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Devil's Bargain: Steve Bannon, Donald Trump, and the Storming of the Presidency by Joshua Green
4chan, Affordable Care Act / Obamacare, Ayatollah Khomeini, Bernie Sanders, business climate, centre right, collateralized debt obligation, conceptual framework, corporate raider, crony capitalism, currency manipulation / currency intervention, Donald Trump, Fractional reserve banking, Goldman Sachs: Vampire Squid, Gordon Gekko, guest worker program, illegal immigration, immigration reform, liberation theology, low skilled workers, Nate Silver, nuclear winter, obamacare, Peace of Westphalia, Peter Thiel, quantitative hedge fund, Renaissance Technologies, Ronald Reagan, Silicon Valley, speech recognition, urban planning
David Fahrenthold, a reporter: David Fahrenthold, “Trump Recorded Having Extremely Lewd Conversation About Women in 2005,” Washington Post, October 8, 2016, www.washingtonpost.com/politics/trump-recorded-having-extremely-lewd-conversation-about-women-in-2005/2016/10/07/3b9ce776-8cb4-11e6-bf8a-3d26847eeed4_story.html. it briefly crashed: Paul Farhi, “A Caller Had a Lewd Tape of Donald Trump. Then the Race to Break the Story Was On,” Washington Post, October 7, 2016, www.washingtonpost.com/lifestyle/style/the-caller-had-a-lewd-tape-of-donald-trump-then-the-race-was-on/2016/10/07/31d74714-8ce5-11e6-875e-2c1bfe943b66_story.html. “Donald Trump should withdraw”: Alex Pappas, “Here Are the Republicans Calling on Donald Trump to Withdraw,” Daily Caller, October 8, 2016, dailycaller.com/2016/10/08/here-are-the-republicans-calling-on-donald-trump-to-withdraw-video/. “I am not going to defend”: Paul Ryan conference call: Matthew Boyle, “Exclusive—Audio Emerges of When Paul Ryan Abandoned Donald Trump: ‘I Am Not Going to Defend Donald Trump—Not Now, Not in the Future,’” Breitbart.com, March 13, 2017, www.breitbart.com/big-government/2017/03/13/exclusive-audio-emerges-of-when-paul-ryan-abandoned-donald-trump-i-am-not-going-to-defend-donald-trump-not-now-not-in-the-future/.
“I’m fine with this stuff”: Roxanne Roberts, “I Sat Next to Donald Trump at the Infamous 2011 White House Correspondents’ Dinner,” Washington Post, April 28, 2016, www.washingtonpost.com/lifestyle/style/i-sat-next-to-donald-trump-at-the-infamous-2011-white-house-correspondents-dinner/2016/04/27/5cf46b74-0bea-11e6-8ab8-9ad050f76d7d_story.html. “incredibly gracious and engaged”: Maggie Haberman and Alexander Burns, “Donald Trump’s Presidential Run Began in an Effort to Gain Stature,” New York Times, March 12, 2016, www.nytimes.com/2016/03/13/us/politics/donald-trump-campaign.html?_r=0. Trump had indeed toyed: “Before 2016, Donald Trump Had a History of Toying with a Presidential Run,” PBS NewsHour transcript, PBS.org, July 20, 2106, www.pbs.org/newshour/bb/2016-donald-trump-history-toying-presidential-run/. One day that fall: Michael Kruse, “The True Story of Donald Trump’s First Campaign Speech—in 1987,” Politico, February 5, 2016, www.politico.com/magazine/story/2016/02/donald-trump-first-campaign-speech-new-hampshire-1987-213595.
One day that fall: Michael Kruse, “The True Story of Donald Trump’s First Campaign Speech—in 1987,” Politico, February 5, 2016, www.politico.com/magazine/story/2016/02/donald-trump-first-campaign-speech-new-hampshire-1987-213595. “People have birth certificates”: “Trump on Obama’s Birth Certificate: ‘Maybe It Says He’s a Muslim,’” FoxNews.com, nation.foxnews.com/donald-trump/2011/03/30/trump-obama-maybe-hes-muslim. National polls taken in mid-April: “Poll: Donald Trump Leads 2012 GOP Field,” USNews.com, April 15, 2011, www.usnews.com/news/articles/2011/04/15/poll-donald-trump-leads-2012-gop-field. “Is the birther debate”: Newsmakers, “Newsmakers with Reince Priebus,” C-SPAN, April 8, 2011, www.c-span.org/video/?298925-1/newsmakers-reince-priebus. “I realized,” he said: Haberman and Burns, “Donald Trump’s Presidential Run Began in an Effort to Gain Stature,” op. cit.
No Is Not Enough: Resisting Trump’s Shock Politics and Winning the World We Need by Naomi Klein
Airbnb, basic income, battle of ideas, Berlin Wall, Bernie Sanders, Brewster Kahle, Celebration, Florida, clean water, collective bargaining, Corrections Corporation of America, desegregation, Donald Trump, drone strike, Edward Snowden, Elon Musk, energy transition, financial deregulation, greed is good, high net worth, Howard Zinn, illegal immigration, income inequality, Internet Archive, late capitalism, Mark Zuckerberg, market bubble, market fundamentalism, mass incarceration, Mikhail Gorbachev, moral panic, Naomi Klein, Nate Silver, new economy, Occupy movement, offshore financial centre, oil shale / tar sands, open borders, Peter Thiel, Plutocrats, plutocrats, private military company, profit motive, race to the bottom, Ralph Nader, Ronald Reagan, Saturday Night Live, sexual politics, sharing economy, Silicon Valley, too big to fail, trade liberalization, transatlantic slave trade, transatlantic slave trade, Triangle Shirtwaist Factory, trickle-down economics, Upton Sinclair, urban decay, women in the workforce, working poor
June 15, 2009: Trump “buys” Monday Night Raw 7. June 22, 2009: Trump “sells” Monday Night Raw back to Vince McMahon 8. February 25, 2013: WWE Hall of Fame Inductee Donald Trump and the WWE Hall of Fame “Donald Trump: Bio,” WWE.com, http://www.wwe.com/superstars/donald-trump. Donald Trump and “Battle of the Billionaires” “The Battle of the Billionaires Takes Place at WrestleMania,” YouTube video, 4:29, posted by WWE, July 19, 2011, https://www.youtube.com/watch?v=5NsrwH9I9vE. Donald Trump and dropping money on WWE fans “Donald Trump Gives Away Mr. McMahon’s Money,” YouTube video, 1:31, posted by WWE, July 3, 2012, https://www.youtube.com/watch?v=ybtwzNpJ0YA. Donald Trump appoints former CEO of WWE, Linda McMahon, to his cabinet White House, “Swearing-in of Small Business Administrator Linda McMahon,” video, 5:25, February 14, 2017, https://www.whitehouse.gov/featured-videos/video/2017/02/14/swearing-small-business-administrator-linda-mcmahon.
The Trump Entrepreneur Initiative LLC f/k/a Trump Universirty LLC, August 24, 2013, http://online.wsj.com/public/resources/documents/trump.pdf. Donald Trump: “I can turn anyone…” The People of the State of New York v. The Trump Entrepreneur Initiative LLC f/k/a/ Trump University LLC, p. 10, http://online.wsj.com/public/resources/documents/trump.pdf. Reveling in the Fake on the Road to White House Donald Trump: “It’s very possible…” Jeremy Useem, “What Does Donald Trump Really Want?” Fortune, April 3, 2000, http://fortune.com/2000/04/03/what-does-donald-trump-really-want/. The Tyndall Report: 32 minutes on “issues coverage” Andrew Tyndall, The Tyndall Report (website), October 25, 2016, http://tyndallreport.com/comment/20/5778/. Fake Fights, Real Stakes Donald Trump and World Wrestling Entertainment (WWE) appearances 1. 2004: Jesse Ventura interviews Donald Trump (WrestleMania XX) 2. January 29, 2007: Fan Appreciation night 3.
The Art of the Steal Trump: “I rented him a piece of land…” Jillian Rayfield, “Donald Trump Tells Fox and Friends: ‘I Screwed’ Gaddafi,” Talking Points Memo, March 21, 2011, http://talkingpointsmemo.com/news/donald-trump-tells-em-fox-and-friends-em-i-screwed-gaddafi. Trump in Think Big: “You hear lots of people say that a great deal is when both sides win…” Donald J. Trump and Bill Zanker, Think Big: Make It Happen in Business and Life (New York: HarperCollins, 2007), 48. Trump: “crime-infested” Donald Trump, tweet, posted by @realDonaldTrump, January 14, 2017, https://twitter.com/realdonaldtrump/status/820425770925338624?lang=en. Trump: sites of “carnage” Donald Trump, tweet, posted by @realDonaldTrump, January 25, 2017, https://twitter.com/realdonaldtrump/status/824080766288228352?
The Retreat of Western Liberalism by Edward Luce
3D printing, affirmative action, Airbnb, basic income, Berlin Wall, Bernie Sanders, Branko Milanovic, Bretton Woods, call centre, carried interest, centre right, cognitive dissonance, colonial exploitation, colonial rule, computer age, corporate raider, cuban missile crisis, currency manipulation / currency intervention, Dissolution of the Soviet Union, Doha Development Round, Donald Trump, double entry bookkeeping, Erik Brynjolfsson, European colonialism, everywhere but in the productivity statistics, Fall of the Berlin Wall, Francis Fukuyama: the end of history, future of work, George Santayana, gig economy, Gini coefficient, global supply chain, illegal immigration, imperial preference, income inequality, informal economy, Internet of things, Jaron Lanier, knowledge economy, liberal capitalism, Marc Andreessen, Mark Zuckerberg, Martin Wolf, mass immigration, means of production, Monroe Doctrine, moral panic, more computing power than Apollo, mutually assured destruction, new economy, New Urbanism, Norman Mailer, offshore financial centre, one-China policy, Peace of Westphalia, Peter Thiel, Plutocrats, plutocrats, precariat, purchasing power parity, reserve currency, Richard Florida, Robert Gordon, Ronald Reagan, Second Machine Age, self-driving car, sharing economy, Silicon Valley, Skype, Snapchat, software is eating the world, South China Sea, Steve Jobs, superstar cities, TaskRabbit, telepresence, The Wealth of Nations by Adam Smith, Thomas L Friedman, Tyler Cowen: Great Stagnation, universal basic income, unpaid internship, Washington Consensus, We are the 99%, We wanted flying cars, instead we got 140 characters, white flight, World Values Survey, Yogi Berra
It means that many of those who are defined as Hispanic are no likelier to be natural Democrats than ‘white’ people (another contestable designation). It explains why many Hispanics reacted no differently during the election than most whites to Donald Trump’s promised border wall. Mexican-Americans felt viscerally targeted by Trump. But there is little evidence to show that legal immigrants from other Spanish-speaking countries were any more outraged than any other voter. Why would the Democratic establishment bank more on their loyalty than it does on whites’? Resistance to such ethnic shoehorning might explain why a higher share of Hispanics voted for Donald Trump than had for Mitt Romney in 2012.25 If we took Hispanics at their word and treated more than half of them as white, America would remain a majority white country until at least the 2050s – and possibly indefinitely.
v=Gpxr9ZUp7N0>. 19 Robert MacMillan, ‘The warhead at the top of the pack: The Reuters/Donald Trump interview’, Reuters, 24 February 2017, <http://www.reuters.com/article/us-select-24feb-idUSKBN 1631U0>. 20 This anecdote gave Kaplan the title for his book. 21 Shawn Donnan, ‘US trade chief seeks to reshore supply chain’, Financial Times, 31 January 2017, <https://www.ft.com/content/8dc63502-e7c7-11e6-893c-082c54a7f539>. 22 Cited in Branko Milanovic, Global Inequality: A New Approach for the Age of Globalization (Belknap Press, Cambridge MA, 2016). 23 Andrew E. Kramer, ‘The phrase Putin never uses about terrorism (and Trump does)’, New York Times, 1 February 2017, <https://www.nytimes.com/2017/02/01/world/europe/vladimir-putin-donald-trump-terrorism.html>. Part Four: Half Life 1 Becky Bowers, ‘President Barack Obama’s shifting stance on gay marriage’, Politifact, 11 May 2012, <http://www.politifact.com/truth-o-meter/statements/2012/may/11/barack-obama/president-barack-obamas-shift-gay-marriage/>. 2 Edward Luce, ‘Why Cleveland will be haunted by the ghosts of Chicago’, Financial Times, 10 April 2016, <https://www.ft.com/content/f2239c18-ff08-11e5-99cb-83242733f755>. 3 Edward Luce, ‘The end of American meritocracy’, Financial Times, 8 May 2016, <https://www.ft.com/content/c17d402a-12cf-11e6-839f-2922947098f0>. 4 ‘Transcript: “This is your victory,” says Obama’, CNN.
At a stroke, and without a shot being fired, our generation was staging the funeral rites for the twin scourges of Western modernity, communism and fascism. As the historian Eric Hobsbawm was to write, the short and genocidal twentieth century, which began with the Russian revolution in 1917, came to an end in 1989.2 Though still alive, history was smiling. The human species had proved it could learn from its mistakes. It was a good year to turn twenty-one. Nearly three decades later, in the aftermath of Donald Trump’s 2016 election victory, I found myself in Moscow. I had been invited to attend a conference on the ‘polycentric world order’, which is Russian for ‘post-American world’. The conference was hosted by the Primakov Institute, named after the man who had been Russia’s foreign minister and prime minister during the 1990s. Yevgeny Primakov was displaced as prime minister in 1999 by Vladimir Putin.
affirmative action, Affordable Care Act / Obamacare, Albert Einstein, anti-communist, back-to-the-land, Bernie Sanders, Bretton Woods, capital controls, centre right, collapse of Lehman Brothers, deindustrialization, desegregation, Donald Trump, eurozone crisis, financial deregulation, first-past-the-post, fixed income, full employment, ghettoisation, glass ceiling, hiring and firing, illegal immigration, immigration reform, income inequality, invisible hand, laissez-faire capitalism, mass immigration, means of production, neoliberal agenda, obamacare, Occupy movement, open borders, Plutocrats, plutocrats, Post-materialism, post-materialism, rolodex, Ronald Reagan, Silicon Valley, War on Poverty, We are the 99%, white flight, Winter of Discontent
If she starts to be the usual politician, she will lose what is interesting in her—her ability to break through to disrupt the system.” But Le Pen is determined, as the 2017 presidential election nears, that the FN be seen as a “party like any other.” The Past and Future of Populism Donald Trump’s campaign in the United States, the rightwing populist parties in Europe, and even the left-center Five Star Movement have repeatedly been likened to the fascists of the 1920s. Former Labor Secretary Robert Reich titles a column, “Donald Trump: American Fascist.” “Yes, Donald Trump is a fascist,” Jamil Smith declares in The New Republic. German Finance Minister Wolfgang Schaeuble described the National Front as “not a right-wing party but . . . a fascist, extremist party.” Dutch philosopher Rob Rieman accused Geert Wilders’s Freedom Party of being a “fascist movement.”
For political language, the lack of an “essence” is even more obvious if you think of terms like “liberal” and “conservative,” and their very different use from country to country. 14and Spain’s Podemos: My own analysis of populism has been heavily influenced by, but is still somewhat different from, that of Ernesto Laclau, On Populist Reason, Verso, 2005. 14former against the latter: Michael Kazin, The Populist Persuasion: An American History, Basic Books, 1995, p. 1. CHAPTER ONE 18nomination in 2016: http://www.xojane.com/issues/stephanie-cegielski-donald-trump-campaign-defector 18downscale white Americans: See http://www.politico.com/magazine/story/2016/01/donald-trump-2016-authoritarian-213533#ixzz43pWmnAgK and http://www.slate.com/articles/news_and_politics/cover_story/2016/03/how_donald_trump_happened_racism_against_barack_obama.html 18weakness as a frontrunner: See http://www.bloombergview.com/articles/2016-02-01/what-bernie-sanders-gets-about-millennials. 21the legend goes: McMath, p. 75. 22the gold standard: Robert C. McMath, Jr., American Populism: A Social History 1877-1898, Hill and Wang, 1992, p. 146. 24as “bourgeois”: Charles Postel, The Populist Vision, Oxford University Press, 2007, p. 208. 24John J.
