I believe in the love that you gave me,
I believe in the hope that can save me,
I believe in the faith
and I pray, that someday it may raise me,
Above these badlands
I believe in the hope that can save me,
I believe in the faith
and I pray, that someday it may raise me,
Above these badlands
As most of you know I often start my market updates with a little musical interlude, a hook, to hopefully draw you into what can often be some pretty dry material. I've always found music to be inspirational and motivational, it evokes powerful memories and responses in us. It defines cultural movements, joyous occasions, and painful breakups. A song can forever bring us back to specific moments in our lives, in fact music walks with us throughout our lives.
No other artist has touched my memories like Bruce Springsteen & The E Street Band, and I am truly saddened by the passing of The Big Man, Clarence Clemens. Bruce is the Boss, but Clarence made the E Street Band. The explosion of pure joy that came from that sax was what set Springsteen apart from every other band in the seventies. In "Rosalita", it's that explosion of pure joy that makes us glad "That a record company, Rosie, just gave him a big advance". We're not envious, wondering why we haven't gotten ours... no, we're happy that one of our own has made it.
In 1975 "Born To Run" made Springsteen a Rock & Roll superstar. The quintessential rock album, full of open highways, amusement parks, poets who write nothing at all, and all the boys Mary sent away. I was 15 when "Born To Run" came out, that age where I realized that dreams don't come true, but I still believed they might come true FOR ME.
To this day I can still remember sitting in the hospital waiting room, and seeing Bruce on the cover of "Time" magazine. "Born To Run" gave me hope, for 1975 was also the year my Mom died. "It's a death trap, it's a suicide rap. We gotta get out while we're young, 'cause tramps like us, baby we were born to run." And boy did I feel like running. Of course we didn't run, my younger brother, my Dad, and I worked our way through those dark days. Nothing came easy, school suffered, my brother rebelled, but I believed that, "Someday girl I don't know when, we're gonna get to that place where we really want to go." Music helped, Bruce and Clarence helped.
One of my favorite memories of those teenage years, a memory that I think went a long way to shaping my future was working with my Dad. Its summer, its hot, and since we didn't have air-conditioning back then, I slept as close to the windows as possible trying to catch a hint of a breeze to cool the sweat on my body. Its about 7 a.m., and my bed shakes. That's how my Dad wakes me, a little bump of the bed. I dress quickly, no morning showers back then. I meet my Dad for a quick breakfast, he has toast, I have cereal. We didn't talk much.
My Dad worked. It seemed like he was always working. He worked the night shift at the mill, and during the day he was a painting contractor. He would take me and our neighbor, Mr. Brown to whatever house we were painting, get us set up, and then go home for some sleep. He'd be back after lunch to work along side of us for a few hours. Then home for dinner, a nap, and off to the mill, while I went to sleep. It always amazed me, how little sleep he needed. He did not drink. He did not rage. He smoked two packs of Winston's a day. My Dad worked.
I enjoyed painting houses. I started when I was twelve, cleaning out spiders and painting the basement window wells (smallest guy in the crew got the tightest spots). I continued painting into college. The beauty of painting is that at the end of the day you have a very tangible record of your work, it felt good. But not that good. Painting can also be very mind-numbing, monotonous work. I go to work each morning because my Dad bumps the bottom of my bed, and he pays me $4 an hour, $40 a day tax free.
My Dad never said I had to go to college, but he showed me what would happen to me if I didn't. I'd end up doing mind-numbing work, hard labor, work that eats at your soul. This was my Dad's life, he was proud of the work he did (especially the painting), but he didn't want me to follow in his footsteps. He wanted a better life for my brother and I. He didn't know how to lead us to that promised land, so he did his best to show us that we didn't want to end up like him. A lot of kids grow up wanting to be like their Dad's. My brother and I grew up "not" wanting to be like our father. That's how our Dad wanted it. Not because he was a bad man, or a bad Dad, but because he wanted better for us. As the years passed I've grown to realize how fortunate I was to have a father who loved me so much, that he pushed me away from his life, he pushed me to constantly reach for more. In the end I hope that I've grown up just like him.
