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jerryking : consumer_finance   5

Michael Lewis Makes Boring Stuff Interesting - WSJ
May 17, 2019 | THE WALL STREET JOURNAL | By Richard Turner.

The writer’s new podcast ‘Against the Rules’ asks what has happened to fairness in the U.S.......Michael Lewis doesn’t really need this gig. His new podcast, “Against the Rules,” doesn’t pay anything close to his book-writing day job. It’s unlikely to turn into a movie. Plus, the podcast’s subject is pretty abstract: Who are the referees in our society? Who determines what is fair and even what is true? Is our whole system rigged from stem to stern, as everyone from President Donald Trump to sports fans to the Black Lives Matter movement insists?.....The idea ...is to examine “what’s happened to fairness” in an age when America’s arbiters are no longer trusted. The Walter Cronkites of the world are gone, and those assigned to make the tough calls are reviled, threatened and assumed (sometimes correctly) to be corrupt.....“It’s a big problem for democracy if people don’t have a shared reality,” Mr. Lewis says. “It’s difficult to establish a referee in an increasingly unequal environment” like today’s U.S., “when there are powerful parties and not-so powerful ones. .......Mr. Lewis’s skills turn out to be well-suited to the podcast medium. His calling card, echoed by untold critics and readers, is this: He makes boring stuff interesting. He collects disparate ingredients, whips them up with character and narrative, and distills human stories into engrossing big-picture explainers........Lewis keeps seeing failures of refereeing. “There was no referee at the interface between Wall Street and the consumers—consumer finance. I saw the birth of that, when Wall Street hit segments of society it had never touched, through subprime mortgages, for car loans, through asset-backed securities. There was no one saying, ‘That’s fair and that’s not.’”.......Among his topics: correct English usage, judges, used cars, identity theft, credit-card companies, student-loan abuses, Cambridge Analytica, King Solomon and the famed mediator Kenneth Feinberg, who handled victim compensation for 9/11 families and those affected by the 2010 BP oil spill. Listeners can imagine myriad future topics related to fairness: expanding the Supreme Court, machines calling balls and strikes, cable-news coverage of the Trump presidency and so on.
boring  consumer_finance  credit-ratings  democracy  failure  fairness  gaming_the_system  Michael_Lewis  NBA  podcasting  podcasts  refereeing  rules_of_the_game  shared_experiences  unglamorous  Wall_Street  writers 
may 2019 by jerryking
Five things we learnt from Apple’s latest launch
March 27, 2019 | | Financial Times | Richard Waters 3 HOURS AGO.

(1) With its move to services, Apple's balance sheet and installed base of users have taken over as the main source of competitive advantage....Apple has barely scratched the surface in selling content and services for the 1.4bn iPhone, Macs and other devices in active use.
(2) there is a chance to carve out a trusted position at a time when other internet giants are under fire. Think of it as a Disney for digital services: a trusted brand built around a set of values that stand above the crowd.
(3) there is still room for innovation at the margin, which should have a halo effect for the brand. The new credit card with Goldman Sachs is a case in point.
(4) Apple’s main way to make money — selling hardware — leaves it with a dilemma as it makes the move into services. .... it will be hard to get a return on the huge spending on entertainment unless it spreads that investment across the largest possible audience — which means reaching beyond its own hardware. This tension between vertical and horizontal business models — capturing more of the value from its own devices on the one hand, selling a service for everyone on the other — is not new for Apple.

(5) after more than a decade of the App Store, Apple’s relationship with many of the companies that have relied on the digital storefront to reach their own customers is about to change utterly...How will Apple promote its own services to its users, and what will this mean for iOS as a platform for third party apps? Spotify’s antitrust complaint to the EU this month is likely to be the harbinger of more challenges to come.
antitrust  Apple  Apple_IDs  App_Store  balance_sheets  Big_Tech  competitive_advantage  consumer_finance  credit_cards  cross-platform  EU  halo_effects  hardware  iOS  Richard_Waters  services  Spotify  streaming  subscriptions  turning_points  user_bases  web_video 
march 2019 by jerryking
Banking Start-Ups Adopt New Tools for Lending
JAN. 18, 2015 | - NYTimes.com | By STEVE LOHR.

When bankers of the future decide whether to make a loan, they may look to see if potential customers use only capital letters when filling out forms, or at the amount of time they spend online reading terms and conditions — and not so much at credit history.

These signals about behavior — picked up by sophisticated software that can scan thousands of pieces of data about online and offline lives — are the focus of a handful of start-ups that are creating new models of lending....Earnest uses the new tools to make personal loans. Affirm, another start-up, offers alternatives to credit cards for online purchases. And another, ZestFinance, has focused on the relative niche market of payday loans.
Steve_Lohr  tools  banking  banks  massive_data_sets  start_ups  data_scientists  Earnest  Affirm  ZestFinance  Max_Levchin  consumer_finance  credit_scoring  fin-tech  financial_services  consumer_behavior  signals 
january 2015 by jerryking
Tracking China's Consumers - WSJ.com
MARCH 2, 2004 | WSJ | By KATHY CHEN and JAMES T. AREDDY.

Soaring Personal Debt Triggers Need for Credit-Check System.

With Chinese rushing in ever-greater numbers to buy on credit, banks and businesses are making their own dash into the credit-reporting industry.

With loans available to purchase everything from cars to homes to computers to a college education, growth in consumer lending has kept to a pace of about 50% in each of the past two years, far faster than the annual rise in total bank lending. In 2003, personal-credit lending totaled 1.56 trillion yuan, ($188.5 billion) more than 4.5 times the 2000 level. International companies are seeking to get in: China recently gave initial approval for General Motors Corp. and two other multinationals to offer auto financing, while credit-card giants such as Visa USA Inc. International and MasterCard International Inc. also are eyeing the market.

The problem is that without a national credit bureau or credit-check industry, lenders often know almost nothing about their borrowers. That has contributed to high default rates for both auto and student loans, now estimated to be as high as 30% in some areas of China, industry executives say....Now, some banks and companies are setting up their own credit-check systems, either for their own use or to sell to others.
consumer_credit  consumer_finance  China  credit  credit_cards  credit_management  credit_scoring  credit-analysis  credit-ratings 
november 2011 by jerryking
Executive Learns From Hack - WSJ.com
JUNE 21, 2011 By EVAN RAMSTAD.

• Trust the authorities.
• Stay open and transparent."
• Learn IT and know where vulnerabilities are. "These days, the CEO
should understand the basic structure of hacking even though he cannot
do programming. A CEO has to make tradeoffs and organizational
decisions.
• Create a philosophy that drives IT decisions. "Up to a few years ago,
the hacking route was very simple. But these days, there are so many
holes. Smartphone applications, so many websites … so the CEO has many
decisions to make.
• Reassess plans for products and services. Understand that each
application creates a new route for hacking. The real cost is not the
development cost. It's also the cost of hacking exposure.
Hyundai  South_Korea  blackmail  consumer_finance  IT  lessons_learned  cyber_security  product_development  product_management  hacks  data_breaches  vulnerabilities  new_products  hidden  latent  tradeoffs  CEOs 
june 2011 by jerryking

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