Head over to DOM's blog and read about yet another Miami legal legend -Frank Rubino- passing away. When we talk about the Miami defense bar being fearless and the most trial active in the nation, Frank was one of the reasons why. He led the way for many of us and he will be greatly missed. Frank was lead counsel in the government's case against Noriega. We know the new generation of DeSantis Drones and Starbucks swilling ASAs under 30 are saying "who's that?" And that's ok, but if you plan on making Miami law a career, at some point you should become familiar with the major cases of the past decades that helped shaped this town. Norigea; Lozano; Overtown Riots; The Great Corruptor; Joyce Cohen; Country Walk. Read up and learn.
Financials: The VIX. known as a the fear index, is the highest it has been in two years over 27. For context, it was in the mid-teens before the war started. And stocks opened down sharply for reasons other than financial. So for example, when Costco reported yesterday after the bell and had a dynamite quarter with beats across the board, and opens down 20 points, we are a buyer. In other words, when non-financial matters affect the market negatively, we buy quality companies. It's not as a successful investment strategy like betting on home-dogs in the NFL, but it's up there. Our strategy today is to let the fear based sellers clear out. Around 2PM we will start buying bargains.
Felony Murder. We can, should, and someday before we leave- will, write extensively on the felony murder rule- perhaps the worst part of criminal law that is responsible for the most injustices in the system. For now, the NY Times covers Alabama's scheduled execution of Sonny Burton- an elderly 75 year old inmate who didn't kill anyone. The murderer who pulled the trigger when Burton was long gone got life in prison. So naturally Alabama wants to put a mask on Burton and give him nitrogen until he suffocates. They won't need to strap this old man who uses a wheelchair to get around to the table. He's pretty helpless and immobile.
Go BAMA! Show the world that North Korea and China and Russia aren't the only places where they execute people who do not deserve it and without due process.
Rumpole - on the stock market. My thoughts.
ReplyDeleteThey are of fear that AI will increase unemployment going forward. The downturn today seemed to be influenced by worse than expected unemployment numbers in the report. Unemployment moved up to 4.4%.
What happens when Amazon, Meta, Target, etc start firing 30k a quarter?
Unemployment moves naturally higher. Perhaps we get to a 10% unemployment rate. People don’t have savings and wages to use on consumer spending?
Demand comes done. Corporate earnings begin to fall. Stock prices panic?
Will AI ultimately be a huge immediate negative for stocks and this overinflated market?
Rumpole please tell us your thoughts.
“Win at all cost”. No repercussions.
ReplyDeleteRelease the binder!
ReplyDeleteCheck out "The Alabama Solution," a documentary about the Alabama prison system on HBO Max, if you want to get really depressed. In addition to seeing the Lost Cause fossils who run the State, you find out that (many) more people die in Alabama prisons every year than get released on parole.
ReplyDeleteI urge the FACDL to release the binder.
ReplyDeleteRumpole, I think you should do some posts discussing those old famous cases from the REG and South Florida defense bar. We need a historian who can memorialize this history for the new generations of lawyers.
ReplyDelete