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robertogreco : meltdown   19

Wall Street, investment bankers, and social good : The New Yorker
"What Good Is Wall Street? Much of what investment bankers do is socially worthless."<br />
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"Since the early nineteen-eighties, by contrast, financial blowups have proliferated and living standards have stagnated. Is this coincidence? For a long time, economists and policymakers have accepted the financial industry’s appraisal of its own worth, ignoring the market failures and other pathologies that plague it. Even after all that has happened, there is a tendency in Congress and the White House to defer to Wall Street because what happens there, befuddling as it may be to outsiders, is essential to the country’s prosperity. Finally, dissidents like Paul Woolley are questioning this narrative. “There was a presumption that financial innovation is socially valuable,” Woolley said to me. “The first thing I discovered was that it wasn’t backed by any empirical evidence. There’s almost none.”"
wallstreet  finance  economics  investment  meltdown  investing  politics  social  policy  society  value  banking  money 
november 2010 by robertogreco
Seth's Blog: The coming melt-down in higher education (as seen by a marketer)
"1. Most colleges are organized to give an average education to average students... 2. College has gotten expensive far faster than wages have gone up... 3. The definition of 'best' is under siege... 4. The correlation between a typical college degree and success is suspect... 5. Accreditation isn't the solution, it's the problem. A lot of these ills are the result of uniform accreditation programs that have pushed high-cost, low-reward policies on institutions and rewarded schools that churn out young wanna-be professors instead of experiences that turn out leaders and problem-solvers... The only people who haven't gotten the memo are anxious helicopter parents, mass marketing colleges and traditional employers. And all three are waking up and facing new circumstances."
tcsnmy  education  highereducation  learning  highered  schools  accreditation  change  gamechanging  economics  meltdown  marketing  colleges  sethgodin  trends  attitude  2010  future  leadership  unschooling  deschooling  internships  schooling  gapyears 
april 2010 by robertogreco
The China Bubble's Coming -- But Not the One You Think | Foreign Policy
"All in all, this spells trouble -- a big, big Chinese bubble. Identifying such bubbles is a lot easier than timing their collapse. But as we've recently learned, you can defy the laws of financial gravity for only so long. Put simply, mean reversion is a bitch. And the longer excesses persist, the harder the financial gravity will bring China's economy back to Earth." [via: http://varnelis.net/microblog/reasons_to_be_wary]
china  economics  bubbles  finance  world  crisis  meltdown  recession 
august 2009 by robertogreco
FT.com / Comment / Opinion - Debt is capitalism’s dirty little secret
"Just why is there so much debt in the Anglo-Saxon world? Bankers and regulators know well that it is in nobody’s long-term interests to have allowed borrowing to escalate to a position where the US now owes far more, as a multiple of the economy, than at the start of the Great Depression.
society  economics  money  neoliberalism  meltdown  bubble  crisis  recession  capitalism  wealth  disparity  debt 
july 2009 by robertogreco
ReBurbia
"In a future where limited natural resources will force us to find better solutions for density and efficiency, what will become of the cul-de-sacs, cookie-cutter tract houses and generic strip malls that have long upheld the diffuse infrastructure of suburbia? How can we redirect these existing spaces to promote sustainability, walkability, and community? It’s a problem that demands a visionary design solution and we want you to create the vision! ... Show us how you would re-invent the suburbs! What would a McMansion become if it weren’t a single-family dwelling? How could a vacant big box store be retrofitted for agriculture? What sort of design solutions can you come up with to facilitate car-free mobility, ‘burb-grown food, and local, renewable energy generation? We want to see how you’d design future-proof spaces and systems using the suburban structures of the present, from small-scale retrofits to large-scale restoration—the wilder the better!"
design  architecture  urban  suburban  redevelopment  capitalism  suburbia  planning  bldgblog  suburbs  urbanplanning  meltdown  landscape  competition  infrastructure  housing  cities  competitions  dwell  contests 
july 2009 by robertogreco
Bill Moyers Journal . Watch & Listen | PBS - Interview with William K. Black, April 3, 2009
"The financial industry brought the economy to its knees, but how did they get away with it? With the nation wondering how to hold the bankers accountable, Bill Moyers sits down with William K. Black, the former senior regulator who cracked down on banks during the savings and loan crisis of the 1980s. Black offers his analysis of what went wrong and his critique of the bailout."