CHAPTER THREE 62“protest candidate”: https://www.washingtonpost.com/news/post-politics/wp/2015/07/03/bernie-sanders-seen-as-a-protest-candidate-says-democratic-rival-martin-omalley/. 62“Trump’s campaign is a sideshow”: http://www.huffing-tonpost.com/entry/a-note-about-our-coverage-of-donald-trumps-campaign_us_55a8fc9ce4b0896514d0fd66?-section=politics. 62back into their politics section: http://www.huffingtonpost.com/arianna-huffington/a-note-on-trump_b_8744476.html. 63“personality not substance”: http://www.nytimes.com/2015/08/23/us/politics/why-donald-trump-wont-fold-polls-and-people-speak.html. 63“Sanders’s authenticity”: Pablo Zevallos, Politico, February 12, 2016. 64recouped his losses: Michael D’Antonio, Never Enough: Donald Trump and the Pursuit of Success, Thomas Dunne Books, 2015. 65“I’m very pro-choice”: “Inside Politics,” CNN, October 26, 1999. 65“liberal on health”: Trump and Dave Shiflett, The America We Deserve, Renaissance Books, 2000, p. 212. 66“rebuild our own country”: http://www.npr.org/2016/04/01/472633800/4-things-to-know-about-donald-trumps-foreign-policy-approach. 66criticized NATO: http://www.realclearpolitics.com/video/2016/03/27/trump_europe_is_not_safe_lots_of_the_free_world_has_become_weak.html. 67“police that deal”: http://www.slate.com/articles/news_and_politics/politics/2016/01/donald_trump_is_the_only_serious_gop_candidate_who_hasn_t_promised_to_rip.html. 67“a bunch of saps”: Associated Press, December 2, 1999. 68“political hacks”: Debate, June 28, 2015. 69“It’s rigged against you”: https://www.donaldjtrump.com/press-releases/donald-j.
Radicals Chasing Utopia: Inside the Rogue Movements Trying to Change the World by Jamie Bartlett
Andrew Keen, back-to-the-land, Bernie Sanders, bitcoin, blockchain, blue-collar work, brain emulation, centre right, clean water, cryptocurrency, Donald Trump, drone strike, Elon Musk, energy security, ethereum blockchain, failed state, gig economy, hydraulic fracturing, income inequality, Intergovernmental Panel on Climate Change (IPCC), Jaron Lanier, job automation, John Markoff, Joseph Schumpeter, life extension, Occupy movement, off grid, Peter Thiel, post-industrial society, postnationalism / post nation state, precariat, QR code, Ray Kurzweil, RFID, Rosa Parks, Satoshi Nakamoto, self-driving car, Silicon Valley, Silicon Valley startup, Skype, smart contracts, stem cell, Stephen Hawking, Steve Jobs, Steven Pinker, technoutopianism
It also resulted in a spike in anti-Islamic crime, and renewed fears that xenophobia was on the rise. A few months later saw an even bigger victory: Donald Trump was elected as president of the United States. His unlikely win was helped along by a new and very disparate political movement loosely called the ‘alt-right’, which combined several of Pegida’s ideas with internet trolling culture, libertarian attitudes on free speech and, for some supporters, white supremacy. During his campaign, Trump said things that would not have been out of place at Pegida rallies, including a pledge to stop all immigration from Muslim-majority countries, until elected officials can ‘figure out what the hell is going on’. (In fact Pegida supporters often carried placards that read ‘Donald Trump is right.’) ‘Thank you America, thank you Donald Trump,’ Tommy said, the day after his election. ‘You’ve given us all a fighting chance.’
To run, one needs to enter a CV and some formal documentation here: http://www.beppegrillo.it/movimento/regole_politiche_2013.php#candidati). 21. Beppe’s way of talking about these subjects seems to have been particularly important. In a similar way, Donald Trump’s word use when discussing subjects other politicians appeared reluctant to bring up was significant. See for example: Stacey Liberatore, ‘Donald Trump’s language could win him the presidency’, MailOnline, 21 March 2016, http://www.dailymail.co.uk/sciencetech/article-3502925/Donald-Trump-s-language-win-presidency-Candidates-use-emotional-words-votes-times-crisis.html#ixzz4Br9rMAYL (accessed 9 August 2016). 22. Gian Antonio Stella and Sergio Rizzo, La Casta: così i politici italiani sono diventati intoccabili (ebook, Rizzoli, 2010). Data on trends in Italian trust in politics is available in various Eurobarometer studies and the Global Corruption Barometer. 23.
But it was also helped, in a small but definite way, by the restless activism, belief and energy of people like Tommy Robinson. In January 2017 Donald Trump signed an executive order suspending the entire US refugee admission system for 120 days, and banning citizens from seven majority-Muslim countries—Iran, Iraq, Libya, Sudan, Syria, Somalia and Yemen—entry to the United States. At the time of this writing, it’s difficult to predict where this will lead. Pegida might be misunderstood, patronized and lazily smeared as a bunch of ignorant fascists and racists, but that doesn’t mean their ideas are harmless, or that their desire to defend Western values won’t be twisted by others to promote illiberalism or xenophobia. Tommy celebrated the United Kingdom leaving the European Union and Donald Trump’s election, but so did David Duke, former Grand Wizard of the openly racist Ku Klux Klan, who said he has ‘the same message’ as Trump.
The Rise of the Outsiders: How Mainstream Politics Lost Its Way by Steve Richards
Affordable Care Act / Obamacare, Airbnb, banking crisis, battle of ideas, Bernie Sanders, call centre, centre right, collapse of Lehman Brothers, David Brooks, Donald Trump, Etonian, eurozone crisis, falling living standards, full employment, housing crisis, low skilled workers, manufacturing employment, Martin Wolf, mass immigration, Neil Kinnock, obamacare, Occupy movement, Ronald Reagan, Silicon Valley
Johnson: former US president Lionel Jospin: former French PM Sir Mervyn King: former Governor of the Bank of England Neil Kinnock: former Labour leader Pia Kjærsgaard: founder of the Danish People’s Party Oskar Lafontaine: former German minister Nigel Lawson: former UK chancellor Left Bloc: part of a coalition in Portugal Left Party: Germany Jean-Marie Le Pen: Front National, France Marine Le Pen: Front National Enrico Letta: Italian PM Damian McBride: Gordon Brown’s press secretary John McDonnell: Labour MP Emmanuel Macron: French minister John Major: former PM Peter Mandelson: former Labour politician and adviser Catarina Martins: leader of Portugal’s Left Bloc Theresa May: PM Angela Merkel: German chancellor David Miliband: former Foreign Secretary Ed Miliband: former Labour leader François Mitterrand: former French president Walter Mondale: former US vice-president Mario Monti: former Italian PM Chantal Mouffe: Belgian political theorist Lisa Nandy: MP for Wigan National Democratic Party of Germany (NPD) Northern League (Lega Nord): Italy Paul Nuttall: current leader of UKIP Barack Obama: former US President Occupy movement: global movement against social inequality One Nation party: Australia George Osborne: former Chancellor of the Exchequer Party for Freedom: Holland Pasok: Greek socialist party Mike Pence: US vice-president People’s Party (PP): Spain Frauke Petry: chairwoman of the Alternative for Germany (AfD) party Podemos: left-wing party in Spain Virginia Raggi: Mayor of Rome Mariano Rajoy: Spanish PM Matteo Renzi: former Italian PM Republican Party: US Marco Rubio: Florida senator Kevin Rudd: former PM of Australia Mark Rutte: Dutch prime minister Paul Ryan: Speaker of the US House of Representatives Alex Salmond: former SNP leader Matteo Salvini: leader of Italy’s Northern League Antonis Samaras: former PM of Greece Pedro Sánchez: former leader of PSOE in Spain Bernie Sanders: US presidential candidate Nicolas Sarkozy: former French president Anthony Scaramucci: Trump adviser Gerhard Schroeder: former German chancellor Martin Schulz: leader of Germany’s SDP Scottish National Party (SNP): UK Peter Skaarup: leader of the Danish People’s Party Social Democratic Party of Austria (SPÖ): Austria Social Democratic Party (SPD): Germany Social Democratic Party (SDP): UK Social Democrats: Denmark Spanish Socialist Workers’ Party (PSOE) Heinz-Christian Strache: Freedom Party Nicola Sturgeon: SNP leader Larry Summers: former US Secretary of the Treasury and economist Sweden Democrats party Syriza: left-wing party in Greece Tea Party: US Margaret Thatcher: former PM Justin Trudeau: Canadian prime minister Donald Trump: US president Alexis Tsipras: leader of Greece’s Syriza party Malcolm Turnbull: Australian PM Alexander Van der Bellen: President of Austria Yanis Varoufakis: former Greek finance minister William Waldegrave: former Conservative minister Geert Wilders: founder of the Dutch Party for Freedom Harold Wilson: former PM Stewart Wood: a senior adviser to Gordon Brown Steven Woolfe: UKIP leadership candidate ______ NOTES INTRODUCTION 1 Mervyn King to Treasury Select Committee, 1 March 2011 2 The Briefing Room, BBC Radio 4, 22 December 2016 CHAPTER ONE: The Outsiders on the Right 1 The Guardian, 23 May 2016 2 Televised debate of potential Republican candidates, 14 January 2016 3 The New York Times, 30 January 2016 4 Donald Trump’s victory speech in New Hampshire, 9 February 2016 5 Trump press conference, 16 February 2017 6 Trump rally in Florida, 18 February 2017 7 The Guardian, 6 September 2016 8 Ibid. 9 The Economist, 23 January 2016 10 Stephen Nickell (SERC, CEP, Nuffield College, University of Oxford) and Jumana Saleheen (Bank of England), ‘The Impact of Immigration on Occupational Wages: Evidence from Britain’, Spatial Economics Research Centre discussion paper 34, October 2009 11 The Economist, 23 January 2016 12 Ibid. 13 BBC2, Stewart Lee Comedy Vehicle, 8 March 2014 14 Tony Blair speech, Bloomberg, London, 17 February 2017 15 Jan-Werner Müller, The Guardian, 2 September 2016, and What is Populism?
And in its leadership contest in 2015 the UK’s Labour Party elected the left-wing rebel, Jeremy Corbyn, to be its new leader. The veteran Corbyn won a landslide. In the same year Marine Le Pen’s Front National made huge gains in local elections, coming first in six of France’s thirteen regions. In 2016 the UK voted to leave the European Union, against the advice of the prime minister, all living former prime ministers, the leader of the Opposition and President Obama. A few months later Donald Trump was elected President of the US, as Obama’s successor. Trump was a supporter of Brexit – the proposition that the UK should leave the EU – and had accurately proclaimed during his campaign that Brexit was a sign that he would win, too. The voters were in revolt against their traditional rulers. The pattern of volcanic significance takes firmer shape when turning to the mainstream. Many mainstream parties have suffered a crisis of identity that partly explains the rise of the outsiders, and in turn boosts their ascendancy further.
Across much of the democratic world, large numbers of voters are turning away from mainstream politicians and looking to those who come from the ‘outside’ to rescue them from tumultuous change. Some outsiders soar from the left as well as from the populist right. A few of them rise fleetingly, only to decline just as fast when fatal flaws are exposed. On occasions, mainstream parties or individual liberal progressives get their act together and win elections with a confident flourish. The US elects Donald Trump. Canada elects Justin Trudeau. Austria nearly elected a far-right president, but in the end chose a progressive member of the Green Party in the 2016 election. In March 2017 Holland’s centre-right prime minister, Mark Rutte, was re-elected, defeating the far right’s Geert Wilders by a relatively wide margin, and yet Wilders’ party made gains. The result in Holland, and the reaction to it, showed how electoral assumptions had changed.
Grave New World: The End of Globalization, the Return of History by Stephen D. King
9 dash line, Admiral Zheng, air freight, Albert Einstein, Asian financial crisis, bank run, banking crisis, barriers to entry, Berlin Wall, Bernie Sanders, bilateral investment treaty, bitcoin, blockchain, Bonfire of the Vanities, borderless world, Bretton Woods, British Empire, capital controls, Capital in the Twenty-First Century by Thomas Piketty, central bank independence, collateralized debt obligation, colonial rule, corporate governance, credit crunch, currency manipulation / currency intervention, currency peg, David Ricardo: comparative advantage, debt deflation, deindustrialization, Deng Xiaoping, Doha Development Round, Donald Trump, Edward Snowden, eurozone crisis, facts on the ground, failed state, Fall of the Berlin Wall, falling living standards, floating exchange rates, Francis Fukuyama: the end of history, full employment, George Akerlof, global supply chain, global value chain, hydraulic fracturing, Hyman Minsky, imperial preference, income inequality, income per capita, incomplete markets, inflation targeting, information asymmetry, Internet of things, invisible hand, joint-stock company, Long Term Capital Management, Martin Wolf, mass immigration, Mexican peso crisis / tequila crisis, moral hazard, Nixon shock, offshore financial centre, oil shock, old age dependency ratio, paradox of thrift, Peace of Westphalia, Plutocrats, plutocrats, price stability, profit maximization, quantitative easing, race to the bottom, rent-seeking, reserve currency, reshoring, rising living standards, Ronald Reagan, Scramble for Africa, Second Machine Age, Skype, South China Sea, special drawing rights, technology bubble, The Great Moderation, The Market for Lemons, the market place, trade liberalization, trade route, Washington Consensus, WikiLeaks, Yom Kippur War, zero-sum game
This leaves populists in the US in an awkward position. Either they deny the facts and pretend the entire model is at fault (the Sanders approach) or they use the facts to suggest that the future of Americans is imperilled by the success of others (the Donald Trump approach). This latter version is inevitably tinged with nationalism: according to one narrative, Americans have suffered thanks to the Chinese, the Mexicans or others, some of whom have, apparently, conspired to damage American interests. Given the views of Republican grandees – and, for that matter, the mainstream media – Donald Trump was an unlikely candidate to win the Republican nomination, let alone the 2016 presidential election. As was argued in Chapter 6, his success was a function of his ability to subvert Republican party elites and to reach out to voters directly.
Household Wealth Trends in the United States, 1961–2013: What happened over the Great Recession?, National Bureau of Economic Research Working Paper No. 20733, Cambridge, MA, December 2014 ACKNOWLEDGEMENTS In a parallel universe, I might have been tempted to thank Donald Trump and Nigel Farage. The ideas for Grave New World originally crystallized in 2015, long before the extraordinary political upheavals of 2016. I jokingly suggested to a number of people that the book would seem a lot more relevant if UK citizens were to vote in favour of Brexit and US citizens were to elect Donald Trump. Whilst I certainly hadn’t ruled out either development, I was very much aware that the majority of pundits in 2015 and the early months of 2016 thought UK ‘Remainers’ would triumph and that the battle for the White House was most likely to be between Hillary Clinton and Jeb Bush (or, at a pinch, Mario Rubio).
Economic power is shifting eastwards and, as it does so, new alliances are being created, typically between countries that are not natural cheerleaders for Western political and economic values. There are signs that pre-Columbus versions of globalization – in which power was centred on Eurasia, not the West – are making a tentative reappearance. The US is no longer sure whether its priorities lie across the Atlantic, on the other side of the Pacific or, following the election of Donald Trump as president in 2016, at home rather than abroad. Indeed, President Trump confirmed as much in his January 2017 inauguration speech, stating that ‘From this day forward, it’s going to be only America first.’ Free markets have been found wanting, particularly following the global financial crisis. Support and respect for the international organizations that provided the foundations and set the ‘rules’ for post-war globalization – most obviously, the International Monetary Fund, the European Union and the United Nations Security Council (whose permanent members anachronistically include the UK and France, but not Germany, Japan, India or Indonesia) – are rapidly fading.
