication, romance and a deep sense of melody. Miles could strip a musical line down to its barest elements and phrase it in manner that was unforgettable. He also had an uncanny ability to use silence; Miles may be perhaps best remembered for what he didn’t play as what he did. His playing reminds me of a great piece of advice given to me: “never pass up an opportunity to shut the hell up.” In addition, Miles was always looking for something new. He tired of the old way of doing things quickly and wanted to hear new sounds. As a result, he was usually surrounded by young musicians who challenged him and forced him into new directions.
Before I look at some albums, there is a great book on Miles called, well, Miles. It’s a great read. Miles talked to the writer for a long time, and it shows. The author covers pretty much Miles’ whole life up until when the book was written. There’s some great information on the birth of jazz, and all of Miles’ great line-ups. I am a big fan of oral history, and this book is a great example of why. It is well worth the read. (If you like this, also check out Dizzy Gillespie’s To Be or Not to Bop).
As I mentioned above, Miles put out over 100 albums. I’m not going to look at them all. In fact, I’m going to talk about albums that aren’t the most popular Miles albums like Sketches of Spain, Birth of Cool and Kind of Blue. Don’t get me wrong – these are great albums. However, I usually make a little fun of these albums because yuppies have them as their “jazz section usully next to Kenny G. (which unfortunately gets more play). Instead, I’m going to focus on albums that are a bit less popular because there is a ton of great music on them.
So, let’s start with a collection of three albums that contain a ton of standards: Steamin’, Workin’ With the Miles Davis Quintet and Relaxin’ With Miles. These albums stand out for several reasons. First, they offer a great overview of how Miles and his groups approached standards like If I Were A Bell, Woddy’N You, In Your Own Sweet Way, Salt Peanuts and Well, You Needn’t. These are all part of the jazz language and Mile’s take is very interesting.
Secondly – this is a classic rhythm section of Philly Joe Jones, Red Garland and Paul Chambers. But perhaps most importantly, John Coltrane is playing tenor sax and even on these early albums you can hear his style – bold and fluid -– emerging.
In the mid-1960s Miles put together one of the greatest jazz Quintets of all time. Wayne Shorter was on tenor sax, Herbie Hancock was on piano, Tony Williams was on drums Ron Carter was on bass and Miles was on trumpet. They played and wrote some of the most evocative acoustic jazz ever. Hancock and Shorter emerged as premiere composers whose work significantly stretched the language of jazz. And the interaction between the musicians was phenomenal.
There is a boxed set titled “Miles Davis Quintet” 1965-1968” which has six discs of incredible music. This is the outer limits of acoustic jazz and it is amazing listening.
Miles is credited with ushering in the electric age in jazz with the album Bitches’ Brew. However, my personal favorite electric album is Decoy, issued in 1984. It contains far more realized compositions and crisper production. Once again Miles surrounds himself with a group to then much younger musicians such as Al Foster, Darryl Jones, Branford Marsalis and John Scofied. This is considered Miles’ comeback album.
Finally, is my favorite live album: Miles Davis Paris France. This was issued on Moon Records – a European label. The concert occurred on October 1, 1964. The album starts with applause (because the French actually appreciate jazz in large numbers) followed by silence. Then Herbie starts with some wonderful chords that move up the register. This is followed by more silence. Then Miles hits one of his patented scaler runs and the band comes in. The song is Stella by Starlight and the band is in amazing form. They move through Stella with incredible skill. And that’s just the opener. It gets better from there.
That’s about it. I have really only scratched the surface of Miles’ recorded legacy. There are a ton of great albums I haven’t mentioned. But hopefully it will give you a place to start for looking a bit deeper into Miles’ discography.
Thanks, Hale, great job. videos after the jump . . .
Miles Davis Wikipedia
Miles Ahead: A Miles Davis Website