Category: Economics
Now for something completely… completeNow for something completely… complete
This was featured on APOD today:
This weekend only! One fully realized self for the price of two! Get yours now!This weekend only! One fully realized self for the price of two! Get yours now!
“Our system has relentlessly denied the role of any human practice that cannot be monetized. The capitalist apparatus has worked tirelessly to commercialize everything, to reduce every aspect of human life to currency exchange. In such a context, there is little hope for the survival of the fully realized self.” – Freddie deBoer, “The Resentment Machine”
Pitchin’ the fantodPitchin’ the fantod
I gotta get rant-a-rific here for a few. I just got off the phone with a major American airline which I won’t embarrass by naming outright, but if you like, you could say its name rhymes with benighted. I was on the phone with them for a fucking hour trying to correct, or verify the correction of, a $75 mistake they made. And when I say I was on the phone for an hour, that means I was on hold for most of that time, listening to an endless loop of Rhapsody in Blue, except for the two times early on when the menu selections I made failed because those parts of this Dinosaur Corp.’s phone system no longer work, and the few minutes toward the end of this when I finally got to speak to a person (who was actually in the United States, which pleases me, atavistic chauvinist that I sometimes am (an effect of growing older, methinks)).
A fucking hour. It’s like I was dealing with an obscure bureau in some third-world country, address 1984 Kafka Avenue in Downtown Chaotica. An hour! A major airline! Now, I’m an old but I’m not ancient. I’m well over a decade away from retirement, should I in fact be able to retire. I well remember a time when in this country–in this country, boys and girls–that simply never would have happened. Americans had more pride than to pretend to run a business where people were kept waiting on the phone for an hour. I like to think we still do, but here I am dancing the Whiskey Tango Foxtrot to a tune I don’t recall having any part in calling, and it’s a whistling past the graveyard for anyone to think it doesn’t matter that major businesses are run that way. Look around. See all the crumbling? Yeah, we sure as shittin’ all do. Anyone care to dance?
And at the end of it all, the poor soul who tried to help me, bless her heart, couldn’t provide any sort of verification that the problem had actually been solved, even though she said she’s pretty sure it was. But that’s not acceptable. It’s not acceptable to run a business like that, or a government like that, or a school like that, where there’s no one on duty, no one who can assist, no one who knows what’s going on, no one to take responsibility, no one who is willing and able to get to the bottom of things, no one to step up and say, We can fix this–we are better than this. It’s time to clear away the rot.
More sugar!More sugar!
“A color-coded map of American personal indebtedness could be laid on top of the Centers for Disease Control’s color-coded map that illustrates the fantastic rise in rates of obesity across the United States since 1985 without disturbing the general pattern. The boom in trading activity in individual stock portfolios; the spread of legalized gambling; the rise of drug and alcohol addiction; it is all of a piece. Everywhere you turn you see Americans sacrifice their long-term interests for a short-term reward.” – Michael Lewis, Boomerang
We export this stuff, tooWe export this stuff, too
“It isn’t a problem with government; it’s a problem with the entire society. It’s what happened on Wall Street in the run-up to the subprime crisis. It’s a problem of people taking what they can, just because they can, without regard to the larger social consequences. It’s not just a coincidence that the debts of cities and states spun out of control at the same time as the debts of individual Americans. Alone in a dark room with a pile of money, Americans knew exactly what they wanted to do, from the top of the society to the bottom. They’d been conditioned to grab as much as they could, without thinking about the long-term consequences.” – Michael Lewis, Boomerang
A long position on short storiesA long position on short stories
“There is no such thing as a riskless asset. The reason an asset pays a return is that it carries risk.” – Michael Lewis, Boomerang
It’s also known as “hallucinating”It’s also known as “hallucinating”
“When you borrow a lot of money to create a false prosperity, you import the future into the present. It isn’t the actual future so much as some grotesque silicone version of it. Leverage buys you a glimpse of a prosperity you haven’t really earned.” — Michael Lewis, Boomerang
This has not changed (would you like to buy some Facebook shares?)This has not changed (would you like to buy some Facebook shares?)