The Complacent Class: The Self-Defeating Quest for the American Dream by Tyler Cowen
affirmative action, Affordable Care Act / Obamacare, Airbnb, Alvin Roth, assortative mating, Bernie Sanders, Black Swan, business climate, circulation of elites, clean water, David Graeber, declining real wages, deindustrialization, desegregation, Donald Trump, drone strike, East Village, Elon Musk, Ferguson, Missouri, Francis Fukuyama: the end of history, gig economy, Google Glasses, Hyman Minsky, Hyperloop, income inequality, intangible asset, Internet of things, inventory management, knowledge worker, labor-force participation, labour mobility, low skilled workers, Marc Andreessen, Mark Zuckerberg, medical residency, meta analysis, meta-analysis, obamacare, offshore financial centre, Paul Samuelson, Peter Thiel, purchasing power parity, Richard Florida, security theater, sharing economy, Silicon Valley, Silicon Valley ideology, Skype, South China Sea, Steven Pinker, Stuxnet, The Great Moderation, total factor productivity, Tyler Cowen: Great Stagnation, upwardly mobile, Vilfredo Pareto, working-age population, World Values Survey
Everything seems calm and fine, until one day it is not. That is because the buildup of social and economic pressures can be fairly invisible until a crisis situation comes along, in this case the appearance on the scene of a candidate—Donald Trump—with some pretty special talents for appealing to the disgruntled. Very commonly it is suggested that income inequality is behind these growing dysfunctions in our politics, and that is one of the most common memes you read in the press today or hear on television. But for all the popularity of this view, it doesn’t have enough evidence behind it. For instance, if we look at those who voted for Donald Trump in the Republican primaries, they had an average income of about $70,000 and also education levels higher than the American average. No matter what you may read or hear, that is not exactly the revolt of the have-nots.
These individuals tend to be tolerant, liberal in the broad sense of that word, and often quite munificent and generous. They fit the standard description of cosmopolitan and usually take an interest in the cultures of other countries, though, ironically, many of them have become sufficiently insulated from hardship and painful change that they are provincial in their own way and have become somewhat of a political target (from both Donald Trump and Bernie Sanders in the recent campaigns). Because they are intelligent, articulate, and often socially graceful, they usually seem like very nice people, and often they are. Think of a financier or lawyer who vacations in France or Italy, has wonderful kids, and donates generously to his or her alma mater. I think of these people as the wealthiest and best educated 3 to 5 percent of the American population. 2.
You might think the group at the bottom cannot possibly be complacent about their situation, but by standards of recent history, indeed they have been when it comes to their actual behavior. As we’ll see later, the numbers show this pretty clearly. They have been committing much less crime, engaging in much less social unrest, and embracing extreme ideologies such as communism to a smaller degree; if anything, they have been more disillusioned than politically engaged. I’ll consider later in the book whether the Ferguson riots and the election of Donald Trump and other unusual current events might be signaling an end to this trend, but the point is that we have been building toward stasis for about the last forty years. Whether or not you think the break point has come just now, to understand why the stasis eventually must fall apart, first we must see how and why it has evolved. The good news is that more and more Americans are entering the upper tier than ever before—it’s nice to have something to be complacent about.
Move Fast and Break Things: How Facebook, Google, and Amazon Cornered Culture and Undermined Democracy by Jonathan Taplin
1960s counterculture, 3D printing, affirmative action, Affordable Care Act / Obamacare, Airbnb, Amazon Mechanical Turk, American Legislative Exchange Council, Apple's 1984 Super Bowl advert, back-to-the-land, barriers to entry, basic income, battle of ideas, big data - Walmart - Pop Tarts, bitcoin, Brewster Kahle, Buckminster Fuller, Burning Man, Clayton Christensen, commoditize, creative destruction, crony capitalism, crowdsourcing, data is the new oil, David Brooks, David Graeber, don't be evil, Donald Trump, Douglas Engelbart, Douglas Engelbart, Dynabook, Edward Snowden, Elon Musk, equal pay for equal work, Erik Brynjolfsson, future of journalism, future of work, George Akerlof, George Gilder, Google bus, Hacker Ethic, Howard Rheingold, income inequality, informal economy, information asymmetry, information retrieval, Internet Archive, Internet of things, invisible hand, Jaron Lanier, Jeff Bezos, job automation, John Markoff, John Maynard Keynes: technological unemployment, John von Neumann, Joseph Schumpeter, Kevin Kelly, Kickstarter, labor-force participation, life extension, Marc Andreessen, Mark Zuckerberg, Menlo Park, Metcalfe’s law, Mother of all demos, move fast and break things, move fast and break things, natural language processing, Network effects, new economy, Norbert Wiener, offshore financial centre, packet switching, Paul Graham, Peter Thiel, Plutocrats, plutocrats, pre–internet, Ray Kurzweil, recommendation engine, rent-seeking, revision control, Robert Bork, Robert Gordon, Robert Metcalfe, Ronald Reagan, Sand Hill Road, secular stagnation, self-driving car, sharing economy, Silicon Valley, Silicon Valley ideology, smart grid, Snapchat, software is eating the world, Steve Jobs, Stewart Brand, technoutopianism, The Chicago School, The Market for Lemons, Tim Cook: Apple, trade route, transfer pricing, trickle-down economics, Tyler Cowen: Great Stagnation, universal basic income, unpaid internship, We wanted flying cars, instead we got 140 characters, web application, Whole Earth Catalog, winner-take-all economy, women in the workforce, Y Combinator
Those decisions were made by engineers and executives at Google, Facebook, and Amazon (plus a few others) and imposed upon the public with no regulatory scrutiny. The result is what President Obama calls “a Wild West” world without privacy or security that leaves every citizen vulnerable to criminal, corporate, and government intrusion. As Obama wrote in The Economist, “a capitalism shaped by the few and unaccountable to the many is a threat to all.” The Internet is changing our democracy, too: in Twitter, Donald Trump found the perfect vehicle for his narcissistic personality, allowing him to strike out at all his perceived tormentors. And Facebook (the primary news source for 44 percent of Americans) was equally responsible for the Trump victory, according to Ed Wasserman, the dean of the University of California, Berkeley, Graduate School of Journalism: “Trump was able to get his message out [on Facebook] in a way that was vastly influential without undergoing the usual kinds of quality checks that we associate with reaching the mass public.”
That’s not on your balance sheet, that’s on our collective balance sheet, because we have a sacred duty to take care of those veterans. And that’s hard and it’s messy, and we’re building up legacy systems that we can’t just blow up. But this sense of shared social responsibility is not part of the libertarian creed, which in many respects is antidemocratic. As Ben Tarnoff, writing in the Guardian noted, one of the reasons Peter Thiel was drawn to Donald Trump’s authoritarian candidacy was that “he would discipline what Thiel calls ‘the unthinking demos’: the democratic public that constrains capitalism.” But for now there are few constraints on Tech capitalism. The monopoly profits of this new era have been very, very good to a few men. The Forbes 400 list, which ranks American wealth, places Bill Gates, Larry Ellison, Larry Page, Jeff Bezos, Sergey Brin, and Mark Zuckerberg in the top ten.
As a result of an ever-expanding list of non-discrimination—“affirmative action”—laws and non-discriminatory, multicultural, egalitarian immigration policies, every nook and cranny of American society is affected by government management and forced integration; accordingly, social strife and racial ethnic and moral-cultural tension and hostility have increased dramatically. That a country in such peril would need a more authoritarian government that could counter the forces of “egalitarian immigration” and “forced integration” feels at once like a throwback to the Jim Crow 1950s and a contemporary statement from someone like Donald Trump. This is in essence the truly elitist theory behind Peter Thiel’s thinking. Though his undergraduate degree was in philosophy, Thiel gravitated toward technology and politics. What he believed was that politics was impeding progress and that he needed to find a way to make money without its interference. He wrote in his manifesto on the Cato Institute’s website: In our time, the great task for libertarians is to find an escape from politics in all its forms—from the totalitarian and fundamentalist catastrophes to the unthinking demos that guides so-called “social democracy”.… We are in a deadly race between politics and technology.… The fate of our world may depend on the effort of a single person who builds or propagates the machinery of freedom that makes the world safe for capitalism.
All the Money in the World by Peter W. Bernstein
Albert Einstein, anti-communist, Berlin Wall, Bill Gates: Altair 8800, call centre, corporate governance, corporate raider, creative destruction, currency peg, David Brooks, Donald Trump, estate planning, family office, financial innovation, George Gilder, high net worth, invisible hand, Irwin Jacobs: Qualcomm, Jeff Bezos, job automation, job-hopping, John Markoff, Long Term Capital Management, Marc Andreessen, Martin Wolf, Maui Hawaii, means of production, mega-rich, Menlo Park, Mikhail Gorbachev, new economy, Norman Mailer, PageRank, Peter Singer: altruism, pez dispenser, popular electronics, Renaissance Technologies, Rod Stewart played at Stephen Schwarzman birthday party, Ronald Reagan, Sand Hill Road, school vouchers, Search for Extraterrestrial Intelligence, shareholder value, Silicon Valley, Silicon Valley startup, stem cell, Stephen Hawking, Steve Ballmer, Steve Jobs, Steve Wozniak, the new new thing, Thorstein Veblen, too big to fail, traveling salesman, urban planning, wealth creators, William Shockley: the traitorous eight, women in the workforce
Trump with Kate Bohner, Trump: The Art of the Comeback (New York: Random House, 1997), introduction. 39. The resulting company: Stephane Fitch, “The Real Apprentices,” Forbes, Oct. 16, 2006. Also Stephane Fitch, “What Is Trump Worth?” Forbes.com, Sept. 21, 2006. 40. “I took a big risk”: E-mail interview with Donald Trump. The Apprentice dominated ratings during its first three seasons (2004 and early 2005), then trailed off. 41. “Pressure can bring out the best”: E-mail interview with Donald Trump. 42. Born in 1897: “Daniel Ludwig, Billionaire Businessman Dies at 95,” obituary, New York Times, Aug. 29, 1992. Much of the material in the subsequent section comes from this obituary. 43. When Ludwig ran into difficulties: Warren Hoge, “Ludwig May Cut Brazil Project,” New York Times, Oct. 16, 1980. 44.
Soros was the largest single donor: Center for Responsive Politics, “Top Individual Contributors to 527 Committees, 2004 Election Cycle.” 18. President Bush felt so threatened: AP Wire Service, “Republicans File Complaint over Kerry, Group Ads,” Apr. 1, 2004. 19. Indeed, being wealthy: Jeffrey H. Birnbaum, Eileen P. Gunn, and Michelle McGowan, “The Money Chase,” Fortune, Sept. 7, 1998. 20. Even Donald Trump considered: Jerry Useem and Theodore Spencer, “What Does Donald Trump Really Want?” Fortune, Apr. 3, 2000. 21. Rockefeller says that in 1967: David Rockefeller, Memoirs (New York: Random House, 2002), p. 194. 22. And in 1992 Ross Perot spent: Connie Cass, “For His Second Presidential Bid, Ross Perot Has Turned from a Free-Spending Billionaire into Something of a Penny-Pincher,” Associated Press, Oct. 22, 1996. 23. Meanwhile, John D.
Power and Politics Afterword: Money and Happiness Endnotes Appendix: The Forbes 400, 1982–2006 Notes Contributors Copyright Page Acknowledgments For the past twenty-five years, Forbes magazine has compiled its now legendary list of the four hundred wealthiest Americans and considered the state of the nation’s vast fortunes. Its issues on the subject have been rich in facts and figures, on who’s up and who’s down, on whether Bill Gates (or Donald Trump) has a billion more or less. But the list is perforce numbers-driven; the issues focus less on the character of the people and the peculiar world they inhabit. What makes the Forbes 400 members tick? Who gets to the top—and why? How different are they from more average Americans? Are they happy? What lessons about money and life can we glean from them? In All the Money in the World: How the Forbes 400 Make—and Spend—Their Fortunes, we set out to answer these questions and to create a collective profile of America’s superrich over twenty-five years.
Why Wall Street Matters by William D. Cohan
Apple II, asset-backed security, bank run, Bernie Sanders, bonus culture, break the buck, buttonwood tree, corporate governance, corporate raider, creative destruction, Credit Default Swap, Donald Trump, Exxon Valdez, financial innovation, financial repression, Fractional reserve banking, Gordon Gekko, greed is good, income inequality, Joseph Schumpeter, London Interbank Offered Rate, margin call, money market fund, moral hazard, Potemkin village, quantitative easing, secular stagnation, Snapchat, South Sea Bubble, Steve Jobs, Steve Wozniak, too big to fail, WikiLeaks
And to do this, the Democrats advocated “breaking up too-big-to-fail financial institutions that pose a systemic risk to the stability of our economy” and an “updated and modernized” version of the so-called Glass-Steagall Act of 1933, which forced the separation of investment banking from commercial banking for the next sixty-six years, until its repeal in 1999. Plugging his new book, Our Revolution: A Future to Believe In, after the election of Donald Trump, Senator Sanders continues to lambast Wall Street. Hell, Wall Street has grown so unpopular that even the 2016 Republican Party platform called for the reinstatement of Glass-Steagall. Just think about that for a moment. Rest assured, Trump’s victory does not necessarily mean that the populist anger directed toward Wall Street dissolves overnight. So, is Senator Sanders correct? Is Wall Street actually rigged to benefit the rich in America at the expense of everyone else?
Take, for instance, the word “securities,” which is nothing more than Wall Street argot for an ownership position in a stock—the equity value of a corporation—or a bond, which is a creditor’s right to receive fixed payments (plus the return of the principal) from a corporation, or a government entity, over time in exchange for lending money to it. If you’re like most people, though, once you hear the term “leveraged buyout” or “credit default swap,” your eyes glaze over and you mentally check out. Or maybe you are just utterly confused by the fact that after attacking Wall Street mercilessly during his campaign, Donald Trump has surrounded himself with Wall Street veterans. But here’s the thing: If you like your iPhone (which you clearly do, because more than one billion iPhones have been sold worldwide since its inception in June 2007), or your wide-screen TV, or your car, or your morning bacon, or your pension, or your 401(k), then you are a fan of Wall Street, whether you know it or not. If you like the power and functionality of Facebook, Snapchat, and Twitter, you actually like Wall Street.
Wall Street today is more akin to a Disney theme park, or what a Disney park might be if it mythologized moneymaking. There is a Tiffany, a Hermès store, a BMW showroom, a Tumi luggage store, and an outlet for True Religion brand jeans. Fifty-Five Wall Street, which at one time was the headquarters of what is now Citigroup, is a branch of the Cipriani restaurant empire and is used for benefit dinners. Donald Trump claims to own 40 Wall Street, but, of course, that’s not entirely true: He leases the building from the Italian businessmen who actually own the land underneath it. There are apartments for rent or sale at 37 Wall Street, at 63 Wall Street, at 75 Wall Street, at 95 Wall Street, and at 101 Wall Street. But Wall Street remains a powerful symbol of American capitalism. Since September 11, cars are no longer permitted on Wall Street, and there are huge steel plates embedded into the road that are operated by motors that make sure that no unwanted vehicle ever again gets anywhere near the street or any of its historic buildings.
