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jerryking : occupy_wall_street   8

Algorithms Aren’t Biased, But the People Who Write Them May Be - WSJ
By JO CRAVEN MCGINTY
Oct. 14, 2016

A provocative new book called “Weapons of Math Destruction” has inspired some charged headlines. “Math Is Racist,” one asserts. “ Math Is Biased Against Women and the Poor,” declares another.

But author Cathy O’Neil’s message is more subtle: Math isn’t biased. People are biased.

Dr. O’Neil, who received her Ph.D in mathematics from Harvard, is a former Wall Street quant who quit after the housing crash, joined the Occupy Wall Street movement and now publishes the mathbabe blog.
algorithms  mathematics  biases  books  Cathy_O’Neil  Wall_Street  PhDs  quants  Occupy_Wall_Street  Harvard  value_judgements 
october 2016 by jerryking
We pay a high economic price for a society of exclusion - The Globe and Mail
Apr. 08, 2016 |The Globe and Mail | TODD HIRSCH.

If citizens are excluded from meaningful involvement in their economic systems, policy solutions (e.g. A tax cut here, an infrastructure program there) none of it matters.....Donald Trump has tapped into a vein of discontent that isn’t going away, whether he wins the White House or not. Those disenfranchised from mainstream politics are connecting with Mr. Trump’s childish messages.....The common thread in protest movements like Occupy Wall Street and Idle No More is that people who are excluded from the mainstream economic and political systems that run a country are disconnected and their disconnection erodes the social and political stability-- the basic building blocks on which successful economies are built. ... If people lose faith in governments, if they become so hopeless about finding a way to achieve and succeed in the system, the system itself will start to collapse.

And following that will be an outflow of capital investment, entrepreneurial energy and intellectual might. Money, businesses and educated people – if they start pouring out, the economy doesn’t stand a chance.
aboriginals  capital_flows  civil_disobedience  covenants  disenfranchisement  disadvantages  Donald_Trump  economists  exclusion  policy  social_fabric  Idle_No_More  marginalization  social_cohesion  social_collaboration  patriotism  instability  Occupy_Wall_Street  talent_flows  hopelessness  protest_movements  social_integration  Todd_Hirsch 
april 2016 by jerryking
Romney’s Former Bain Partner Makes a Case for Inequality - NYTimes.com
By ADAM DAVIDSON
Published: May 1, 2012

“Unintended Consequences: Why Everything You’ve Been Told About the Economy Is Wrong,

Now we’re at a particularly crucial moment, he writes. Technology and global competition have made it more important than ever that the United States remain the world’s most productive, risk-taking, success-rewarding society. Obama, Conard says, is “going to dampen the incentives.” Even worse, Conard says, “he’s slowing the accumulation of equity” by fighting income inequality. Only with a pro-investment president, he says, can the American economy reach its full potential.
high_net_worth  Bain  inequality  Mitt_Romney  books  innovation  unintended_consequences  incentives  income_inequality  Occupy_Wall_Street 
may 2012 by jerryking
Malcolm Gladwell says the Occupy movement needs to get more Machiavellian - The Globe and Mail
Dec. 02, 2011 | G&M | Ian Bailey.

"I am interested in, obviously, military power. I am interested in economic power. I am interested in any sort of situation. We're always in situations where power is an issue, where we're not equally matched with our competitors, compatriots, colleagues. Whenever there is a kind of disequilibrium, it's interesting. It's kind of puzzling and complex. That's what I am interested in exploring. Those moments of disequilibrium. "
Malcolm_Gladwell  asymmetrical  disequilibriums  economic_clout  protest_movements  political_power  Niccolò_Machiavelli  moments  Occupy_Wall_Street 
february 2012 by jerryking
Making Shareholders Liable for Big Banks - Economic View - NYTimes.com
By TYLER COWEN
Published: February 11, 2012
....There is a better alternative: expanding the liability for major financial institutions. If a shareholder invests a dollar in a big bank, why not make that shareholder liable for the first $1.50 — or more — of losses as insolvency approaches? In essence, we would be making the shareholders liable for the costs that bank failures impose on society, and making the banks sort out the right mixes of activities and risks. Eugene N. White, an economics professor at Rutgers University, supported a related proposal in a recent paper, “Rethinking the Regulation of Banking: Choices or Incentives?”

