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robertogreco : moralhazard   6

Washington's Blog - The Real Reason Newspapers Are Losing Money, And Why Bailing Out Failing Newspapers Would Create Moral Hazard in the Media
"newspapers, bought up by corporations in last generation, have pursued profits at expense of news gathering. By basing their businesses on advertising over circulation, newspaper owners have neglected their true economic base & core constituency...firing reporters that cover subjects that affect the community"... "primary culprit is same as it is all over country, in every industry & in government: equity extraction...when executives expect unrealistic profits of 20%+ per annum on businesses something has got to give. It's an unnatural & unsustainable growth rate. For the first ten or so years of a small to medium size company's life? Sure. But when you are 3M, or GE? Unrealistic and ultimately impossible." A comment: "Everything in our economy, from manufacturing to finance, insurance, real estate and health care, seems to have parasites attached. We need a new model of virtue - quality, not profits - and a new measure of prosperity - salaries for many, not profits for a few."
newspapers  journalism  profits  crisis  moralhazard  bailouts  banking  bonuses  corporations  communitees  business  2009 
december 2009 by robertogreco
The Case for Working With Your Hands - NYTimes.com
"If the goal is to earn a living, then, maybe it isn’t really true that 18-year-olds need to be imparted with a sense of panic about getting into college. Some people are hustled off to college, then to the cubicle, against their own inclinations and natural bents, when they would rather be learning to build things or fix things." ... "Those who work on the lower rungs of the information-age office hierarchy face their own kinds of unreality, as I learned some time ago." ... "A good job requires a field of action where you can put your best capacities to work and see an effect in the world. Academic credentials do not guarantee this." ... "The visceral experience of failure seems to have been edited out of the career trajectories of gifted students. It stands to reason, then, that those who end up making big decisions that affect all of us don’t seem to have much sense of their own fallibility, and of how badly things can go wrong even with the best of intentions"

[so much here to quote, see also: http://www.slate.com/id/2218650/pagenum/all/ ]
education  learning  well-being  life  cv  making  doing  crisis  highereducation  colleges  universities  middlemanagement  matthewcrawford  alternative  careers  unschooling  deschooling  careerism  society  class  failure  moralhazard  credentials  gradschool  degrees  meaning  happiness  fulfillment  economics  mechanics  macroeconomics  philosophy 
may 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
Trapped in the New 'You're on Your Own' World - The New York Review of Books
"The transfer of risk from social and private institutions to individuals transfers a burden, mainly from the strong to the weak. That is primarily an issue of equity. It will surely become more urgent in current circumstances, perhaps urgent enough to be seen as a central political issue. Suppose that the best way to relieve that burden is by sharing the risk through universal social insurance. The premium then has to be a tax, a tax on work or enterprise, or some productive activity, and such a tax is a distortion, a source of inefficiency, a true cost to society. What then? I know what Gosselin would say: a society that won't pay a small cost to preserve equitable and fair treatment of, among others, the sick, the old, the unemployed, and the victims of natural disaster is not much of a society. Is that a minority view?"
insurance  economics  politics  society  efficiency  equity  moralhazard  us  socialsecurity  unemployment  income 
november 2008 by robertogreco
America the Banana Republic: Politics & Power: vanityfair.com
"These are people who want to be rewarded as if they were entrepreneurs. But they aren’t. They didn’t have anything at risk. That’s almost exactly right, except that they did have something at risk. What they put at risk, though, was other people’s money and other people’s property. How very agreeable it must be to sit at a table in a casino where nobody seems to lose, and to play with a big stack of chips furnished to you by other people, and to have the further assurance that, if anything should ever chance to go wrong, you yourself are guaranteed by the tax dollars of those whose money you are throwing about in the first place! It’s enough to make a cat laugh."
crisis  2008  finance  risk  moralhazard  politics  economics  us  banking  bailout  republicans  christopherhitchens 
october 2008 by robertogreco
Bush: peor imposible - lanacion.com [del Tucci que me conoce bien]
"Frente a la crisis de las hipotecas subprime, había tres opciones que podía tomar el gobierno: a) hacer ayudas selectivas, b) hacer ayudas generalizadas y c) no hacer nada y dejar que cada uno asumiera los quebrantos.
us  crisis  economics  moralhazard  markets  capitalism  2008  deTucci  policy  politics  fear  subprime  finance 
october 2008 by robertogreco

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