An excellent recent episode of the BBC Radio 4 math/current affairs show "More or Less" dramatized "The Parable of the Ox," a short article by John Kay originally published in the Financial Times (paywalled, alas, or I'd link to itavailable from Kay's site). Fans of James Surowiecki's Wisdom of the Crowds will know the first part of this story -- wherein the average of several guesses about the weight of an ox was more accurate than the guesses of any of the experts in the crowd. What this podcast and the article adds is a coda about how the use of "guesses" (or stock trades) as a way of weighing the ox quickly departed from guesses about the weight of the ox (or the value of a firm) and turned into guesses about other peoples' guesses about other peoples' guesses -- a financialized system that soon has no connection to the real economy or the real ox. And it ends, predictably enough, when the ox dies.
Martin Shkreli, the hedge-fund douche-bro who hiked the price of an off-patent drug used by AIDS and cancer patients from $13.50 to $750, then promised to lower the prices after becoming the Most Hated Man on the Internet did no such thing, because he is a liar.
A leaked recording made of a conference call posted by the Edison Electric Institute, which lobbies for the power industry, reveals lobbyists for high pollution companies talking about how they can exploit the Syrian refugee crisis to get a rider inserted into a pending bill that would kill the EPA’s Waters of the United States […]
Yesterday, Dell was advising customers not to try to uninstall the bogus root certificate it had snuck onto their Windows machine, which would allow attackers to undetectably impersonate their work intranets, bank sites, or Google mail. Today, they apologized and offered an uninstaller — even as we’ve learned that at least one SCADA controller was […]
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