The Vanishing Middle Class: Prejudice and Power in a Dual Economy by Peter Temin
2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, affirmative action, Affordable Care Act / Obamacare, American Legislative Exchange Council, American Society of Civil Engineers: Report Card, anti-communist, Bernie Sanders, Branko Milanovic, Bretton Woods, capital controls, Capital in the Twenty-First Century by Thomas Piketty, carried interest, clean water, corporate raider, Corrections Corporation of America, crack epidemic, deindustrialization, desegregation, Donald Trump, Edward Glaeser, Ferguson, Missouri, financial innovation, financial intermediation, floating exchange rates, full employment, income inequality, intangible asset, invisible hand, low skilled workers, low-wage service sector, mandatory minimum, manufacturing employment, Mark Zuckerberg, mass immigration, mass incarceration, means of production, mortgage debt, Network effects, New Urbanism, Nixon shock, obamacare, offshore financial centre, oil shock, Plutocrats, plutocrats, Powell Memorandum, price stability, race to the bottom, road to serfdom, Ronald Reagan, secular stagnation, Silicon Valley, Simon Kuznets, the scientific method, War on Poverty, Washington Consensus, white flight, working poor
University of Michigan working paper, March 3. http://www.bc.edu/content/dam/files/schools/csom_sites/finance/Schmalz-031115.pdf. Accessed September 20, 2016. Bacevich, Andrew J. 2016. America’s War for the Great Middle East: A Military History. New York: Random House. Bagli, Charles V. 2016. “How Donald Trump Built an Empire on $885 Million in Tax Breaks.” New York Times, September 17. Baily, Martha J., and Susan M. Dynarski. 2011. “Inequality in Postsecondary Education.” In Whither Opportunity? Rising Inequality, Schools, and Children’s Life Chances, ed. Greg J. Duncan and Richard J. Murnane, 117–132. New York: Russell Sage Foundation. Barbaro, Michael. 2016. “Donald Trump Clung to ‘Birther’ Lie for Years, and Still Isn’t Apologetic.” New York Times, September 16. Barnett, W. Steven, Kwanghee Jung, Min-Jong Youn, and Ellen C. Freder. 2013. “Abbott Preschool Program Longitudinal Effects Study: Fifth Grade Follow-Up.”
New York: Simon and Schuster. Putnam, Robert D. 2015. Our Kids: The American Dream in Crisis. New York: Simon and Schuster. Rajan, Radhuram. 2010. Fault Lines: How Hidden Fractures Still Threaten the World Economy. Princeton: Princeton University Press. Rankine, Claudia. 2015. Citizen: An American Lyric. Minneapolis, MN: Greywolf Press. Rappeport, Alan. 2016. “Donald Trump Says His Remarks on Judge Were ‘Misconstrued.’” New York Times, June 7. Rattner, Steven. 2016a. “Donald Trump and Art of the Tax Loophole.” New York Times, May 1. Rattner, Steven. 2016b. “Long Lines at Airports? You Ain’t Seen Nothing Yet.” New York Times, July 8. Rawls, John. 1999. A Theory of Justice. Cambridge, MA: Harvard University Press. Reardon, Sean F. 2012. “The Widening Academic Achievement Gap between the Rich and the Poor.” Community Investments 24 (Summer): 19–30.
As Bob Dylan said in a song at Martin Luther King’s 1963 March on Washington, “The poor white remains / On the caboose of the train / But it ain’t him to blame / He’s only a pawn in their game.”3 Race and class are distinct, but they have interacted in complex ways from the U.S. slavery era that ended in 1865; to Ronald Reagan announcing his 1980 presidential campaign in Philadelphia in Mississippi, where three civil rights workers had been murdered in 1964; to Donald Trump’s equally indirect claim to “Make America Great Again” in his 2016 presidential campaign—where “great” is a euphemism for “white.” The Civil Rights Movement changed the language of racism without reducing its scope. As incomes become more and more unequal, racism becomes a tool for the rich to arouse poor whites to feel superior to blacks and distract them from their economic plight. Figure 1 is both simple and complex.
A Fine Mess by T. R. Reid
Affordable Care Act / Obamacare, Bernie Sanders, Capital in the Twenty-First Century by Thomas Piketty, carried interest, centre right, clean water, Donald Trump, Double Irish / Dutch Sandwich, game design, Gini coefficient, High speed trading, Home mortgage interest deduction, Honoré de Balzac, income inequality, industrial robot, land value tax, loss aversion, mortgage tax deduction, obamacare, Occupy movement, offshore financial centre, oil shock, Plutocrats, plutocrats, race to the bottom, Ronald Reagan, seigniorage, Silicon Valley, Skype, Snapchat, sovereign wealth fund, Tesla Model S, The Wealth of Nations by Adam Smith, Tim Cook: Apple, Tobin tax, We are the 99%, WikiLeaks
That reform was based on principles that have been adopted by countries around the world. If we go back to those fundamental principles, the United States could achieve serious tax reform, even in our current state of political gridlock. Another benefit of looking at other countries is that comparative analysis can tell us where Americans stand relative to the rest of the world when it comes to how much tax we have to pay. During his campaign for the presidency in 2016, Donald Trump repeatedly said, “The United States is the highest-taxed country in the world.” Was he right? 2. “LOW EFFORT, LOW COLLECTION” The Gallup poll surveys Americans every year about the taxes they pay, and every year a hefty majority says that taxes are too high.1 Whenever I mentioned this to economists in other countries, they laughed. Nobody in the world’s other rich democracies would say that American taxes are too high.
Generally, the advocates of the flat tax focus so tightly on “fairness” and “simplicity” that they fail to mention the most important impact of a flat-rate income tax: it would amount to a major tax break for the richest people in the country and a corresponding tax hike for many average workers. While a progressive income tax tends to reduce the gap between rich and poor, a flat-tax regime would serve to increase economic inequality. Even the self-proclaimed multibillionaire Donald Trump acknowledged this in his 2000 book, The America We Deserve. “Only the wealthy,” Trump conceded, “would reap a windfall, because a flat-rate tax would shift the tax burden from the richest taxpayers to those in the lower brackets.” To see how this shift would work, consider the case of a corporate CEO and her spouse with a taxable income, after exemptions, of $500,000 (a fairly conservative figure for corporate chieftains these days).
Of all the advocates, the most visible and exuberant has been Steve Forbes, an extremely high-income taxpayer who inherited a family business (Forbes magazine) and a family fortune from his father, Malcolm Forbes. Steve Forbes ran twice, on a flat-tax platform, for the Republican nomination for president. He made the covers of Time and Newsweek—in the same week!—promoting the idea. He wrote a book about his plan, titled Flat Tax Revolution; it came with a blurb on the cover from (who else?) Donald Trump and a gushing preface written by (who else?) Newt Gingrich. I know and admire Steve Forbes; he is a kind, friendly guy, a good father, and a successful corporate leader. But I was surprised when he ran for president. Unlike his flamboyant father—Malcolm Forbes flew his own blimps and dated Elizabeth Taylor—Steve is a rather shy and understated gentleman, much happier in an arcane policy debate than in the turmoil of a hand-shaking, baby-kissing political campaign.
Everybody Lies: Big Data, New Data, and What the Internet Can Tell Us About Who We Really Are by Seth Stephens-Davidowitz
affirmative action, AltaVista, Amazon Mechanical Turk, Asian financial crisis, Bernie Sanders, big data - Walmart - Pop Tarts, Cass Sunstein, computer vision, correlation does not imply causation, crowdsourcing, Daniel Kahneman / Amos Tversky, desegregation, Donald Trump, Edward Glaeser, Filter Bubble, game design, happiness index / gross national happiness, income inequality, Jeff Bezos, John Snow's cholera map, Mark Zuckerberg, Nate Silver, peer-to-peer lending, Peter Thiel, price discrimination, quantitative hedge fund, Ronald Reagan, Rosa Parks, sentiment analysis, Silicon Valley, statistical model, Steve Jobs, Steven Levy, Steven Pinker, TaskRabbit, The Signal and the Noise by Nate Silver, working poor
Better still, they lay down these digital traces in a form that is easy to aggregate and analyze. They come from all walks of life. They can take part in unobtrusive experiments which vary the stimuli and tabulate the responses in real time. And they happily supply these data in gargantuan numbers. Everybody Lies is more than a proof of concept. Time and again my preconceptions about my country and my species were turned upside-down by Stephens-Davidowitz’s discoveries. Where did Donald Trump’s unexpected support come from? When Ann Landers asked her readers in 1976 whether they regretted having children and was shocked to find that a majority did, was she misled by an unrepresentative, self-selected sample? Is the internet to blame for that redundantly named crisis of the late 2010s, the “filter bubble”? What triggers hate crimes? Do people seek jokes to cheer themselves up? And though I like to think that nothing can shock me, I was shocked aplenty by what the internet reveals about human sexuality—including the discovery that every month a certain number of women search for “humping stuffed animals.”
With unflagging curiosity and an endearing wit, Stephens-Davidowitz points to a new path for social science in the twenty-first century. With this endlessly fascinating window into human obsessions, who needs a cerebroscope? —Steven Pinker, 2017 INTRODUCTION THE OUTLINES OF A REVOLUTION Surely he would lose, they said. In the 2016 Republican primaries, polling experts concluded that Donald Trump didn’t stand a chance. After all, Trump had insulted a variety of minority groups. The polls and their interpreters told us few Americans approved of such outrages. Most polling experts at the time thought that Trump would lose in the general election. Too many likely voters said they were put off by his manner and views. But there were actually some clues that Trump might actually win both the primaries and the general election—on the internet.
Eight years later, they elected as president Donald J. Trump, a man who retweeted a false claim that black people are responsible for the majority of murders of white Americans, defended his supporters for roughing up a Black Lives Matters protester at one of his rallies, and hesitated in repudiating support from a former leader of the Ku Klux Klan. The same hidden racism that hurt Barack Obama helped Donald Trump. Early in the primaries, Nate Silver famously claimed that there was virtually no chance that Trump would win. As the primaries progressed and it became increasingly clear that Trump had widespread support, Silver decided to look at the data to see if he could understand what was going on. How could Trump possibly be doing so well? Silver noticed that the areas where Trump performed best made for an odd map.
#Republic: Divided Democracy in the Age of Social Media by Cass R. Sunstein
A Declaration of the Independence of Cyberspace, affirmative action, Affordable Care Act / Obamacare, Bernie Sanders, Cass Sunstein, choice architecture, Donald Trump, drone strike, Erik Brynjolfsson, Filter Bubble, friendly fire, global village, illegal immigration, immigration reform, income inequality, Jane Jacobs, loss aversion, Mark Zuckerberg, obamacare, prediction markets, road to serfdom, Ronald Reagan, Silicon Valley, Skype, Snapchat, stem cell, The Chicago School, The Death and Life of Great American Cities, The Wisdom of Crowds
People might find the reposted articles less interesting, and if so, there are fewer clicks, making for a less attractive product. (I speculate that the third reason might be the most important.) It is entirely reasonable for Facebook to take these points into account. But we should not aspire to a situation in which everyone’s News Feed is perfectly personalized, so that supporters of different politicians—Bernie Sanders, Hillary Clinton, Donald Trump, someone else—see fundamentally different stories, focusing on different topics or covering the same topics in radically different ways. Facebook seems to think that it would be liberating if every person’s News Feed could be personalized so that people see only and exactly what they want. Don’t believe it. In the 2016 presidential campaign, the News Feed spread a lot of falsehoods. Facebook is right to underscore the importance of core values, but it might want to rethink its own.
I am using the idea of radicalization pretty loosely here. You can become radicalized in the sense that you come to believe, firmly, a position that is within the political mainstream—for example, that your preferred political candidate is not just the best but immeasurably better than the alternatives, and that any other choice would be catastrophic. On both sides, this happened in the 2016 campaign between Donald Trump (#CrookedHillary) and Hillary Clinton (#NeverTrump). Of course you can become radicalized in more disturbing ways; we will get to that in due course. THE ENORMOUS IMPORTANCE OF GROUP IDENTITY With respect to polarization, perceptions of identity and group membership are important, both for communications in general and social media in particular. Group polarization will significantly increase if people think of themselves as part of a group having a shared identity and a degree of solidarity.
First, hashtags work as engines for group polarization (and also cybercascades; see chapter 4). Second, hashtags create communities of interest around identifiable subjects, and those communities can include diverse views. Both of these effects involve a high degree of sorting and filtering, but the second need not produce polarization, and it might result in encounters with widely diverse points of view. A GLANCE AT POLITICIANS, INCLUDING DONALD TRUMP All over the world, politicians have been using social media, often to create the conditions for polarization effects. A full discussion would require a book all its own, so consider just two prominent examples. In the United States, Barack Obama was the first president to use social media to promote his campaign. The numbers from the 2008 general election tell the tale: on every social media platform, Obama did far better than his rival, John McCain.
The New Urban Crisis: How Our Cities Are Increasing Inequality, Deepening Segregation, and Failing the Middle Class?and What We Can Do About It by Richard Florida
affirmative action, Airbnb, basic income, Bernie Sanders, blue-collar work, business climate, Capital in the Twenty-First Century by Thomas Piketty, clean water, Columbine, congestion charging, creative destruction, David Ricardo: comparative advantage, declining real wages, deindustrialization, Donald Trump, East Village, edge city, Edward Glaeser, failed state, Ferguson, Missouri, Gini coefficient, Google bus, high net worth, income inequality, income per capita, industrial cluster, informal economy, Jane Jacobs, jitney, Kitchen Debate, knowledge economy, knowledge worker, land value tax, low skilled workers, Lyft, megacity, Menlo Park, mortgage tax deduction, Nate Silver, New Economic Geography, new economy, New Urbanism, occupational segregation, Paul Graham, Plutocrats, plutocrats, RAND corporation, rent control, rent-seeking, Richard Florida, rising living standards, Ronald Reagan, secular stagnation, self-driving car, Silicon Valley, sovereign wealth fund, superstar cities, the built environment, The Chicago School, The Death and Life of Great American Cities, the High Line, The Wealth of Nations by Adam Smith, Thorstein Veblen, trickle-down economics, Uber and Lyft, universal basic income, upwardly mobile, urban decay, urban planning, urban renewal, urban sprawl, white flight, young professional
Royal Society for the Encouragement of Arts, Manufactures and Commerce, “Unleashing Metro Growth: Final Recommendations of the City Growth Commission,” London, October 2015, www.thersa.org/discover/publications-and-articles/reports/unleashing-metro-growth-final-recommendations. 32. See Benjamin Barber, If Mayors Ruled the World: Dysfunctional Cites, Rising Nations, Yale University Press, 2013; Barber, “Can Cities Counter the Power of President-Elect Donald Trump?” The Nation, November 14, 2013, www.thenation.com/article/can-cities-counter-the-power-of-president-elect-donald-trump/. APPENDIX 1. Paul D. Allison, “Measures of Inequality,” American Sociological Review 43, no. 6 (December 1978): 865–880. 2. On the Dissimilarity Index, see Douglas Massey and Nancy Denton, “The Dimensions of Residential Segregation,” Social Forces 67, no. 2 (1988): 281–315. 3. On the Milken Tech-Pole Index, see Ross DeVol, Perry Wong, John Catapano, and Greg Robitshek, America’s High-Tech Economy: Growth, Development, and Risks for Metropolitan Areas (Santa Monica, CA: Milken Institute, 1999). 4.
In short order came England’s stunning and wholly unexpected decision to leave the European Union with the Brexit. Vehemently opposed by affluent, cosmopolitan London, it was backed by the struggling residents of working-class cities, suburbs, and rural areas who were being left behind by the twin forces of globalization and re-urbanization. But what came next was even more unanticipated—and even more frightening: the election of Donald Trump to the presidency of the most powerful country on the planet. Trump rose to power by mobilizing anxious, angry voters in the left-behind places of America. Hillary Clinton took the dense, affluent, knowledge-based cities and close-in suburbs that are the epicenters of the new economy, winning the popular vote by a substantial margin. But Trump took everywhere else—the farther-out exurbs and rural areas—which provided his decisive victory in the Electoral College.
Meanwhile, the middle of our suburban geography is being hollowed out and squeezed economically: growth is bypassing the older suburban areas that lie between the two poles of urban center and outlying new development. The stagnation and decline of older suburbs is one of the biggest forces shaping America today. Besides the effect that they are having on individuals and families, on America’s neighborhoods and cities, and on the economy of the nation, they are creating an earthquake in our politics.21 Suburban distress played a key role in the rise of Donald Trump, who harnessed the simmering anger and resentment of voters in economically distressed working-class suburbs. Trump won the 2016 GOP primary based on his support from whiter, more blue-collar, less educated, and older counties, according to my own analysis. Trump’s primary support was concentrated in counties with larger white populations, more blue-collar “old-economy” jobs, larger shares of people who did not graduate from high school, and also the portion of the population living in mobile homes, according to a New York Times analysis.22 Trump’s unpredicted and shocking victory in the general election was a product of the same overlapping class and geographic divides.