“One of the hidden causes of the current global financial crisis is that the people who saw it coming had more to gain from it by taking short positions than they did by trying to publicize the problem.” — Michael Lewis, Boomerang
Then we saw its faceThen we saw its face
“A banking system is an act of faith: it survives only for as long as people believe it will.” – Michael Lewis, Boomerang
Tea, anyone?Tea, anyone?
“Through the tax code, there has been class warfare waged, and my class has won. It’s been a rout. You have seen a period where American workers generally have gone no place, and where the really super rich as a group increased their incomes five for one in this rarefied atmosphere.” — Warren Buffet, quoted in “Returns ‘Terrific’ as U.S. Workers Suffer,” Bloomberg News, 11.15.11
One of these guys is an astrophysicistOne of these guys is an astrophysicist
“Just surrender and it won’t hurt at all.” — Brian May, “Hammer to Fall”
http://www.youtube.com/watch?v=FCGtN1lKoUc
Yee-haw! Git along, little dogiesYee-haw! Git along, little dogies
“The best way to do good to the poor is not making them easy in poverty, but leading or driving them out of it.” — Benjamin Franklin (quoted in The Cambridge History of English and American Literature, Vol. XVIII, Ch. XXIV, Sec. 3)
Would you like fries with that?Would you like fries with that?
“The man who serves is the one who comes to understand other men.” — Nathaniel Wright Stephenson, The Cambridge History of English and American Literature, Vol. XVII, Ch. XXII, Sec. 9
Minding everyone’s businessMinding everyone’s business
“Gradually public opinion concerning the scope and purpose of government in its relation to the general welfare underwent a transformation. The view which had long been dominant was that national prosperity depended upon the prosperity of the manufacturing and commercial classes of the country; when they flourished the labourer would enjoy a ‘full dinner pail,’ the shopkeeper a good trade, the farmers high markets, and the professional classes would collect their fees; consequently it was only right that such important matters as the tariff and monetary standards should be determined according to the ideals of the great business interests of the country. The new view was that the object of legislation should be to aid all citizens with no special privilege or regard to any one class. Its birth was in the Granger movement. It was more widely disseminated by Populism, but its ablest presentation was by William Jennings Bryan, notably in his speech before the Democratic Convention in Chicago in 1896: ‘You have made the definition of a business man too limited in its application. A man who is employed for wages is as much a business man as his employer. The attorney in a country town is as much a business man as the corporation counsel in a great metropolis. The merchant at the crossroads store is as much a business man as a merchant of New York. The farmer who goes forth in the morning and toils all day—who begins in the spring and toils all summer—and who, by the application of brain and muscle to the natural resources of the country, creates wealth, is as much a business man as the man who goes upon the Board of Trade and bets upon the price of grain. The miners who go down a thousand feet into the earth, or climb two thousand feet upon the cliffs and bring forth from their hiding place the precious metals to be poured into the channels of trade, are as much business men as the few financial magnates, who, in a back room, corner the money of the world. We come to speak for this broader class of business men.’” — The Cambridge History of English and American Literature, Vol. XVII, Ch. XXI, Sec. 36
That tower looks like it may fallThat tower looks like it may fall
“So long as all the increased wealth which modern progress brings goes but to build up great fortunes, to increase luxury and make sharper the contrast between the House of Have and the House of Want, progress is not real and cannot be permanent. The reaction must come. The tower leans from its foundations, and every new story but hastens the final catastrophe. To educate men who must be condemned to poverty, is but to make them restive; to base on a state of most glaring social inequality political institutions under which men are theoretically equal, is to stand a pyramid on its apex.” — Henry George, Progress and Poverty (1879)
In case anyone is still wonderingIn case anyone is still wondering
“Sound loans are at the heart of a sound banking system. Unsound loans are the surest route to disaster.” — McLean & Nocera, All the Devils Are Here
CDOs, anyone?CDOs, anyone?
