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Ibilln
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"A big reason for the financial crisis is because of market failures" Sorta. But... Elephant/Room... Orgiastic free-marketism + regulatory failure. There was no penalty for doing whatever one wanted to do, so the investment bankers did. They built crap securitizations. Eventually they all had a lot of crap securitizations on their books. Every banker knew that, and esp that the guy across the street had the same stuff. So, overnight lending among IB's - the "Repo" trade - collapsed. The system seized up. QED. "Another big reason is because the Fed kept interest rates much lower than they ought to have been." I mean... Sigh. Bill Gates, in staff meetings, used to regularly say "That's the dumbest thing I've ever heard", a phrase which therefore lost a lot of it's impact... Now that we need it.
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Apple is weird. Except for iPhones, fresh paint on five+ year-old tech. iTunes: let's have our music thingy provide... Apps! Wait, there's an "App Store"? Don't bother me. Oh, let's have the music thing provide backup to phones. Well, it's gotta go somewhere. And, yeah, we have a crap Browser, but let's make the controls very hard to see so it seems like there is invisible intelligence at work somewhere in there. And...
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"rich fund the lazy and ideological, and those who aren't originally lazy and ideological fall into being so"... Lessee... Paul Ryan...
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But, who else could get the job?
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The young-ish Megan McArdle thinks health care is naught but a business. We will see what the old Megan McArdle thinks at some point, just as we saw what the old Any Rand thought - v. the youger Any Rand.
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1. Soak the suckers, then 2a. Walk away 2b. Soak 'em more; go to 2a Trump, Hannity, Brexit (wait... Can't walk away. Crap!), etc
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Muslims Shmuslims. The real terrist 5th column in the US is the Washington Post. NYT: You are next...
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I read Yves Smith's book "ECONned" (2010), on conditions surrounding the crisis. Pretty good actually. Except - Early on (pp 30-33) she goes on a rant against economists using "models". She picks on Krugman who was writing in 2008 that there was probably no oil bubble, and who used some simple models to show why he thought that. From that, she seemed to take it as given truth that anything published anywhere with "economics" and "model" in the same paragraph was to be ridiculed. I just read the section again, and now, as when I originally read it, her argument makes no sense to me. At one point I complained about this to her on her blog, Naked Capitalism. She seemed to be sympathetic to my unease with her distaste for models in her reply, but ended with yet another rant about the moral inequity of Krugman. I am certainly not as smart as some here, but I, too, see her now as a bit "around the bend".
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"why do people dislike Clinton so much ?" Dunno. She's not Regan. She's not Obama. She's not Jen Granholm. She's not charismatique. But she's the person best prepared to be president who's come along in my 72 years. My theory: People of the US want a King. But they want a King they can change every four years. " i , personally, have a lot of trouble supporting someone who praises Henry Kissinger" Have your read "White House Years" and Years of Upheaval"? If not, that explains your "trouble". If so, you're an idiot. So, read the books* - then you will stop with your progressive's obligatory random picking of beside-the-point nits. *It took me two+ years to read the books. A main reason is that the Vietnam stuff was very painful to me, a Vietnam vet. But, the language is the best I've read in an historical or political work since that of Page Smith's "John Adams". And Kissinger's a native German!
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But I Rearry Rike OJ Michael Kinsley's writing - whatever it says (mostly). And, lo! It has induced Prof. DeLong to provide us with an extremely illuminating blow-by-blow takedown. All is good.
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I made the mistake, as did others who's opinions actually matter, of favoring Yellen over Summers for Fed chair, due to Summers's involvement in the orgiastic free-marketism of the crisis. Seemed absolutely right at the time. Yet again, I failed.
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You are perhaps unaware that @nntaleb has mathematically proven that Noah Smith is a troll and a bs-operator (which means... something).
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Great musings! I think the folks on the "left" (Commies 'r us) will have to assume the burden of asking the big questions. The "right" are men who, for various sad reasons, can not be taught to fish.
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Yea! Someone (else) finds BV bizarre and derp-perpetrating. Derpetrating?
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In the past, I was officially against sexual harassment but, having not really done any (I think) I used to, privately, think all this sexual harassment stuff was whining. I was a VP of engineering at a tech co. In an all-hands meeting, I made some "joke" about why we were letting the marketing types actually be in charge of important relationships. Polite chuckeling. After the meeting, a younger (female) friend in marketing asked to see me. She came into my office, closed the door, and asked, in tears, if I really thought Marketeers were so useless. I was stunned, and tried to say joke, joke, and that I admired marketing, it was so necessary, etc. Although the above is not about sexual harassment, it's illustrative of the truly immense, dominating, and in my case, utterly surprising power one person can have over another just by being in a place in an org chart.
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Agree, esp w/ para three (!). Yves Smith, weirdly, seems to hate Krugman. In her book Econned (2011) she wastes a bunch of time berating K for doing - Gasp! - models! The book is not so bad, but for that.
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Like it. All for it. But... To some extent this has been true forever. Sure, maybe more "innovation" and variety now. But, show me the money...
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Agree with much above, but FWIW... The private loan market is basically dead. Higher rates would allow it to begin to live again. This is, I submit, a big-ish reason for raising rates. For 6+ years, the Gument has supported the housing market via Real Estate loan guarantees or outright purchase. Here's a huge segment of the economy which is essentially government-run. It's unhealthy, strange, and perverted.
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Cake/Eat it. "the ability of the rich to manipulate property rights and market power in order to keep the rate of profit high even as the economy becomes more capital-intensive" seems less intuitive than the Four Rents theory of Baker. But maybe all of the above are true.
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I learn that there exist instances of an MBA actually being useful for something. Good stuff. Like it. And here is, in the spirit of offering guides to navigating life's challenges, is a version of the heretofore very closely-held "Bill's Corollary*": Always ask "Does it add value?" This can be asked of anything - a company, a business plan, an individual's job, a person's life. For example, what value do health insurance companies add? (Anyone?...) Or, in your job, if you can't clearly see that you are adding value, you should maybe keep your eye out for another job, since your boss will at some point wonder why (s)he is paying you. The creative destruction of capitalism is just nature asking of every endeavor - what value is being added/created here? One could opine that many of Jesus' teachings are meditations on the Corollary. One could, but I won't. There. You are welcome. *What is Bill's Corollary a corollary of? Everything!
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Great commentary. However it does not address the Demagogue Survival Syndrome - when in doubt, start a war.
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