This proposal would shrink the financial sector, while avoiding excess regulatory micromanagement of bank activities. But it could still be combined with other regulations, like limits on leverage, if deemed appropriate or necessary.

Unlike the “big is bad” view, this proposal would penalize failing banks rather than safe, successful ones that happen to be large. That’s also more in accord with the American ethos of winning at business. ....
Expanded liability for bank shareholders might satisfy the Occupy Wall Street movement, and could be sold as a market-oriented, not regulatory solution; it’s probably what markets would insist upon if there were no central bank and no F.D.I.C. As recently as the 1980s, the partnership structure, another alternative to limited liability, was common among investment banks — and that hardly seemed a crippling drawback at the time.

We need to resist vengeful or “feel good” options for financial reform and embrace those that will really work.
banking  regulations  risk-management  Tyler_Cowen  too_big_to_fail  Occupy_Wall_Street  insolvency 
february 2012 by jerryking
Amid Protests, Blankfein Cancels College Talk - NYTimes.com
October 10, 2011, 7:13 pmInvestment Banking
Amid Protests, Blankfein Cancels College Talk
By KEVIN ROOSE
Colleges_&_Universities  Occupy_Wall_Street  speeches  Lloyd_Blankfein  Goldman_Sachs 
october 2011 by jerryking
Panic of the Plutocrats - NYTimes.com
By PAUL KRUGMAN
October 9, 2011

a broader syndrome, in which wealthy Americans who benefit hugely from a system rigged in their favor react with hysteria to anyone who points out just how rigged the system is.[JCK: overreaction]

Last year, you may recall, a number of financial-industry barons went wild over very mild criticism from President Obama. They denounced Mr. Obama as being almost a socialist for endorsing the so-called Volcker rule, which would simply prohibit banks backed by federal guarantees from engaging in risky speculation. And as for their reaction to proposals to close a loophole that lets some of them pay remarkably low taxes — well, Stephen Schwarzman, chairman of the Blackstone Group, compared it to Hitler’s invasion of Poland.

And then there’s the campaign of character assassination against Elizabeth Warren, the financial reformer now running for the Senate in Massachusetts. Not long ago a YouTube video of Ms. Warren making an eloquent, down-to-earth case for taxes on the rich went viral. Nothing about what she said was radical — it was no more than a modern riff on Oliver Wendell Holmes’s famous dictum that “Taxes are what we pay for civilized society.”
gaming_the_system  overreaction  Paul_Krugman  protests  GOP  hypocrisy  Elizabeth_Warren  Occupy_Wall_Street  Wall_Street  financiers  Stephen_Schwarzman  The_One_Percent  plutocracies  plutocrats  character_assassination  Godwin's_Law  Nazis 
october 2011 by jerryking
Activists throughout Canada set to show solidarity with Wall Street protesters - The Globe and Mail
Oct. 03, 2011 | Globe and Mail Update |Verena Dobnik. The Occupy Wall Street demonstration started out last month with fewer than a dozen college students spending days and nights in Zuccotti Park. It has grown significantly, both in New York and elsewhere as people display their solidarity in similar protests....Organizers in Toronto and several other Canadian cities say they plan to follow the New York example....The growing, cross-country movement “signals a shift in consciousness,” said Jared Schy, a young man sitting squeezed between three others who participated in Saturday’s march from Manhattan’s Financial District to the bridge....The New York protesters have spent most of their time in the plaza, sleeping on air mattresses, holding assemblies to discuss their goals and listening to speakers including filmmaker Michael Moore and Princeton University professor Cornel West.
civil_disobedience  New_York_City  Wall_Street  protest_movements  Bay_Street  Cornel_West  Occupy_Wall_Street  activism 
october 2011 by jerryking

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