Thursday, December 3, 2009

Goldman Arming Itself? :-> - The Market Ticker

Goldman Arming Itself? :->

12/1/2009

[Posted by Karl Denninger in Editorial at 09:25]

This is a riot (well, ok, I might be a week - or a month early on that):

Dec. 1 (Bloomberg) -- “I just wrote my first reference for a gun permit,” said a friend, who
told me of swearing to the good character of a Goldman Sachs Group Inc. banker who applied
to the local police for a permit to buy a pistol. The banker had told this friend of mine that
senior Goldman people have loaded up on firearms and are now equipped to defend
themselves if there is a populist uprising against the bank.

Let me give those fine bankers from Goldman Sachs (and the other big banking and trading houses) a few pieces of advice. And yeah, it's unsolicited and free, so you figure out whether it has value.

1. A handgun is a close-quarters defensive weapon. The FBI says that of shootings involving a handgun, most happen at something like 7 feet (yes, feet) of range or less. Oh, and you'd be surprised at how many people miss at that same seven feet. No, guns in real life don't work like in the movies where each bullet has a GPS in it and directs itself to its target, and when shot people don't go flying backward through windows. Guns simply make holes in things, wherever they are pointed when they go "bang" is where the bullet will travel, and all the energy that goes into the target also goes into your body (Newton's laws of motion and all.)

2. There are, by some estimates, more firearms in America than there are people. Americans bought something like 20 billion rounds of ammunition this year alone. Indeed, there are shortages of many sorts of ammunition and have been all year. While some of that lead undoubtedly was expended at the practice range, an awful lot of it is being stockpiled. Everyone who is stockpiling it in various amounts is doing so for different reasons, and most would self-declare it as protection against "zombies." Definitions of "zombie" differ.

3. There are a lot of hunting rifles in America. Most hunters can easily hit a deer-sized target at well beyond 100 yards with said rifle. I'm willing to bet that Mr. Investment Banker can't hit the broadside of a barn at 100yds with his brand new pistol that he's probably never fired, and probably never will.

4. Don't bother with soft body armor. It's useless against rifles. It is effective against pistols, which is why cops wear it (see that FBI stat about most handgun battles happening within seven feet.) But again, a hunter can easily hit a deer-sized target at well beyond 100 yards, common hunting rifles are legal almost literally everywhere, even in places like NYC, and a person armed with a handgun doesn't have a prayer in hell defending against a person with a rifle 100 or more yards away that has drawn a bead on them.

5. Unless you're prepared to practice with that weapon on a regular basis, and unless you have personally been in a life-threatening situation (a real one, not some mock-up or fake "game" run at some "weekend commando" class you were undoubtedly sold to make you feel macho with that shiny new handgun) there is at least a 50% chance that if you really do wind up confronted by some crazed nutball at close range you will either miss or worse, freeze - and the "bad guy" will simply take your gun from you and then kill you with your own weapon. Go ask the military about this - studies have shown that despite putting new soldiers through a grueling "basic training" course a very significant number of them will, when first confronted with an enemy shooting at them, intentionally fire high - that is, they miss on purpose in their first firefight. It turns out that most people have a hard-wired aversion to killing other humans. That's probably a good thing but psychopaths seem to be missing that inhibition. If someone really does come after you they're pretty much by definition one of those psychopaths.

Finally, if you're a "big banker" and concerned about your safety you might want to consider that in the 1800s there were lots of guns too, and yet they were both unnecessary and inadequate. Bankers during the panic of 1873 were simply hauled out of their offices bodily and hung from the lamp posts. We don't have lamp posts any more in Manhattan, so you have an advantage there, and I've not noted a run on boiled rope.

Yet.

continued here....

3 comments:

  1. if im not mistaken, lloyd blankfeins mansion is is in an ungated community in East Hampton down at the end of long island...

    ReplyDelete
  2. Alice Schroeder mentions that in the Bloomberg article Denninger refers to. Check this out:

    "In a display of both, Blankfein began to raise his personal- security threat level early in the financial crisis. He keeps a summer home near the Hamptons, where unrestricted public access would put him at risk if the angry mobs rose up and marched to the East End of Long Island.

    To the Barricades

    He tried to buy a house elsewhere without attracting attention as the financial crisis unfolded in 2007, a move that was foiled by the New York Post. Then, Blankfein got permission from the local authorities to install a security gate at his house two months before Bear Stearns Cos. collapsed.

    This is the kind of foresight that Goldman Sachs is justly famous for. Blankfein somehow anticipated the persecution complex his fellow bankers would soon suffer. Surely, though, this man who can afford to surround himself with a private army of security guards isn’t sleeping with the key to a gun safe under his pillow. The thought is just too bizarre to be true."

    http://www.bloomberg.com/apps/news?pid=20601110&sid=ahD2WoDAL9h0

    ReplyDelete
  3. In case they can't get to a range, they can practice shooting zombies.

    http://www.addictinggames.com/13daysinhell.html

    If they miss who they're shooting at, who will they hit?

    ReplyDelete