Framing Class: Media Representations of Wealth and Poverty in America by Diana Elizabeth Kendall
Bernie Madoff, blue-collar work, Bonfire of the Vanities, call centre, David Brooks, declining real wages, Donald Trump, employer provided health coverage, ending welfare as we know it, fixed income, framing effect, Georg Cantor, Gordon Gekko, greed is good, haute couture, housing crisis, illegal immigration, income inequality, lump of labour, mortgage tax deduction, new economy, payday loans, Ponzi scheme, Ray Oldenburg, Richard Florida, Ronald Reagan, Saturday Night Live, telemarketer, The Great Good Place, Thorstein Veblen, trickle-down economics, union organizing, upwardly mobile, urban planning, working poor
Matthew Gilbert, “Snarky Rich Kids Make for Fun ‘Gossip,’” Boston Globe, September 19, 2007, http://www.boston.com/ae/tv/articles/2007/09/19/snarky_rich_ kids_make_for_fun_gossip (accessed July 4, 2010). 23. Mantsios, “Media Magic,” 105. 24. “McDonald’s Features Donald Trump in New Ad Campaign Launching DollarPriced Big N’ Tasty and McChicken Sandwich,” McDonalds.com, October 3, 2002, http://www.mcdonalds.com/countries/usa/whatsnew/pressrelease/2002/10032002_a (accessed December 16, 2003). 25. Frank Urquhart, “Donald Trump Jets In and Fires Off ‘Slum and Pigsty’ Slur,” Scotsman.com, May 27, 2010, http://www.scotsman.com/donaldtrump/Donald -Trump-jets-in-and.6322621.jp (accessed July 5, 2010). 26. Urquhart, “Donald Trump Jets In and Fires Off ‘Slum and Pigsty’ Slur.” 27. Katie Evans, “Most Overexposed Billionaires,” Forbes.com, January 21, 2010, http://www.forbes.com/2010/01/21/most-overexposed-billionaires-branson-buffett -business-billionaires-trump.html (accessed July 5, 2010). 28.
According to sociologist Gregory Mantsios, the media send several messages about the wealthy as bad apples: On rare occasions, the media will mock selected individuals for their personality flaws. Real estate investor Donald Trump and New York Yankees owner George Steinbrenner, for example, are admonished by the media for deliberately seeking publicity (a very un–upper class thing to do); hotel owner Leona Helmsley was caricatured for her personal cruelties; and junk bond broker Michael Milken was condemned because he had the audacity to rob the rich.23 As Mantsios suggests, some of the wealthy can be viewed as bad apples because they seek the media spotlight to further their own causes and financial interests. New York real estate developer Donald Trump is an example. Over the years, Trump has been available to the media for profiles about his empire, including his numerous high-rise buildings and development projects in New York City and his hotels and casinos in Atlantic City, New Jersey. 9781442202238.print.indb 61 2/10/11 10:46 AM 62 Chapter 3 Despite his billions, Trump at one time appeared in McDonald’s ads selling dollar-priced sandwiches,24 and he hosts reality shows like The Celebrity Apprentice, on which candidates vie to win money for their favorite charity, and The Apprentice, which pits noncelebrities against each other as they seek to win an at least six-figure prize—a job with the Trump organization.
“Blacks Lose Better Jobs Faster As Middle-Class Work Drops.” New York Times, July 12, 2003, A1. ———. “Bottom’s Up: The Middle Class—Winning in Politics, Losing in Life.” New York Times, July 19, 1998, WR1. ———. “We Pledge Allegiance to the Mall.” New York Times, December 6, 2004, C12. “Unable to Endure Poverty.” New York Times, June 2, 1884, 2. Urquhart, Frank. “Donald Trump Jets In and Fires Off ‘Slum and Pigsty’ Slur.” Scotsman.com. May 27, 2010. www.scotsman.com/donaldtrump/Donald-Trump-jets-in -and.6322621.jp (accessed July 5, 2010). Vane, Sharyn Wizda. “Martha’s Dirty Laundry.” Austin American-Statesman, April 20, 2002, D1, D13. 9781442202238.print.indb 286 2/10/11 10:47 AM Bibliography 287 Veblen, Thorstein. The Theory of the Leisure Class. Introduction by Robert Lekachman. New York: Penguin, 1994 . “A Violinist in Despair: Domenico Mariani on the Verge of Suicide, Seized As He Was About to Jump from a Hoboken Dock—Poverty in His Old Age Unbearable.”
The Narcissist Next Door by Jeffrey Kluger
Albert Einstein, always be closing, Apple's 1984 Super Bowl advert, Bernie Madoff, Columbine, delayed gratification, Donald Trump, Elon Musk, impulse control, Jony Ive, meta analysis, meta-analysis, Plutocrats, plutocrats, Ponzi scheme, QWERTY keyboard, Ralph Nader, Ronald Reagan, Schrödinger's Cat, Stephen Hawking, Steve Jobs, the scientific method, theory of mind, Triangle Shirtwaist Factory, Walter Mischel, zero-sum game
The Chest-Thumping of the Tribe CHAPTER NINE. Death Row and Hollywood: Where the Narcissists Won CHAPTER TEN. Tomorrow Belongs to Me AFTERWORD NARCISSISTIC PERSONALITY INVENTORY (NPI) ACKNOWLEDGMENTS INDEX CHAPTER ONE The Mighty I It can’t be easy to wake up every day and discover that you’re still Donald Trump. You were Trump yesterday, you’re Trump today, and barring some extraordinary intervention, you’ll be Trump tomorrow. There are, certainly, compensations to being Donald Trump. You’re fabulously wealthy; you have a lifetime pass to help yourself to younger and younger wives, even as you get older and older—a two-way Benjamin Button dynamic that is equal parts enviable and grotesque. You own homes in Manhattan; Palm Beach; upstate New York; Charlottesville, Virginia; and Rancho Palos Verdes, California; and you’re free to bunk down in the penthouse suite of any hotel, apartment building, or resort that flies the Trump flag, anywhere on the planet—and there are a lot of them.
After he bought the moribund Gulf+Western Building in New York City’s Columbus Circle, skinned it down, covered it in gold-colored glass, converted it into a luxury hotel and residence, and reinforced it with steel and concrete to make it less subject to swaying in the wind, Trump boasted to The New York Times that it was going to be “the stiffest building in the city.” If he was aware of his own psychic subtext, he gave no indication. Donald Trump the person was not always Donald Trump the phenomenon. He began his career in his father’s company, building modestly priced rental properties in Brooklyn, Queens and Staten Island, which is to the New York real estate world what Waffle House is to the high-end restaurant industry. He made his move into Manhattan in 1971, and while his interests and appetites were clearly, gaudily upscale, he was, in his own vainglorious way, something of a man of the people.
You own homes in Manhattan; Palm Beach; upstate New York; Charlottesville, Virginia; and Rancho Palos Verdes, California; and you’re free to bunk down in the penthouse suite of any hotel, apartment building, or resort that flies the Trump flag, anywhere on the planet—and there are a lot of them. But none of that changes the reality of waking up every morning, looking in the bathroom mirror, and seeing Donald Trump staring back at you. And no, it’s not the hair; that, after all, is a choice—one that may be hard for most people to understand, but a choice all the same, and there’s a certain go-to-hell confidence in continuing to make it. The problem with being Trump is the same thing that explains the enormous fame and success of Trump: a naked neediness, a certain shamelessness, an insatiable hunger to be the largest, loudest, most honkingly conspicuous presence in any room—the great, braying Trumpness of Trump—and that’s probably far less of a revel than it seems.
When You Find Out the World Is Against You: And Other Funny Memories About Awful Moments by Kelly Oxford
This is as wild and crazy as I get, and it feels good to break one of my own tiny rules. On the screen I see silent footage of Billy Bush and Donald Trump. Billy Bush has made a career trading off his last name and, in my opinion, pretending to be a journalist. He is full of bumptious self-satisfaction, and he and Donald Trump fit the mold of privileged white male perfectly. They also, from their apparent actions on the screen, seem to have some kind of high-fiving bromance going on that, frankly, turns my stomach. Their smug faces give me the impression that this breaking news is going to add another layer to the dislike I’ve always felt for both of them. It is October 2016 and Donald Trump is currently running for President of the United States as the candidate for the GOP. (As an aside, as a Canadian I had to look up what GOP stood for.
Women have been bearing the weight of this behavior forever. But here were Donald Trump and Billy Bush taking objectification to a shocking next step. They were actually joking about sexually assaulting women. Billy’s horrendous laughter in response to Donald’s remarks put my head in an extreme place. I immediately open my Twitter account and see everyone tweeting about this. This is huge. This leaked tape is demanding a response. I have to jump in. I have no choice. Through a pit in my stomach, I tweet, “Grab them by the p—y,” Trump says. “You can do anything.” And Billy Bush is like, OK!—This is rape culture. This is what we hear & live. My tweet is instantly being retweeted, but I feel like what I wrote isn’t as clear as I want it to be. So I tweet again. Billy Bush cackling after Donald Trump says “Grab them by the pussy. You can do anything.”
(As an aside, as a Canadian I had to look up what GOP stood for. Gotta say, I had a pretty good laugh over that one.) To many people inhabiting planet Earth, and all the people I know, this feels like a huge, horrible joke. Donald J. Trump is an American icon, a caricature of a capitalistic, chauvinist, science-hating bully. Canadians like to joke about the Ugly American and the Ugly American is Donald Trump. If he were to become President, our joke about ugly Americans would no longer be funny. Our collective Canadian prayer throughout this campaign season has been “Please do not take our joke away.” With a great sense of dread I unmute the television. What I hear is Trump and Billy Bush having an off-camera conversation with hot mics. They are on an Access Hollywood tour bus. Why does Access Hollywood have a tour bus, you ask?
Selfie: How We Became So Self-Obsessed and What It's Doing to Us by Will Storr
Albert Einstein, autonomous vehicles, banking crisis, bitcoin, book scanning, computer age, correlation does not imply causation, Donald Trump, Douglas Engelbart, Douglas Engelbart, Elon Musk, en.wikipedia.org, gig economy, greed is good, invisible hand, job automation, John Markoff, Lyft, Menlo Park, meta analysis, meta-analysis, Mont Pelerin Society, mortgage debt, Mother of all demos, Nixon shock, Peter Thiel, QWERTY keyboard, rising living standards, road to serfdom, Robert Gordon, Ronald Reagan, selective serotonin reuptake inhibitor (SSRI), Silicon Valley, Silicon Valley startup, Steve Jobs, Steven Levy, Stewart Brand, The Future of Employment, Tim Cook: Apple, Uber and Lyft, War on Poverty, Whole Earth Catalog
In 2012, Wall Street journalist Gary Weiss wrote: ‘Rand has experienced an extraordinary revival since the financial crisis, and nothing seems to be stopping her. It’s a struggle for the soul of America, and she is winning.’ Five years later, she’d have her greatest victory yet. A man who had, as a role model, the uncompromisingly individualistic hero of her 1943 novel The Fountainhead would be sworn in as the 45th President of the United States of America. Donald Trump was a billionaire businessman who’d once praised Rand’s book in grandiose terms, saying, ‘it relates to business, beauty, life and inner emotions. That book relates to . . . everything.’ And the new president endorsed like-minded friends, nominating a secretary of state, a secretary of labor and a director of the CIA who were all avowed fans of Rand and her ideas. Trump was, in many ways, a definitive creature of the neoliberal, self-esteem, celebrity era.
The 2000s also saw a rise in popularity of the idea that governments should be run more like businesses, a trend that starkly exposes the mass internalization of the neoliberal self. The arrival of this notion has not only been tracked by political scientists, it was found by Cramer in her Wisconsin fieldwork. ‘This came up often,’ she writes, ‘and not just in predominantly Republican groups.’ In Donald Trump, of course, millions were to find their businessman. Here was a man who viewed the world as a system of transactions, of profit and loss, of deals won or squandered. As well as this, he gave voice to their feelings of betrayal and promised to ‘drain the swamp’ in Washington. He would make them heroes once more. They might not have known exactly what to call it, but many of those voters were right in their hunch that something had changed a few decades ago, and that they were suffering because of it.
And so came the political shocks of 2016. In the UK, the vote to leave the European Union was driven by a campaign that played especially on the fears of those discomforted by the free movement of labour, with alarmist posters warning, ‘TURKEY (population 76 million) IS JOINING THE EU’ and promising ‘Brexit’ would allow the government to ‘take back control’ of the borders. Meanwhile, in the US, Donald Trump said he’d ‘put America first’ by building a wall at the Mexican border, spending billions on infrastructure and forcing Apple to relocate their manufacturing to the US, while one of his closest advisers complained to reporters, ‘The globalists gutted the American working class and created a middle class in Asia.’ To many on the left, immersed in the shibboleths of identity politics, these were outrageous appeals to old-fashioned racism, so obviously abhorrent that surely no sensible person would be able to look past them.
Airbnb, bank run, banks create money, Bernie Madoff, bitcoin, Bretton Woods, Carmen Reinhart, corporate raider, correlation does not imply causation, creative destruction, Credit Default Swap, crony capitalism, crowdsourcing, Donald Trump, Downton Abbey, fiat currency, financial innovation, Fractional reserve banking, full employment, George Gilder, Home mortgage interest deduction, Jeff Bezos, job automation, Joseph Schumpeter, Kenneth Rogoff, Kickstarter, liquidity trap, Mark Zuckerberg, market bubble, money market fund, moral hazard, mortgage tax deduction, NetJets, offshore financial centre, oil shock, peak oil, Peter Thiel, price stability, profit motive, quantitative easing, race to the bottom, Ronald Reagan, self-driving car, sharing economy, Silicon Valley, Silicon Valley startup, Steve Jobs, The Wealth of Nations by Adam Smith, too big to fail, Uber for X, War on Poverty, yield curve
The Fed’s machinations are ultimately irrelevant to a sector of the economy that, as Tim Harford wrote in Adapt: Why Success Always Starts with Failure (2011), “has been built on failure after failure after failure.”16 So, while the Fed’s activity certainly negatively affects the monument to wealth and credit creation that is Silicon Valley, it doesn’t in the way that most would presume. CHAPTER FIVE Did You Hear the One about Donald Trump Walking into a Bank? “Is not commercial credit based primarily upon money or property?” “No sir,” replied J. P. Morgan. “The first thing is character.” “Before money or property?” “Before money or anything else. Money cannot buy it. . . . Because a man I do not trust could not get money from me on all the bonds in Christendom.” —H. W. Brands, The Money Men IN MANY WAYS, Donald Trump is best known today for his high-profile 2016 run for the office of president of the United States. But back in the 1980s, Trump was most famous for his skills in the area of property development. Those skills made him very rich.
To Hall McAdams, whose teachings made this book possible. CONTENTS Foreword by Rob Arnott Acknowledgments Introduction PART ONE: CREDIT ONE The Rate Setters at the Fed Should Attend More Taylor Swift Concerts TWO Jim Harbaugh, Urban Meyer, and Pete Carroll Would Never Need an Easy Fed THREE In Hollywood, the Traffic Lights Are Almost Always Red FOUR In Silicon Valley Your Failures Are Your Credit FIVE Did You Hear the One about Donald Trump Walking into a Bank? SIX Ben Bernanke’s Crony Credit SEVEN What the Supply-Siders and Hillary Clinton Sadly Have in Common EIGHT Why “Senator Warren Buffett” Would Be a Credit-Destroying Investor NINE The Credit Implications of the Fracking Boom TEN Conclusion: Sorry Keynesians and Supply-Siders, Government Is Always a Credit-Shrinking Tax PART TWO: BANKING ELEVEN NetJets Doesn’t Multiply Airplanes, and Banks Don’t Multiply Money and Credit TWELVE Good Businesses Never Run Out of Money, and Neither Do Well-Run Banks THIRTEEN Do We Even Need Banks?