Springsteen's next album, "Darkness On The Edge Of Town", was by far my favorite. He was 27 (I was 18), and while "Born To Run" made him a rock star, he was still hungry for something stronger. These were incredibly prolific years for Springsteen. While writing the songs for Darkness, he also wrote and gave away some other songs that just didn't fit his vision for the album. He gave "Because The Night" to Patti Smith...her biggest hit ( Patti Smith's "Because the Night" ). He gave "Fire" to the Pointer Sisters...their biggest hit ( The Pointer Sisters: Fire - Live on Midnight Special 1979 ). Where "Born To Run" was an explosion of joy, "Darkness" was about despair and longing, and that lonely sax tore at our hearts.
Nearly forty years later listening to "Darkness on the Edge of Town" brings back a flood of memories from those dark years. The struggle of a son and father in "Adam Raised A Cain", the father who "worked his whole life for nothing but the pain." This album is dark and unrelenting. There are no dance songs or beach songs, not one happy song on the album. That saxophone leads us out onto the dark streets at the edge of town and leaves us there cold and lonely. But the album is not without hope, the music is the hope. "For the ones who had a notion, a notion deep inside, that it ain't no sin to be glad you're alive."
Take some time this weekend to listen to some Springsteen, and let Clarence's sax take you back to relive times of pain and joy. Clarence may be gone, but the music and the memories survive.
A few tracks for your enjoyment:
As Soon As You've Got Something, They Send Someone To Try And Take It Away:
Springsteen - Something In The Night
In summary this is how the Greek tragedy is unfolding.
The Greek people. Thought they had comfortable jobs, healthcare, retirement, and paying taxes was optional. The European government is trying to take that all away via austerity programs.
The Greek bondholders. Namely European banks (France and Germany) thought they loaned money to people who would pay it back. Even though it is now painfully evident that is not going to happen, for the time being they are given a stay of execution. Too Big To Fail.
The European citizens. Namely those living in the prosperous north. Thought that if they worked and lived within their means then they were doing the right thing, Unfortunately those who have done the right thing will be left seeing their tax euro's shifted to those who didn't, the Greek people and the big banks.
US Citizens. Not sure how something happening on the Greek isles impacts them. Realizing that a Greek bailout slows European growth, which slows US export growth, which keeps unemployment high. Savers get to worry about the european bank commercial paper owned by their US money market funds.
Nothing has changed, extend and pretend are continuing. Default will eventually happen, and all parties involved will suffer.
Lately There Ain't Been Much Work On Account Of The Economy:
Springsteen - The River
President Obama seems to be struggling with the lack of jobs here in the good ole USA. At first he just blamed all job ills on George Bush, but now he's blaming technology. This week he actually said,"There are some structural issues with our economy where a lot of businesses have learned to become more efficient with a lot fewer workers. You see it when you go to a bank and use an ATM, you don't go to a bak teller. Or you go to the airport and you use a kiosk instead of checking in at the gate."
Milton Friedman was once taken to a massive government construction project in Asia. Thousands of workers were using a shovel to dig a canal. Friedman was puzzled. Where were the heavy machines, the earth movers, etc.? The government official said that using shovels created more jobs. Friedman then retorted, "Then why not use spoons instead of shovels?"
Hopefully someone will try and explain to our President that increases in productivity lead to higher living standards, a better quality of life, and more jobs. But its probably too late.
Mama always told me not to look into the sights of the sun. Oh but mama that's where the fun is:
Springsteen - Blinded By The Light
This weeks Fed meeting held no surprises. Chairman Bernanke and the Fed continue to be frustrated with the pace of recovery, especially with regards to employment. Inflationary expectations remain transitory, and under control.
Rates will stay low and the Fed will remain accommodative. So the Fed is stating as clearly as possible, GET OUT OF CASH, PUT YOUR MONEY AT RISK...Cause mama that's where the fun is. Risk On.
Be careful out there, and keep the lights on,
Chris Wiles, CFA
412-260-7917
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This article contains the current opinions of the author but not necessarily those of the Rockhaven Capital Management. The author’s opinions are subject to change without notice. This article is distributed for informational purposes only. Forecasts, estimates, and certain information contained herein are based upon proprietary research and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed.
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