Jesus, *everyone* is twittering/emailing/suggesting this 2800+ word monster op-ed in today's New York Times
by Michael Lewis and David Einhorn. Here's a snip:
Americans enter the New Year in a strange new role: financial lunatics. We’ve been viewed by the wider world with mistrust and suspicion on other matters, but on the subject of money even our harshest critics have been inclined to believe that we knew what we were doing. They watched our investment bankers and emulated them: for a long time now half the planet’s college graduates seemed to want nothing more out of life than a job on Wall Street.
The End of the Financial World As We Know It
This is one reason the collapse of our financial system has inspired not merely a national but a global crisis of confidence. Good God, the world seems to be saying, if they don’t know what they are doing with money, who does?
Incredibly, intelligent people the world over remain willing to lend us money and even listen to our advice; they appear not to have realized the full extent of our madness. We have at least a brief chance to cure ourselves. But first we need to ask: of what?
To that end consider the strange story of Harry Markopolos. Mr. Markopolos is the former investment officer with Rampart Investment Management in Boston who, for nine years, tried to explain to the Securities and Exchange Commission that Bernard L. Madoff couldn’t be anything other than a fraud. Mr. Madoff’s investment performance, given his stated strategy, was not merely improbable but mathematically impossible. And so, Mr. Markopolos reasoned, Bernard Madoff must be doing something other than what he said he was doing.
(NYT). When you're done with that, don't miss the companion piece in the same NYT edition, How to Repair a Broken Financial World
, which is another must-read, clocking in at 2,000 words. And when you're done with all that, go watch "Keeping up with the Kardashians" or "Dog The Bounty Hunter" and eat some Hot Pockets, because AFAIAC, you'll have paid your thinkin' dues for the week.
About the writers: "Michael Lewis, a contributing editor at Vanity Fair and the author of Liar’s Poker, is writing a book about the collapse of Wall Street. David Einhorn is the president of Greenlight Capital, a hedge fund, and the author of Fooling Some of the People All of the Time."
Millionaire presidential candidate Donald Trump has a knack for projecting criticisms of himself back onto his opponents, however hamfistedly. The latest: Hillary Clinton is a bigot. “Hillary Clinton is a bigot who sees people of color only as votes, not as human beings worthy of a better future,” Trump said, reading from prepared remarks. Unlike […]
U.S. officials are investigating online security attacks that targeted reporters at The New York Times in Moscow. A U.S. official said Tuesday that the Times was among various U.S. news organizations targeted. CNN was first to report the story, and the Times has since confirmed and corrected some details.
Amid continued weak polling, millionaire presidential candidate Donald Trump has canceled forthcoming rallies and events in Colorado, Nevada and Oregon. He’ll still be attending fundraisers, reports Eliza Collins. Trump was originally scheduled to make a speech on immigration in Denver on Thursday, but according to The Denver Post the speech has been postponed. The campaign […]
If you’re looking to earn a top salary in the tech industry, there’s no better career than coding. However, sometimes the hardest part of entering this career path is knowing where to begin.We took the Complete Web Developer Course because it took that decision out of our hands. This course teaches beginner-friendly coding languages that will also help land an immediate […]
To be a Pokémon master, you’ll need a phone that won’t constantly die on you. Because nothing is worse than seeing the screen go black right as you’ve finally found the Charizard of your dreams.That’s why we’re so excited about the LinearFlux PokeCharger Portable Battery ($39.99). With its 3.0 Amp HyperCharging technology, this slim battery will […]
The tech industry is constantly innovating, and in order to stay competitive, you’ll need to keep up. The Programming Into the Future Bundle was created to teach you the skills employers are looking for at this very moment, including in-demand coding languages like Google Go.The bundle of courses includes instruction on a range of innovative tools that advanced coders […]