., 187. 16. Harford, Adapt, 12. CHAPTER FIVE 1. Daniel Fischel, Payback: The Conspiracy to Destroy Michael Milken and His Financial Revolution (New York: Harper Collins, 1995), 3. 2. Robert H. Smith, Dead Bank Walking (Bath, U.K.: Oakhill Press, 1995), 62. 3. Ibid., 64. 4. Ibid., 65. 5. Ibid., 62. 6. Ibid., 68. 7. Ibid., 55. 8. Ibid., 58. Emphasis mine. 9. Ibid., 58–59. 10. M. J. Lee, “Donald Trump: I’m Worth $10 Billion,” CNN Politics, July 15, 2015. 11. Natalie Robehmed, “Why Jennifer Lawrence Is The World’s Highest-Paid Actress,” Forbes.com, August 20, 2015. 12. Fischel, Payback, 42. 13. Ibid., 158. 14. Ibid., 25. 15. Andrew Ross Sorkin, “Junk Bonds, Mortgages and Milken,” New York Times, April 29, 2008. 16. Fischel, Payback, 198. 17. Glenn Yago, “Junk”, Library of Economics and Liberty, http://www.econlib.org/library/Enc/JunkBonds.html. 18.
Starstruck: The Business of Celebrity by Currid
barriers to entry, Bernie Madoff, Donald Trump, income inequality, index card, industrial cluster, labour mobility, Mark Zuckerberg, Metcalfe’s law, natural language processing, place-making, Ponzi scheme, post-industrial society, prediction markets, Renaissance Technologies, Richard Florida, Robert Metcalfe, rolodex, shareholder value, Silicon Valley, slashdot, transaction costs, upwardly mobile, urban decay, Vilfredo Pareto, winner-take-all economy
These are Buffett’s only extravagances and run against his public castigation of wild CEO expenditures. Forbes argues that the Laguna Beach house is worth less than a hundredth percentage point of his net worth. See “Homes of the Billionaires,” Forbes.com, March 28, 2009. 23. See Trump’s Never Give Up, The Art of the Deal, and How to Get Rich; Jeffery Slonim, “Donald Trump Shelters Jennifer Hudson,” People, November 11, 2008; Caris Davis, “Trump Wins at Wrestlemania, Keeps His Hair,” People, April 2, 2007; Todd Peterson, “Melania Trump: Giving Birth Was ‘Easy,’” People, April 6, 2006; K. C. Baker et al., “Donald Trump’s Wife Pregnant,” People, September 27, 2005; Stephen Silverman, “Trump’s Bride to Wear $100,000 Dior Gown,” People, January 18, 2005. 24. Google, “Year-End Zeitgeist: Top Searches in 2006.” Google Zeitgeist has aggregate data on search for 2004 onward. Complete methodology of the Zeitgeist data set is also available. 25.
And if we are talking about people because they have made smart business decisions or have been innovative, then we’re talking about them for their talent, which means these entrepreneurs, as notable and world renowned as they may be, are not celebrities—they’re just famous. There are financiers and businesspeople who are celebrities and who are not total scoundrels nor are they at the top of the pack. But these individuals have created personalities that transcend their talent. Donald Trump gained fame for rising like a phoenix from the ashes of company bankruptcy. Twice. That’s pretty impressive, but this renown is linked to his talent as a businessman. Trump’s celebrity, on the other hand, has much to do with his affection for beautiful women (he owns the Miss Universe pageant), his TV personality and show (he is the star of the extraordinarily popular The Apprentice), and being thrice married, each time to a fabulously good-looking model-actress type.
They discovered that despite awards, there was no correlation between previous success (e.g., winning Oscars) and future success in producing films. 17. Joe Lewis, the British billionaire owner of ENIC International Ltd. and main investor in Tavistock Group, is a perfect example of this model. He is a generally reclusive man who now lives in the Bahamas, and the public’s knowledge of his personal life is just a brief sketch. 18. There are always exceptions, Nicola Horlick and Donald Trump, for example. Both, however, are more “celebrated” for their personal lives. In general, in finance, people are considered worth talking to in direct proportion to their number of successful deals. Successful asset managers are those who have an impressive performance track record. These observations have been deduced from my conversations with people who work in the industry. 19. Media hits were calculated through Google News. 20.
The Narcissist You Know by Joseph Burgo
Albert Einstein, Donald Trump, Downton Abbey, en.wikipedia.org, financial independence, Jeff Bezos, Julian Assange, Paul Graham, Ronald Reagan, Silicon Valley, Steve Jobs, traveling salesman, WikiLeaks
., “Parental autonomy support and discrepancies between implicit and explicit sexual identities: Dynamics of self-acceptance and defense,” in Journal of Personality and Social Psychology, vol. 102(4), April 2012, 815–832. 10. http://gawker.com/5533901/second-gay-escort-claims-sexual-encounter-with-george-rekers. 11. Gwenda Blair, Donald Trump, Master Apprentice (New York: Simon & Schuster, 2005), 18. 12. Ibid., 84. 13. Ibid., 11. 14. Ibid., 13. 15. Ibid., 4. 16. Ibid., 31. 17. Ibid., 215. 18. Ibid., 174. 19. Ibid., 135. 20. Ibid., 197. 21. Ibid., 116. 22. John. R. O’Donnell with James Rutherford, Trumped! The Inside Story of the Real Donald Trump—His Cunning Rise and Spectacular Fall (New York: Simon & Schuster, 1991), 54–55. 23. Ibid., 70. 24. Ibid., 326. 9. “CHALLENGE ME AND I’LL HURT YOU”: THE VINDICTIVE NARCISSIST 1. A montage of his more famous outbursts is available on YouTube, https://www.youtube.com/watch?
And when our pride receives a blow, we may try to shore up our self-image in ways not so different from the defensive strategies used by the Extreme Narcissists described in the pages ahead. I have no doubt that you, too, are an occasional narcissist, just like me. In the coming chapters, I’ll explore narcissism in many forms, all along the continuum, from clients in my practice to more visible, well-known celebrities and the Extreme Narcissism they display—the bullying narcissism of Lance Armstrong, for example, or the self-righteous narcissism of Donald Trump. But first, we’ll take a look at narcissistic injury—the occasional blow to our self-esteem that we all experience from time to time—and what it reveals about the inner world of the Extreme Narcissists you may know. I believe that understanding our own narcissistic tendencies is the best place to begin an exploration of the more pathological forms of narcissism. 2 * * * “I’M EASILY WOUNDED” Self-Esteem and Narcissistic Injury While Extreme Narcissists often appear to have high self-esteem, their grandiose self-image usually inflates their assets (or invents them whole cloth) and denies the reality of their deficits.
He would invariably describe his latest projects in superlative terms—the tallest building in the world, the biggest development in New York, the largest real estate acquisition ever recorded in the city, the most glamorous, luxurious, expensive apartments available, and on and on. “No matter the occasion, he was always competing, always concentrating on how to make whatever he was doing seem bigger and better than what anyone else had ever done. When he lost, he would say he won; when he won, he would say he won more.”17 The actual truth didn’t matter, and if anyone challenged his version of events, he would go on the attack. Donald Trump always had to be right. In the early 1990s, as the real estate market collapsed and his empire seemed about to implode under the weight of excessive debt, he blamed many of his closest advisors and employees, including those who had strongly advised against his riskier ventures. “He could not acknowledge his refusal to heed their warnings or accept responsibility for the problems that had resulted from his own actions.”18 One by one, he fired them or pushed them out.
Life Inc.: How the World Became a Corporation and How to Take It Back by Douglas Rushkoff
affirmative action, Amazon Mechanical Turk, banks create money, big-box store, Bretton Woods, car-free, colonial exploitation, Community Supported Agriculture, complexity theory, computer age, corporate governance, credit crunch, currency manipulation / currency intervention, David Ricardo: comparative advantage, death of newspapers, don't be evil, Donald Trump, double entry bookkeeping, easy for humans, difficult for computers, financial innovation, Firefox, full employment, global village, Google Earth, greed is good, Howard Rheingold, income per capita, invention of the printing press, invisible hand, Jane Jacobs, John Nash: game theory, joint-stock company, Kevin Kelly, laissez-faire capitalism, loss aversion, market bubble, market design, Marshall McLuhan, Milgram experiment, moral hazard, mutually assured destruction, Naomi Klein, negative equity, new economy, New Urbanism, Norbert Wiener, peak oil, peer-to-peer, place-making, placebo effect, Ponzi scheme, price mechanism, price stability, principal–agent problem, private military company, profit maximization, profit motive, race to the bottom, RAND corporation, rent-seeking, RFID, road to serfdom, Ronald Reagan, short selling, Silicon Valley, Simon Kuznets, social software, Steve Jobs, Telecommunications Act of 1996, telemarketer, The Wealth of Nations by Adam Smith, Thomas L Friedman, too big to fail, trade route, trickle-down economics, union organizing, urban decay, urban planning, urban renewal, Vannevar Bush, Victor Gruen, white flight, working poor, Works Progress Administration, Y2K, young professional, zero-sum game
Programs ranging from The Real World (one of the first reality shows) and Queer Eye for the Straight Guy to Donald Trump’s The Apprentice blend product placement into the fabric of the program itself. Sponsors pay for makeovers to include their cosmetics, or for Donald Trump’s contestants to devise a new advertising campaign for their burger chain. While media-savvy viewers will skip over a “real” commercial, they appear more than willing to watch people compete to create a commercial for the very same product. It’s a technique borrowed from an age long before mass media even existed. The Apprentice and its corollaries display an environment and lifestyle to which the audience is supposed to aspire. Most people want to live like Donald Trump or Paris Hilton—at least in some respect. Just as Jean-Baptiste Colbert used Versailles as a showcase for the French luxury goods he hoped to export, sponsors from Marquis Jet to Verizon Wireless hope to position themselves as natural elements of the Trump world—a world that twenty contestants are willing to do almost anything to be a part of.
I spoke with dozens of conference-goers that afternoon, and their stories were all essentially the same. An illness, divorce, fire, or flood had suddenly changed their circumstances for the worse. Too leveraged or indebted to adjust, or already living hand-to-mouth, they had lost their businesses and homes, and were now desperately seeking a way out of mounting debt. On hearing that the famed real-estate and reality-show maven Donald Trump had been paid a million dollars to share the secret of wealth, they flocked to the Javits Center and paid two hundred dollars each to start a new life under the benevolent tutelage of Trump and the other Learning Annex stars. Instead of being taught how to get wealthy, however, they were persuaded to stretch their credit-card balances just a bit further to purchase “wealth systems” that would teach them how to take advantage of people who had suffered unexpected illness, divorce, fire, or flood.
The Renaissance’s new focus on individuality meant that an accomplished gentleman required a place set off and apart from everyone else. A room within one’s city home was no longer enough. Moreover, country estates served as an early form of branding and publicity. A newly wealthy family could display its land acquisitions by creating a country estate of size and grandeur corresponding to its holdings. Much as Donald Trump tags his buildings with ostentatious gold letters spelling his name, the new élite built country estates to trumpet their investments in order to gain political and financial leverage. Again, it had less to do with land as a place than property as a commodity. And even then, it was less about the land’s value as a real asset than as a sign of a family’s healthy balance sheet—an advertisement for assets held somewhere else.
Dream Hoarders: How the American Upper Middle Class Is Leaving Everyone Else in the Dust, Why That Is a Problem, and What to Do About It by Richard V. Reeves
affirmative action, Affordable Care Act / Obamacare, assortative mating, Bernie Sanders, Branko Milanovic, Capital in the Twenty-First Century by Thomas Piketty, circulation of elites, cognitive dissonance, desegregation, Donald Trump, Downton Abbey, full employment, ghettoisation, glass ceiling, helicopter parent, Home mortgage interest deduction, housing crisis, income inequality, knowledge economy, land value tax, mortgage tax deduction, obamacare, Occupy movement, Plutocrats, plutocrats, positional goods, race to the bottom, randomized controlled trial, unpaid internship, upwardly mobile, War on Poverty, We are the 99%, working-age population, zero-sum game
More than 90 percent of the tax advantage goes to families with incomes in the top quarter of the distribution.1 As Paul Waldman noted in the Washington Post, the proposal “was targeted at what may be the single most dangerous constituency to anger: the upper middle class—wealthy enough to have influence, and numerous enough to be a significant voting bloc.”2 Like the flash of an X-ray, the controversy revealed the most important fracture in American society: the one between the upper middle class, broadly defined as the top fifth of society, and the rest. The triumph of Donald Trump also exposed some dangerous fault lines in America’s class structure. It is a mistake to attribute the result of the November 2016 election to a single cause. Years of work lie ahead for social and political scientists picking over the data and trends. But it is pretty clear that Trump attracted the support of many middle-class and working-class voters, especially whites, who feel left out or left behind.
Congressman, that’s not the middle: median household income at the time was just under $54,000. None of this is to say we should disregard the growing inequality at the very top. There are plenty of reasons to worry about the amassing of extreme wealth and, specifically, how it is distorting the political process. But the upper middle class has outsized political power, too. An individual billionaire can have a disproportionate influence on an individual politician (in Donald Trump’s case, by becoming one). But the size and strength of the upper middle class means that it can reshape cities, dominate the education system, and transform the labor market. The upper middle class also has a huge influence on public discourse, counting among its members most journalists, think-tank scholars, TV editors, professors, and pundits in the land. UPPER MIDDLE-CLASS CHILDREN ARE ADVANTAGED FROM BIRTH Upper middle-class children have a very different upbringing than ordinary kids.
He became a wealthy real estate businessman and is one of his alma mater’s biggest donors; in 1985, the university’s indoor athletic facility was renamed the Malkin Athletic Center in his honor. All three of Malkin’s children went to Harvard. By 2009, five of his six college-age grandchildren followed suit. (One brave boy dared to go to Stanford instead.) Or how about Jared Kushner, President Donald Trump’s son-in-law? He was accepted into Harvard University shortly after his father donated $2.5 million to the school. An official at Kushner’s high school said there was “no way anybody in the administrative office of the school thought he would, on the merits, get into Harvard. His GPA did not warrant it, his SAT scores did not warrant it.”20 But Larry Summers, the liberal economist and former Harvard University president, disagrees.
Semyon followed Dover’s gesture to two men in dark suits standing by a mahogany bar, deep in conversation. The man on the right, gray-haired and slightly stooped in the shoulders, was unfamiliar. But the other man, with his perfect storm of wavy auburn hair, pursed lips, and arrogant stance, was easy to recognize. Donald Trump, the real-estate billionaire in the flesh. Semyon paused, staring. He saw Owen turn to see what he was looking at, then Allie as well. Semyon slowly digested Dover’s offer. Sure, Semyon would have loved to walk right up to Donald Trump and shake his hand. Then he’d love to have told him how he’d taken Trump’s casino for tens of thousands of dollars—would continue taking it all weekend long. How he was going to beat the self-aggrandizing bastard at his own game. Semyon laughed out loud, then shook his head, turning back to Dover.
Carla and Misty pushed by Owen, then rushed straight to Semyon, going to work with wet towels and more soapy water. Semyon tried to stop them, but it was no use. Allie joined in, and pretty soon he was wincing as they finished the cleaning job he’d started. They’d pretty much done as much as they could do by the time Jake had lumbered into the bathroom, making the scene complete. Quite a bathroom, that could fit an entire cabal of MIT card manipulators. Donald Trump would have been proud. “I guess we should just look at this as an important lesson,” Jake commented after Semyon told them what happened. “We’ve got to be more careful. We’re dealing with a lot of money. We’ve got to be extra vigilant, especially when we’re traveling around to places like this.” Victor nodded. “Travel is something we’ll definitely have to look into. If we’re going to hit AC on a more regular basis, I’ve got some ideas of how we can make things more…refined.”
Three pools, fifteen restaurants, a movie theater—and two mega-casinos, one right up on the beach, the other opposite the port. But the casino they were interested in was off-island and not part of the resort. Victor had assured them that this casino could handle some pretty heavy action. It was a lavishly decorated glass complex that was bristling with marble, brass, and gold leaf, as well as enough dripping-crystal chandeliers to make Donald Trump jealous. They had been comped two adjoining suites in the main tower of the resort; although Victor didn’t have a dedicated host at the hotel’s casino, one of his aliases—a commodities trader from Manhattan named Danny Pesto—had a good enough relationship with a sister casino on another island in the Caribbean to get them the VIP treatment. The suites were pretty impressive, with oversize balconies overlooking the ocean, and wide, wraparound picture windows.