“Old men are just as bad as young men when it comes to money. They can’t think. They always try to buy what they should have for free. And what they buy, after they have it, is nothing.” — James Alan McPherson, “A Solo Song: For Doc”
Ideas whose time cameIdeas whose time came
“Out of unrestricted competition arise many wrongs that the State must redress and many abuses which it must check. It may become the duty of the State to reform its taxation, so that its burdens shall rest less heavily upon the lower classes; to repress monopolies of all sorts; to prevent and punish gambling; to regulate or control the railroads and telegraphs; to limit the ownership of land; to modify the laws of inheritance; and possibly to levy a progressive income-tax, so that the enormous fortunes should bear more rather than less than their share of the public burdens.” — Washington Gladden (quoted in The Cambridge History of English and American Literature, Vol. XVII, Ch. XVI, Sec. 12)
Welcome to AmericaWelcome to America
“Dishonest men can be bought and ignorant men can be manipulated. This is the kind of government which private capital, invested in public-service industries, naturally feels that it must have.” — Washington Gladden (quoted in The Cambridge History of English and American Literature, Vol. XVII, Ch. XVI, Sec. 12)
There’s one right over thereThere’s one right over there
“Vicious thieves have always ruled the world.” — Hunter S. Thompson, Kingdom of Fear
High Street 4.7 — Radio Stars and Hemp TV (cont.)High Street 4.7 — Radio Stars and Hemp TV (cont.)
“It is no Disgrace to be Poor; it is simply Inconvenient.” — George Ade, from Fables in Slang
High Street 4.7 — “Radio Stars and Hemp TV” (cont.) is posted today.
(Tomorrow: High Street 4.8 — “Radio Stars and Hemp TV” (cont.))
High Street 2 — How to Get to High StreetHigh Street 2 — How to Get to High Street
“A full apprehension of man’s condition would drive him insane.” — Ernest Becker, The Denial of Death
High Street 2 — “How to Get to High Street” is posted today.
(Tomorrow: High Street 3.1 — “Downhill Racing”)
May it please the courtMay it please the court
“Our legal system is adversarial, founded, like capitalism, on the idea that a bunch of people trying to tear each other apart, plus certain laws and procedures preventing things from getting too out of hand, will yield, in one, justice, and in the other, prosperity, for all. Sometimes this does happen; other times, it doesn’t. At any rate, it’s a terrible metaphor for the rest of life.”– Brian Christian, The Most Human Human
What you learn in the cubicleWhat you learn in the cubicle
“When everything constantly needs approval, you create a culture of nonthinkers.” — Jason Fried & David Hansson (from The Most Human Human, by Brian Christian)
Foolproof methodFoolproof method
“The only way to get rid of temptation is to yield to it.” — Oscar Wilde
A pull, a strain, a crampA pull, a strain, a cramp
“For most people will power is a limited resource; if we spend lots of energy controlling our impulses in one area, it becomes harder to control our impulses in others. Or, as the psychologist Roy Baumeister puts it, will power is like a muscle: overuse temporarily exhausts it.” — James Suroweicki, “In Praise of Distraction”
Relative valuesRelative values
“Stealing a man’s wife, that’s nothing, but stealing his car, that’s larceny.” — James M. Cain, The Postman Always Rings Twice
The gleaningsThe gleanings
“We have been outsourcing our intelligence, and our humanity, to machines for centuries. They have long been faster, bigger, tougher, more deadly. Now they are much quicker at calculation and infinitely more adept at memory than we have ever been. And so now we decide that memory and calculation are not really part of mind. It’s not just that we move the goalposts; we mock the machines’ touchdowns as they spike the ball. We place the communicative element of language above the propositional and argumentative element, not because it matters more but because it’s all that’s left to us.” — Adam Gopnik, “Get Smart”
EpistemologyEpistemology
“Grilled Cheese Sandwich with Pickles and Fries” is the result of taking a handful of ideas languishing in the workshop, mixing them together to see how they might fit, and making a prose bracelet out of them. It was published in The Writing Disorder on New Year’s Eve last year.