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jerryking : deleveraging   4

If You’ve Got the Skills, She’s Got the Job - NYTimes.com
By THOMAS L. FRIEDMAN
Published: November 17, 2012

“The main reason the unemployment rate is higher today than it was in 2007, before the Great Recession, is because we have an ongoing cyclical unemployment problem — a lack of aggregate demand for labor — initiated by the financial crisis and persisting with continued housing market problems, consumers still deleveraging, the early cessation of fiscal stimulus compounded by cutbacks by state and local governments.” This is the main reason we went from around 5 percent to 8 percent unemployment.

Many community colleges and universities simply can’t keep pace and teach to the new skill requirements, especially with their budgets being cut. We need a new “Race to the Top” that will hugely incentivize businesses to embed workers in universities to teach — and universities to embed professors inside businesses to learn — so we get a much better match between schooling and the job markets.

“The world no longer cares about what you know; the world only cares about what you can do with what you know,” explains Tony Wagner of Harvard, the author of “Creating Innovators: The Making of Young People Who Will Change the World.”
Tom_Friedman  skilled_trades  books  skills_shortage  STEM  welding  deleveraging  youth  young_people  high-impact 
november 2012 by jerryking
Charlie Rose's Interview with Ray Dalio
October 20, 2011 | Charlie Rose Show | with Ray Dalio.

CHARLIE ROSE: And you always make a point that you know what you don`t know and that`s equally valuable.

RAY DALIO: More valuable. I want to say that -- so this is the whole philosophy. I -- I so, know that I can be wrong; and look, we all should recognize that we can be wrong. And if we recognize that we`re wrong and we worry about being wrong than what we should do is have a thoughtful dialogue....RAY DALIO: So the way I get to success. The way -- it`s not what I know. I`ve acquired some things that I know along the way and they`re helpful.

(CROSSTALK)

CHARLIE ROSE: It is -- it is -- it`s not what you know but it is --

(CROSSTALK)

RAY DALIO: It`s knowing what I don`t know or worrying that I won`t -- that I`ll be wrong that makes me find --

CHARLIE ROSE: Yes.

RAY DALIO: Well, I want people to criticize my point of view -- I want to hold down.

CHARLIE ROSE: Right.

RAY DALIO: Say I have a -- I think this but I may be wrong. And if you can attack what I`m saying -- in other words stress test what I`m saying -- I`ll learn....CHARLIE ROSE: And you have not been precise, and your assumptions are flawed.

RAY DALIO: Oh it`s so essential, right. There`s -- the -- the number one principle at our place is that if something doesn`t make sense to you, you have the right to explore it, to see if it makes sense.

I don`t want people around who do things that they don`t -- they don`t think makes sense because I`m going to have not-thinking people.

(CROSSTALK)

CHARLIE ROSE: Right.

RAY DALIO: So that they have not only the right, they have obligation. Don`t walk away thinking something`s wrong.

CHARLIE ROSE: Failure teaches you more than success?

RAY DALIO: Of course. One of my favorite books is "Einstein`s Mistakes."

CHARLIE ROSE: Right. And because it showed you that even Einstein, the most brilliant person of the century in common judgment made mistakes?

RAY DALIO: The great fallacy of all -- I think of all of mankind practically -- I mean that`s a big statement -- but the great fallacy is that people know more than what they do and there`s a discovery process and so when you look at -- that`s the process for learning.

The process for learning is to say "I don`t know." Like, I`m -- I`m totally comfortable being incompetent. If I -- if I -- I like being incompetent. I don`t mind being an incompetent. If I don`t -- how -- how much can you be competent about?

And so that whole notion of do you like learning? Do you like finding out what`s true and building on it without an ego? And that becomes the problem. How many statements do you listen to people that begin "I think this, I think that," where they should be asking "I wonder."
Ray_Dalio  interviews  truth-clarity  philanthropy  stress-tests  Charlie_Rose  truth-telling  Bridgewater  hedge_funds  deleveraging  organizational_culture  economics  unknowns  pretense_of_knowledge  Albert_Einstein  mistakes 
january 2012 by jerryking
Illness as Economic Metaphor - WSJ.com
JUNE 20, 2009 | Wall Street Journal | By MICHAEL MILKEN and JONATHAN SIMONS. The first rule, as always, is do no harm.

"[There's] a remarkable alignment between treatment regimens for sick economies and sick people. In both cases, it's important at some point to let the patient's immune system carry the load of recovery. Overtreatment is bad medicine.

Before the 1970s, our economy's "immune system" resided in financial institutions, especially banks and insurance companies. Companies looked to these institutions for capital that could restore growth and create jobs whenever the economy got sick. Beginning with the 1974-75 recession, however, capital markets took over the healing function; equity and bond markets provided the "antibodies" that corporate America could depend on to fight off the infection of recession.

Economies that lack the crucial immune-system component of a corporate bond market tend to suffer longer, deeper recessions. The most obvious case in point is Japan, whose banks struggled to recapitalize in the 1990s.
Michael_Milken  economic_downturn  metaphors  immune_system  financial_institutions  capital_markets  '70s  stress-tests  deleveraging 
june 2009 by jerryking

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