Messy: The Power of Disorder to Transform Our Lives by Tim Harford
affirmative action, Air France Flight 447, Airbnb, airport security, Albert Einstein, Amazon Mechanical Turk, Amazon Web Services, assortative mating, Atul Gawande, autonomous vehicles, banking crisis, Barry Marshall: ulcers, Basel III, Berlin Wall, British Empire, Broken windows theory, call centre, Cass Sunstein, Chris Urmson, cloud computing, collateralized debt obligation, crowdsourcing, deindustrialization, Donald Trump, Erdős number, experimental subject, Ferguson, Missouri, Filter Bubble, Frank Gehry, game design, global supply chain, Googley, Guggenheim Bilbao, high net worth, Inbox Zero, income inequality, industrial cluster, Internet of things, Jane Jacobs, Jeff Bezos, Loebner Prize, Louis Pasteur, Marc Andreessen, Mark Zuckerberg, Menlo Park, Merlin Mann, microbiome, out of africa, Paul Erdős, Richard Thaler, Rosa Parks, self-driving car, side project, Silicon Valley, Silicon Valley startup, Skype, Steve Jobs, Steven Levy, Stewart Brand, telemarketer, the built environment, The Death and Life of Great American Cities, Turing test, urban decay, William Langewiesche
Over the course of a year and a half, Rommel’s small expeditionary force rolled over a thousand miles of North African desert, from Tripoli in the west almost to Alexandria in the east, prompting the British fleet to flee to the safety of the Suez Canal and the British High Command to prepare a list of assets to be demolished if they were forced to surrender. As news of Rommel’s victories reached Britain, Winston Churchill almost lost his job as prime minister, and paced the corridors of power, muttering: “Rommel, Rommel, Rommel! What else matters but beating him?”20 • • • The idea that Donald Trump could mount a serious challenge to be the 2016 Republican nominee for president was initially regarded as a joke. A real estate developer, reality TV star, notorious blowhard, and political dilettante, Trump would be taking on far more experienced rivals—notably former Florida governor Jeb Bush, the brother and son of presidents. Confounding all expectations, by the autumn of 2015, Trump had become a front-running phenomenon while Jeb Bush languished in the polls.
The opportunity had been there to take, but the titans of the industry, IBM, Google, Apple, and Microsoft, had all hesitated at the prospect of a costly battle with the upstart.35 Again and again, we see Amazon moving quickly, losing money, struggling to cope with the demand it created, and in the end, dominating a market. Yet because of Amazon’s decisiveness and its tolerance for creating and then navigating an almighty mess, it left schwerfällig competitors outmaneuvered and gasping to catch up. • • • From Rommel’s half-formed expeditionary force against the might of the British Empire, to Bezos taking on Barnes & Noble, to Donald Trump targeting the Bush dynasty—the messy strategy has been embraced by the underdog. This is no coincidence. Maintaining momentum is exhausting; constantly improvising at speed is terribly risky. There is nothing in Boyd’s theory that says a strong force cannot act swiftly and confusingly, getting inside an enemy’s OODA loop. Yet it rarely seems to happen that way: few people are willing to take the messy path if a tidier approach of organizing, preparing, and coordinating looks like it might deliver victory.
.*33 Adolf Hitler’s insouciant remark that “we’ll have to do without science for a few years” was as self-destructive in his day as it would be in ours. Few people nowadays would publicly embrace the Nazi enthusiasm for racial purges from the intellectual professions, but in other ways fear of social diversity still runs deep. During the Republican primary campaign for the 2016 U.S. presidential election, for example, Donald Trump’s artful courting of controversy to keep within his rivals’ OODA loops often involved taking tough stances on immigration. He began his rise to frontrunner status by promising to build a wall along the U.S.–Mexico border, having linked Mexican immigrants with drugs, crime, and rape. It was when he later called for “a total and complete shutdown of Muslims entering the United States” that media commentators seemed confident he had finally overstepped the mark.
One study found that salaries for college administrators rose by a third in five years, and that doesn’t include the generous perks that colleges provide for them, including $2 million homes, private jets, and golden parachute retirement packages. All of this comes as no surprise to the academics who read professional journals such as the Chronicle of Higher Education, which has been publishing articles for more than a decade about dumbed-down classes, low academic standards, inflated grades, illiterate college graduates, the oversupply of graduates, and the antics of college administrators who wanted to emulate the lifestyle of Donald Trump. The mainstream news media doesn’t exactly ignore the problems either. Forbes magazine , the New York Times, BusinessWeek, U.S. News & World Report, and the Christian Science Monitor have all run articles in recent years about what Forbes called “country club campuses.” 3 There is no shortage of stories about skyrocketing tuition increases, the crippling debt and lack of jobs the party school graduates face, high crime rates on college campuses, and drunken parties involving hundreds of students that break out after major sporting events.
It’s essential that we restore the rigor that American colleges need to train the leaders of tomorrow to compete with economic challenges from Asia in the coming decades. 2 Maximizing Profits at the Students’ Expense When party school administrators shifted their primary mission from educating students to maximizing profits in the 1990s, it worked because there was something in it for almost everyone. The dramatic increases in tuition turned administrators into powerful wheeler-dealers, academic Donald Trumps, who could design and construct multi-million-dollar campus buildings and increase their salaries. For faculty, the new dumbed-down classes and relaxed grading meant they no longer had to put much time and effort into preparing for their classes or grading papers. And the majority of party school students certainly weren’t going to complain as their campuses were turned into amusement parks and class requirements for reading, writing, and studying were drastically reduced to make college more “student friendly” and where nearly everyone got an A or a B for hardly any work.
The parents who pick up the tab for the five-year party can, and should, threaten to cut off the funds and put college administrators on probation until they abandon the irresponsible policies of packing their classrooms with disengaged students and force them to make education their prime focus, as it once was. What is needed is a reinvention of higher education from the top down to reaffirm its traditional mission to educate young people to be the leaders of tomorrow. There is, in fact, a budding back-to-basics movement within higher education; its goal is to create “no frills colleges” where overpaid Donald Trump wannabe administrators are given pink slips and the over-built and expensive country club campuses would be scrapped. Projections from the few places that are working on this idea are that tuition could be reduced by as much as 75 percent. Colleges need to be told bluntly that they are in the education business, not the entertainment business, and that too much tuition money is being wasted on administrative salaries, gourmet food courts, luxury dorms, hot tubs, and climbing walls.
Finance and the Good Society by Robert J. Shiller
Alvin Roth, bank run, banking crisis, barriers to entry, Bernie Madoff, capital asset pricing model, capital controls, Carmen Reinhart, Cass Sunstein, cognitive dissonance, collateralized debt obligation, collective bargaining, computer age, corporate governance, Daniel Kahneman / Amos Tversky, Deng Xiaoping, diversification, diversified portfolio, Donald Trump, Edward Glaeser, eurozone crisis, experimental economics, financial innovation, financial thriller, fixed income, full employment, fundamental attribution error, George Akerlof, income inequality, information asymmetry, invisible hand, joint-stock company, Joseph Schumpeter, Kenneth Arrow, Kenneth Rogoff, land reform, loss aversion, Louis Bachelier, Mahatma Gandhi, Mark Zuckerberg, market bubble, market design, means of production, microcredit, moral hazard, mortgage debt, Myron Scholes, Occupy movement, passive investing, Ponzi scheme, prediction markets, profit maximization, quantitative easing, random walk, regulatory arbitrage, Richard Thaler, Right to Buy, road to serfdom, Robert Shiller, Robert Shiller, Ronald Reagan, selection bias, self-driving car, shareholder value, Sharpe ratio, short selling, Simon Kuznets, Skype, Steven Pinker, telemarketer, The Market for Lemons, The Wealth of Nations by Adam Smith, Thorstein Veblen, too big to fail, Vanguard fund, young professional, zero-sum game, Zipcar
There does not appear to be a single Nobel Prize winner on the list—though of course the Nobel Foundation might see little purpose in bestowing a mere $1.5 million on one of these billionaires. There are only a few best-selling authors on the list, and even they are on the list because of their business ventures. If one searches Amazon.com for Oprah Winfrey, Donald Trump, or Steven Spielberg, many books come up, with numerous co-authors, but these books appear to be part and parcel of their media and entertainment enterprises. Their wealth appears to be related to large-scale nancial activities, not just artistic creativity. For example, Oprah Winfrey now has her own cable network, the Oprah Winfrey Network or OWN, and her own magazine, O, The Oprah Magazine. Donald Trump is more squarely situated in nance, with his Trump Organization and Trump Entertainment Resorts. Steven Spielberg has not been just a producer and director of lms; he was a co-founder in 1994 of DreamWorks Studios, which has nanced and distributed lms, video games, and television shows.
Looking at the Forbes 400 list of the richest Americans, all of them billionaires, one sees that the great majority of them have some real connection to nance, in the sense that they are in charge of large enterprises that participate frequently in markets and deal making.3 Finance is usually not listed as their specialty: for only a quarter of them is the source of wealth given as investments, hedge funds, leveraged buyouts, insurance, or other distinctly nancial businesses. But, though they may run a business with a specialized non nancial product, they do so on such a scale that they are surely involved in finance. Forbes also maintains the Celebrity 100 list, the members of which are selected based not on their wealth but on other factors indicating their public presence, as well as their income.4 Only three of those on this list—Oprah Winfrey, Donald Trump, and Steven Spielberg—are also on the Forbes 400 list. They are on both lists only because they are leading double lives as managers and entertainers—and big-time, as each manages a massive entertainment empire. Being famous is not at all the same as being rich, and finance is not by itself a route to celebrity. The Forbes 400 billionaires have usually made use of some kind of specialized knowledge to achieve their wealth, but they rarely stand out for important contributions in any intellectual or creative elds.
The situation can still be improved, but it would not be without cost to eliminate inequality entirely from our society. Family Dynasties Part of the reason for a sense of injustice at the unequal distribution of wealth is that some of the inequality seems to be the result of family dynasties, through which the children of successful businesspeople become rich, whether or not they are deserving. Some of these children, for example Donald Trump, keep working in the family business. But in fact only about a third of family businesses are continued by the children of the founders, and only a tenth of them by the grandchildren.6 Still, the later generations remain rich. Having one’s children and grandchildren become wealthy and perhaps continue the family business is a source of great meaning to many of those who have founded businesses.
The Corruption of Capitalism: Why Rentiers Thrive and Work Does Not Pay by Guy Standing
3D printing, Airbnb, Albert Einstein, Amazon Mechanical Turk, Asian financial crisis, asset-backed security, bank run, banking crisis, basic income, Ben Bernanke: helicopter money, Bernie Sanders, Big bang: deregulation of the City of London, bilateral investment treaty, Bonfire of the Vanities, Bretton Woods, Capital in the Twenty-First Century by Thomas Piketty, carried interest, cashless society, central bank independence, centre right, Clayton Christensen, collapse of Lehman Brothers, collective bargaining, credit crunch, crony capitalism, crowdsourcing, debt deflation, declining real wages, deindustrialization, Doha Development Round, Donald Trump, Double Irish / Dutch Sandwich, ending welfare as we know it, eurozone crisis, falling living standards, financial deregulation, financial innovation, Firefox, first-past-the-post, future of work, gig economy, Goldman Sachs: Vampire Squid, Growth in a Time of Debt, housing crisis, income inequality, information retrieval, intangible asset, invention of the steam engine, investor state dispute settlement, James Watt: steam engine, job automation, John Maynard Keynes: technological unemployment, labour market flexibility, light touch regulation, Long Term Capital Management, lump of labour, Lyft, manufacturing employment, Mark Zuckerberg, market clearing, Martin Wolf, means of production, mini-job, Mont Pelerin Society, moral hazard, mortgage debt, mortgage tax deduction, Neil Kinnock, non-tariff barriers, North Sea oil, Northern Rock, nudge unit, Occupy movement, offshore financial centre, oil shale / tar sands, open economy, openstreetmap, patent troll, payday loans, peer-to-peer lending, Plutocrats, plutocrats, Ponzi scheme, precariat, quantitative easing, remote working, rent control, rent-seeking, ride hailing / ride sharing, Right to Buy, Robert Gordon, Ronald Coase, Ronald Reagan, savings glut, Second Machine Age, secular stagnation, sharing economy, Silicon Valley, Silicon Valley startup, Simon Kuznets, sovereign wealth fund, Stephen Hawking, Steve Ballmer, structural adjustment programs, TaskRabbit, The Chicago School, The Future of Employment, the payments system, Thomas Malthus, Thorstein Veblen, too big to fail, Uber and Lyft, Uber for X, Y Combinator, zero-sum game, Zipcar
Amazon, Facebook, Google and others use browsing history to identify users’ preferences and give them ‘what they want’ to read, see and hear, so opposing views go unseen and prejudices are entrenched. Politicians have always used similes and metaphors to attract electors. But modern communications and lack of reasoned debate make simple messages more powerful today. A tweet that goes viral can be based on a lie but be powerfully effective. In a single week of campaigning in the primaries to become the Republican nominee for US president, Donald Trump (slogan: ‘Make America Great Again’) averaged one ‘misstatement’ every five minutes, according to calculations by Politico magazine, which chronicled his stump speeches and press conferences.27 British readers may recall Conservative billboards before the 2015 general election showing a miniaturised Ed Miliband, the Labour Party leader, pasted in the jacket pocket of the leader of the Scottish National Party.
Americans David Axelrod and Jim Messina have been more eclectic, selling their services to various politicians, including Barack Obama. In 2010, Axelrod was paid handsomely to advise Yulia Tymoshenko in her unsuccessful bid for the presidency of Ukraine. She ended up in jail after losing to Viktor Yanukovych, a convicted thug, who had languished in the polls until another American, Republican Party strategist Paul Manafort (later to be employed by Donald Trump), was hired by his oligarch backers. Yanukovych was stopped from making speeches or appearing on television. He won, only to be chased out of the country for corruption in 2014. Axelrod subsequently advised Mario Monti in his failed attempt to be elected Prime Minister of Italy; Monti gained 10.5 per cent of the vote with his paid help. In 2014, Axelrod was hired by Ed Miliband as strategist for Labour’s ill-fated campaign.
If most of the media are controlled by an elite, if they are linked to a dominant political party and set of interests, if that party is funded by the plutocracy and if lobbyists are well-funded foot soldiers for the same interests, we need to ask how political change can be brought about. CONCLUSION With the mainstream media controlled by rentiers and their representatives, with political parties unduly influenced by them and with the rife indulgence in what has been called agnotology (the deliberate fostering of ignorance or doubt), the widespread disillusionment with conventional politics should not be surprising. One symptom of the malaise was the political emergence of Donald Trump, a caricature of a 21st-century populist, playing on prejudice, offering superficial analysis and a simplistic set of policies, yet still able to draw the support of millions of Americans. He inherited his plutocratic status, squandered a lot of money in bad business decisions and yet rails against the elite in his pursuit of the American presidency. His type could emerge almost anywhere. The corruption of democracy is considerable.
Albert Einstein, Alistair Cooke, Anton Chekhov, British Empire, Columbine, Donald Trump, George Santayana, haute couture, Honoré de Balzac, John Nash: game theory, Network effects, placebo effect, Ralph Waldo Emerson, school vouchers, Stephen Hawking, Steve Jobs
Divers who ascend to the surface too rapidly may be placed in a HYPERBARIC chamber to prevent the bends. hyperbole (high-PERR-buh-lee), noun An over-exaggeration made for effect. “The final key to the way I promote is bravado. I play to people’s fantasies. People may not always think big themselves, but they can still get very excited by those who do. That’s why a little HYPERBOLE never hurts.” – Donald Trump, American entrepreneur Hyperborean (high-per-BORE-ee-an), noun A person or animal who lives at or near the North Pole. The polar bear, one of the great HYPERBOREANS, is in danger of extinction as the melting of the polar cap makes the ice floes on which they live disappear. hypercritical (high-purr-KRIT-ih-kuhl), adjective Excessively or meticulously critical. “Good writers have two things in common: they would rather be understood than admired, and they do not write for hairsplitting and HYPERCRITICAL readers.” – Friedrich Nietzche, German philosopher hypnopompic (hip-nuh-PAHM-pick), adjective Having to do with the semiconscious state that precedes wakefulness.
opprobrium (uh-PRO-bree-uhm), noun Disgrace incurred by outrageously shameful conduct. Natasha incurred OPPROBRIUM when, in a fit of anger, she deliberately smashed her Waterford crystal wine glass at the Smythingtons’ annual Thanksgiving gala. opine (oh-PYNE), verb To give your opinion. The way that Charlotte OPINES about fashion, you’d think she created couture rather than just purchasing it. opulent (AHP-yoo-lent), adjective Reflecting wealth and affluence. Donald Trump showcases his OPULENT lifestyle by wearing designer suits, drinking Cristal champagne, and traveling in private airplanes. opus (OH-puss), noun A major work of music written by a composer. The Breckinridges commissioned the composer’s next OPUS, which will be debuted at the family’s fall ball. orator (OR-ray-ter), noun A skilled and persuasive public speaker. Tom over-estimated his abilities as an ORATOR and, consequently, stayed at the podium far longer than the audience wanted him to.
The Production of Money: How to Break the Power of Banks by Ann Pettifor
Ben Bernanke: helicopter money, Bernie Madoff, Bernie Sanders, bitcoin, blockchain, borderless world, Bretton Woods, capital controls, Carmen Reinhart, central bank independence, clean water, credit crunch, Credit Default Swap, cryptocurrency, David Graeber, David Ricardo: comparative advantage, debt deflation, decarbonisation, distributed ledger, Donald Trump, eurozone crisis, fiat currency, financial deregulation, financial innovation, financial intermediation, financial repression, fixed income, Fractional reserve banking, full employment, Hyman Minsky, inflation targeting, interest rate derivative, invisible hand, John Maynard Keynes: Economic Possibilities for our Grandchildren, Joseph Schumpeter, Kenneth Rogoff, light touch regulation, London Interbank Offered Rate, market fundamentalism, Martin Wolf, mobile money, Naomi Klein, neoliberal agenda, offshore financial centre, Paul Samuelson, Ponzi scheme, pushing on a string, quantitative easing, rent-seeking, Satyajit Das, savings glut, secular stagnation, The Chicago School, the market place, Thomas Malthus, Tobin tax, too big to fail
Financial crises, austerity and disillusionment with democracy The politicians responsible for enforcing austerity policies had not just imposed unnecessary suffering and dislocation on millions of people, their communities and countries. They had not only caused public debt to rise. They, in fact, caused disillusionment with democracy to set in among the unemployed and impoverished in Europe and the US. Austerity and the collusion between politicians and the finance sector opened up political space for right-wing, populist political parties like Donald Trump and the Tea Party in the US, the National Front in France, and Golden Dawn in Greece. These were among the social and political consequences of democratic politicians enacting policies that enrich the few while impoverishing the majority; policies based on the interests of the robber barons and on the flawed theories of ‘defunct’ economists. As this goes to press, almost nine years have passed since the ‘credit crunch’ of August 2007.
In other words, while governments may provide the backbone to public money, and be beneficiaries of the ‘People’s QE’, they are not in the driving seat. Central bankers are. These proposals place great power in the hands of these technocrats when, to my mind, elected representatives should be masters of this process with the central bank as servant – albeit an independent, open-minded and well-qualified servant. Donald Trump and ‘helicopter money’: the economic, social and political consequences It is also not acceptable, in my view, for central bankers or government representatives to be granted money-printing powers without clear, transparent checks and balances. Like the power private bankers exercise, central bank ‘helicopter drop’ powers are immense. They will have distributive consequences, and these will be difficult to predict.
The Driver in the Driverless Car: How Our Technology Choices Will Create the Future by Vivek Wadhwa, Alex Salkever
23andMe, 3D printing, Airbnb, artificial general intelligence, augmented reality, autonomous vehicles, barriers to entry, Bernie Sanders, bitcoin, blockchain, clean water, correlation does not imply causation, distributed ledger, Donald Trump, double helix, Elon Musk, en.wikipedia.org, epigenetics, Erik Brynjolfsson, Google bus, Hyperloop, income inequality, Internet of things, job automation, Kevin Kelly, Khan Academy, Law of Accelerating Returns, license plate recognition, life extension, Lyft, M-Pesa, Menlo Park, microbiome, mobile money, new economy, personalized medicine, phenotype, precision agriculture, RAND corporation, Ray Kurzweil, recommendation engine, Ronald Reagan, Second Machine Age, self-driving car, Silicon Valley, Skype, smart grid, stem cell, Stephen Hawking, Steve Wozniak, Stuxnet, supercomputer in your pocket, Tesla Model S, The Future of Employment, Turing test, Uber and Lyft, Uber for X, uranium enrichment, Watson beat the top human players on Jeopardy!, zero day
I sincerely believe that we will all learn, evolve, and come together as a species and do amazing things. With that, let the journey begin. PART ONE The Here and Now 1 A Bitter Taste of Dystopia The 2016 presidential campaign made everybody angry. Liberal Bernie Sanders supporters were angry at allegedly racist Republicans and a political system they perceived as being for sale, a big beneficiary being Hillary Clinton. Conservative Donald Trump supporters were furious at the decay and decline of America, and at how politicians on both sides of the aisle had abandoned them and left a trail of broken promises. Hillary Clinton supporters fumed at how the mainstream media had failed to hold Trump accountable for lewd behavior verging on sexual assault—and worse. The same rage against the system showed up in Britain, where a majority of citizens primarily living outside of prosperous London voted to take England out of the European Union.
The protesters flinging feces at the Google-buses in downtown San Francisco gave voice to frustration that rich techies are taking over the City by the Bay; but the protest was based on scant logic. The private buses were taking cars off the roads, reducing pollution, minimizing traffic, and fighting global warming. Could flinging feces at a Google-bus turn back the clock and reduce prices of housing to affordable levels? The 2016 presidential campaign was the national equivalent of the Google-bus protests. The supporters of Donald Trump, largely white and older, wanted to turn back the clock to a pre-smartphone era when they could be confident that their lives would be more stable and their incomes steadily rising. The Bernie Sanders supporters, more liberal but also mostly white (albeit with great age diversity), wanted to turn back the clock to an era when the people, not the big corporations, controlled the government. We have seen violent protests in Paris and elsewhere against Uber drivers.
The Golden Passport: Harvard Business School, the Limits of Capitalism, and the Moral Failure of the MBA Elite by Duff McDonald
activist fund / activist shareholder / activist investor, Affordable Care Act / Obamacare, Albert Einstein, barriers to entry, Bayesian statistics, Bernie Madoff, Bob Noyce, Bonfire of the Vanities, business process, butterfly effect, capital asset pricing model, Capital in the Twenty-First Century by Thomas Piketty, Clayton Christensen, cloud computing, collateralized debt obligation, collective bargaining, commoditize, corporate governance, corporate raider, corporate social responsibility, creative destruction, deskilling, discounted cash flows, disintermediation, Donald Trump, family office, financial innovation, Frederick Winslow Taylor, full employment, George Gilder, glass ceiling, Gordon Gekko, hiring and firing, income inequality, invisible hand, Jeff Bezos, job-hopping, John von Neumann, Joseph Schumpeter, Kenneth Arrow, London Whale, Long Term Capital Management, market fundamentalism, Menlo Park, new economy, obamacare, oil shock, pattern recognition, performance metric, Peter Thiel, Plutocrats, plutocrats, profit maximization, profit motive, pushing on a string, Ralph Nader, Ralph Waldo Emerson, RAND corporation, random walk, rent-seeking, Ronald Coase, Ronald Reagan, Sand Hill Road, Saturday Night Live, shareholder value, Silicon Valley, Skype, Steve Jobs, survivorship bias, The Nature of the Firm, the scientific method, Thorstein Veblen, union organizing, urban renewal, Vilfredo Pareto, War on Poverty, William Shockley: the traitorous eight, women in the workforce, Y Combinator
The marriage of profits and politics was destined to alienate the people eventually; corporate interests have for too long overwhelmed, or, worse, acted in direct opposition to the needs of society. And the election of Donald Trump signals that the process is complete. The only real shock is that the inevitable somehow managed to sneak up on the Establishment and its MBAs. Or perhaps it’s not so shocking—Hillary Clinton thought that a crystal ball built out of spreadsheets could see the future, and she ended up as disconnected from the electorate as the modern MBA is from the people they oversee. What’s crystal clear today is that society is sick, with the victory of Donald Trump simply the most visible symptom. If there is a silver lining to all the ugliness, it’s that it’s now more obvious than ever that it’s time to get back to the things that really matter, which is not money or metrics, but people.
The Golden Passport charts the rise of one of America’s most influential institutions over the course of a century—highlighting both its positive and negative contributions to society—and then postulates on its future. Why is it important to do so now? Because modern corporate society is broken. Shareholder capitalism wasn’t the answer; it led to the exploitation of the many for the obscene enrichment of the few. The election of businessman Donald Trump was not an endorsement of business-as-usual, but its opposite: the howl of an electorate deprived of economic opportunity. Business has lost sight of its true function in society, which is to provide a mechanism by which we can work together and with our environment to achieve our common goals. It is not, and never has been, to simply make a profit. Another reason is that having first presided over the decimation of America’s manufacturing supremacy and then the distortion of the economy by Wall Street, the MBAs of the world are now invading Silicon Valley.
“Whether the problem is a soul in search of salvation, a relationship on the rocks, or a superpower in trouble, according to the received wisdom the answer is to turn it into a private corporation and then manage it like a CEO.”14 Unfortunately for Ackman and anyone else who wished Bloomberg would run, the former mayor was too savvy to throw his hat in the ring unless he thought he could win. And he didn’t. Not only that, he feared what effect he might have for even trying. In early 2016, Bloomberg revealed that he’d decided against running, in part due to the challenge of winning as an independent and in part due to the possibility that by doing so, he might inadvertently facilitate the election of Donald Trump or Senator Ted Cruz. “That,” he said in March 2016, “is not a risk I can take in good conscience.”15 For a school so successful at placing its graduates at the top of pretty much every hierarchy there is, its record with the U.S. presidency is as follows: a two-term failure as a president, a two-time loser as a presidential candidate, and a man who might have been a good one but waited until it was too late to run. 55 The Shame: Jeff Skilling In his 1969 book about consultants, The Business Healers, Hal Higdon observed, “There are those within the business community who might consider ‘a highly articulate con man’ to be a rather effective definition of a management consultant.”1 Some thirty years later, a man who fit that bill precisely—Jeff Skilling (’79)—closed the loop.
Turning Pro: Tap Your Inner Power and Create Your Life's Work by Steven Pressfield
If the addict’s drug of choice is alcohol, the narrative is frequently one of job loss, domestic abuse, divorce, abandonment of children, bankruptcy. If Class One narcotics are the culprit, the tale often includes troubles with the law, crime, prison time, violence, even death. Of course, you and I can be addicted to any number of things—to love, to sex, to worship of our children or our parents, to dominance, to submission. We can even be addicted to ourselves (see Charlie Sheen, Donald Trump). Such individuals can be absolutely fascinating at the same time that they’re boring as hell. What, then, is the connection between addiction and Resistance? ART AND ADDICTION For the past several years, I’ve written a weekly post on my website (www.stevenpressfield.com) called “Writing Wednesdays.” Far and away, the most popular entries in that space have been in my “Artist and Addict” series.
Affordable Care Act / Obamacare, Black Swan, business intelligence, Carmen Reinhart, cognitive bias, correlation does not imply causation, Daniel Kahneman / Amos Tversky, Donald Trump, en.wikipedia.org, Kenneth Rogoff, labor-force participation, lake wobegon effect, Long Term Capital Management, Mercator projection, Mercator projection distort size, especially Greenland and Africa, meta analysis, meta-analysis, Nate Silver, obamacare, p-value, PageRank, pattern recognition, publication bias, QR code, randomized controlled trial, risk-adjusted returns, Ronald Reagan, selection bias, statistical model, The Signal and the Noise by Nate Silver, Thomas Bayes, Tim Cook: Apple, wikimedia commons, Yogi Berra
Fienberg, “Randomization and Social Affairs: The 1970 Draft Lottery,” Science 171 (1971): 255, http://conallboyle.com/lottery/05USmil_ draft1970.pdf. 6. We might also be able to learn something about the process by studying the variance—the amount by which values vary—within each month. 7. John McCormick, “Donald Trump Dominates Republican Field in Pre-Debate Bloomberg Poll,” Bloomberg, August 4, 2015, http://www.bloomberg.com/ politics/articles/2015‑08‑04/donald-trump-dominates-republican-field‑in‑pre -debate-bloomberg-poll. 8. With a margin of error of ±4.4 percent, the researchers would expect that Jeb would not be more than 4.4 percent higher or lower than 10 percent (approximately 6 to 14 percent), and that Walker would not be more than 4.4 percent higher or lower than 8 percent (roughly 4 to 12 percent). 9.
Deep Work: Rules for Focused Success in a Distracted World by Cal Newport
8-hour work day, Albert Einstein, barriers to entry, business climate, Cal Newport, Capital in the Twenty-First Century by Thomas Piketty, Clayton Christensen, David Brooks, David Heinemeier Hansson, deliberate practice, Donald Knuth, Donald Trump, Downton Abbey, en.wikipedia.org, Erik Brynjolfsson, experimental subject, follow your passion, Frank Gehry, informal economy, information retrieval, Internet Archive, Jaron Lanier, knowledge worker, Mark Zuckerberg, Marshall McLuhan, Merlin Mann, Nate Silver, new economy, Nicholas Carr, popular electronics, remote working, Richard Feynman, Richard Feynman, Ruby on Rails, Silicon Valley, Silicon Valley startup, Snapchat, statistical model, the medium is the message, Watson beat the top human players on Jeopardy!, web application, winner-take-all economy, zero-sum game
You should find that this type of memorization, because it’s based on visual images of familiar places and things, will be much easier than the rote memorizing you might remember from your school days. The second step in preparing to memorize a deck of cards is to associate a memorable person or thing with each of the fifty-two possible cards. To make this process easier, try to maintain some logical association between the card and the corresponding image. White provides the example of associating Donald Trump with the King of Diamonds, as diamonds signify wealth. Practice these associations until you can pull a card randomly from the deck and immediately recall the associated image. As before, the use of memorable visual images and associations will simplify the task of forming these connections. The two steps mentioned previously are advance steps—things you do just once and can then leverage again and again in memorizing specific decks.
Once these steps are done, you’re ready for the main event: memorizing as quickly as possible the order of fifty-two cards in a freshly shuffled deck. The method here is straightforward. Begin your mental walk-through of your house. As you encounter each item, look at the next card from the shuffled deck, and imagine the corresponding memorable person or thing doing something memorable near that item. For example, if the first item and location is the mat in your front entry, and the first card is the King of Diamonds, you might picture Donald Trump wiping mud off of his expensive loafers on the entry mat in your front hallway. Proceed carefully through the rooms, associating the proper mental images with objects in the proper order. After you complete a room, you might want to walk through it a few times in a row to lock in the imagery. Once you’re done, you’re ready to hand the deck to a friend and amaze him by rattling off the cards in order without peeking.
Sleeping Giant: How the New Working Class Will Transform America by Tamara Draut
affirmative action, Affordable Care Act / Obamacare, always be closing, battle of ideas, big-box store, blue-collar work, collective bargaining, creative destruction, David Brooks, declining real wages, deindustrialization, desegregation, Detroit bankruptcy, Donald Trump, Edward Glaeser, ending welfare as we know it, Ferguson, Missouri, financial deregulation, full employment, immigration reform, income inequality, invisible hand, job satisfaction, knowledge economy, knowledge worker, low skilled workers, mass incarceration, minimum wage unemployment, mortgage tax deduction, new economy, obamacare, occupational segregation, payday loans, pink-collar, Plutocrats, plutocrats, