Grit is Good

I personally obsessed about every nut, bolt and washer in these crazy things.

Grit your teeth and hang on for two years

And then if you're smart enough, it goes on a basket on top of the washer.

But I'm not kidding about some of this, and it gets a little bit to the grit issue.

And if you want an example of perseverance, grit and strength in a beautiful, little package, it is her.

Such steps must be carefully calibrated, as greater obligations, for example, could push market makers out of the market. But Haldane s conclusion is that, overall, markets are less stable as a result of the sharp rise in turnover, and that grit in the wheels, like grit on the roads, could help forestall the next crash.

But when we fail to give our best, we simply haven't met the test, of giving all and saving none until the game is really won of showing what is meant by grit of playing through when others quit of playing through, not letting up.

Many Europeans now resent the expanding powers of EU bureaucracy. British resistance to grand European plans is the democratic grit in an enterprise that could become authoritarian, despite having the best intentions, and should serve as a necessary corrective to the utopianism of the technocrats.

I've always been attracted to those rare people who pull that off, who devote their lives to humanity with the grit of the warrior and the grace of the mystic people like Martin Luther King, Jr., who wrote, I can never be what I ought to be until you are what you ought to be.

Might such ease and efficiency not also fuel market instability, and serve the interests of intermediaries rather than their clients? Phrases like sand in the machine and grit in the oyster, which were pejorative in the prelapsarian days of 2006, are now used to support regulatory or fiscal changes that may slow down trading and reduce its volume.

There is more grit on the horizon. In a penetrating analysis of the Flash Crash of May 6, 2010, when the Dow lost 1 trillion of market value in 30 minutes, Andy Haldane of the Bank of England argues that while rising equity market capitalization might well be associated with financial development and economic growth, there is no such relationship between market turnover and growth.