billmoyers  williamblack  via:javierarbona  regulation  corruption  bailout  recession  meltdown  aig  banking  economics  politics  finance  crisis  2009  fraud  crime  law  timgeithner 
april 2009 by robertogreco
The Geithnerconomy and the New Cold War - Umair Haque - HarvardBusiness.org
"Welcome to Looting 2.0. What does that financial system look like? In it, everything is a hedge fund. The Geithner economy is Milton Friedman's revenge from beyond the grave: it is one that puts the allocation of public resources in a very small number of almost totally hidden private hands. The Geithnerconomy is a kind of financial Frankenstein: run by hedge funds, leveraged by the public, whose interests overlap by only 20%. The problem of toxic incentives hasn't gone away: in fact, the Geithner plan institutionalizes and explodes it, like a biological weapon infecting an entire country."
corruption  economics  umairhaque  meltdown  recession  banking  democracy  fraud  debt  goldmansachs  timgeithner  bailout  crisis  2009  feudalism  disincentives  moralhazard 
march 2009 by robertogreco
Desmond Lachman -- Welcome to America, the World's Scariest Emerging Market - washingtonpost.com
"Like Argentina in its worst moments, we never seem to question whether it is reasonable to expect foreigners to keep financing our extravagance, and we forget the bad things that happen to the Argentinas or Hungarys of the world when foreigners stop financing their excesses. So instead of laying out a realistic plan for increasing our national savings, we choose not to face up to the Social Security and Medicare crises that lie ahead, embarking instead on massive spending programs that -- whatever their long-run merits might be -- we simply cannot afford."
us  argentina  finance  economics  meltdown  debt  collapse  crisis  politics  russia  imf  government  2009 
march 2009 by robertogreco
The Atlantic Online | March 2009 | How the Crash Will Reshape America | Richard Florida
"But another crucial aspect of the crisis has been largely overlooked, and it might ultimately prove more important. Because America's tendency to overconsume and under-save has been intimately intertwined with our postwar spatial fix -- that is, with housing and suburbanization -- the shape of the economy has been badly distorted, from where people live, to where investment flows, to what's produced. Unless we make fundamental policy changes to eliminate these distortions, the economy is likely to face worsening handicaps in the years ahead."
culture  future  richardflorida  realestate  meltdown  crisis  2009  finance  2008  recession  urbanism  urban  cities  change  globalization  trends  geography  demographics  politics  economics  history  us  business 
march 2009 by robertogreco
FT.com | Willem Buiter's Maverecon | Home loans in the US: the biggest racket since Al Capone?
"The extreme fiscal largesse bestowed on residential housing, directly and indirectly through mortgage interest deductibility, has led to a massive misallocation of investment in the US. There has been overinvestment in the private residential housing stock and underinvestment in just about every other form of fixed capital: infrastructure, public amenities of all kinds (sports facilities, public recreational facilities, parks etc.), commercial structures, plant and equipment. It is time to correct the distorted incentives that are at the root of this misallocation. The easiest way to do this, in the current tax system, is to end the deductibility of mortgage interest in the personal income tax, close down Fannie and Freddie and end the role of the US government in the provision of residential mortgages."
economics  housing  realestate  meltdown  crisis  finance  policy  mortgages  taxes  mortgagededuction  investment  stimulus  willembuiter  housingbubble 
february 2009 by robertogreco
Archinect : Views : Victory Gardens, or the Impact of the Financial Crisis on Architecture
"It will stop soon since cities are about to have their turn. Get ready for the great urban collapse of 2009-2010. Cities are massively overbuilt and, with the financial collapse, just as massively underfunded. ... I wager that architects will expand the discipline again by using their incredible synthetic knowledge to go into other fields. The Eameses’ venture into media design is a great illustration of this. Charles and Ray turned to media because it allowed them to get their concepts across to people much more rapidly and efficiently than architecture could. Or take Archinect for example. It’s vastly more important than any of the buildings made in the last decade. That’s why it’s no accident that I teach at Columbia: Dean Wigley’s has set out Columbia’s program as being to create “the expanded architect.” That’s exactly what we should be doing."
kazysvarnelis  architecture  future  recession  meltdown  infrastructure  design  collapse  2009  predictions  urban  urbanism  everyware  adamgreenfield  archinect  eames  unbuilt 
december 2008 by robertogreco
Joseph E. Stiglitz on capitalist fools: About Us: vanityfair.com
"Behind the debate over remaking U.S. financial policy will be a debate over who’s to blame. It’s crucial to get the history right, writes a Nobel-laureate economist, identifying five key mistakes—under Reagan, Clinton, and Bush II—and one national delusion."
josephstiglitz  bubbles  finance  crisis  2008  georgewbush  alangreenspan  billclinton  us  markets  deregulation  bailout  regulation  business  history  economics  politics  capitalism  meltdown  banking 
december 2008 by robertogreco
Jim Kunstler : Zombie Economics
"We're heading into a hard work economy in which people derive their pleasures and gratification more traditionally -- mainly through the company of their fellow human beings (which is saying a lot, for those of you who have forgotten what that's about). Our current investments in "education" -- i.e. training people to become marketing executives for chain stores -- will delude Americans for a while about what kind of work is really available. But before long, the younger adults will realize that there are enormous opportunities for them in a new and very different economy. We will still have commerce -- even if it's not the K-Mart blue-light-special variety -- and the coming generation will have to rebuild all the local, multi-layered networks of commercial inter-dependency that were destroyed by the rise of the chain stores. In short, get ready for local business. It will surely be part-and-parcel of our local food-growing and manufacturing activities."
jameshowardkunstler  future  local  economics  crisis  greatdepression  relocalizing  gamechanging  finance  education  training  relationships  peakoil  us  politics  trains  oil  meltdown  disruption  inflation  zombies 
november 2008 by robertogreco
The end of Wall Street and Michael Lewis' new "fucking book"
"The Portfolio piece will definitely find itself into the book, as will this piece on Meredith Whitney, this one on Goldman Sachs, Lewis' subprime parable, and other pieces from Bloomberg, Porfolio, and his upcoming gig at Vanity Fair. One question though...what happens to Lewis' forthcoming book on New Orleans? Did that just disappear?"
michaellewis  money  crisis  2008  finance  meltdown  economics  kottke 
november 2008 by robertogreco
Edge: ECONOMIC DIS-EQUILIBRIUM By George Dyson
"The unlimited replication of information is generally a public good... The problem starts, as the current crisis demonstrates, when unregulated replication is applied to money itself. Highly complex computer-generated financial instruments (known as derivatives) are being produced, not from natural factors of production or other goods, but purely from other financial instruments. When the Exchequer splits the tally stick in two, the King keeps the gold and silver, and you keep one half of the stick. Derivatives are the equivalent of splitting off (and selling) further copies of the same stick—or the "clipping" and debasing of coinage that led Isaac Newton to spend the later part of his life reforming the financial system as Master of the Mint. The result is a game of musical chairs that follows von Neumann's model of an expanding economic equilibrium—until the music stops, or we bring in Isaac Newton, whichever comes first."
economics  history  psychology  business  meltdown  banking  mathematics  finance  crisis  2008  markets  money  information  georgedyson  accounting  via:blackbeltjones 
october 2008 by robertogreco
Understand the Financial Crisis - Wired How-To Wiki
"Freddie and Fannie, Bernanke, Bush, mortgages, loans, foreclosure, $700 billion bailout, recession, crisis. These are the words filling the headlines and being tossed around in Washington and on Wall Street in worry and, yes, panic. What does it all mean? "
crisis  2008  economics  markets  money  finance  subprime  politics  meltdown 
october 2008 by robertogreco
YouTube - Bird and Fortune - Subprime Crisis
"John Bird and John Fortune (the Long Johns) brilliantly, and accurately, describing the mindset of the investment banking community in this satirical interview." ... and from months ago.
humor  crisis  meltdown  finance  absurdity  economics  markets  subprime  2008 
october 2008 by robertogreco
Reversal of Fortune: Politics & Power: vanityfair.com
"Describing how ideology, special-interest pressure, populist politics, and sheer incompetence have left the U.S. economy on life support, the author puts forth a clear, commonsense plan to reverse the Bush-era follies and regain America’s economic sanity." ... "When the American economy enters a downturn, you often hear the experts debating whether it is likely to be V-shaped (short and sharp) or U-shaped (longer but milder). Today, the American economy may be entering a downturn that is best described as L-shaped. It is in a very low place indeed, and likely to remain there for some time to come."
josephstiglitz  economics  us  crisis  bailout  2008  banking  finance  money  policy  politics  sustainability  energy  longterm  future  taxes  biofuels  oil  gamechanging  regulation  subprime  meltdown  recession  wallstreet  reaganomics  georgewbush  housing  jobs  markets  unemployment  freemarkets  greatdepression  wealth  disparity  lending  reform  change 
october 2008 by robertogreco
The Money Meltdown
"I’ve had a lot of difficulty finding sites that pulled together useful, authoritative, and comprehensive information about our current financial crisis in an accessible way. So I thought I’d take a stab at it myself. I hope anyone looking to get up to speed on this crisis can come to the home page and get what they need. Besides the link of the day, nothing on the front page will change too much from day to day, but I will try to keep it relevant, up-to-date and valuable for those looking for more knowledge on the crisis."
crisis  2008  economics  politics  capitalism  banking  subprime  finance  bailout  meltdown  money  reference 
october 2008 by robertogreco

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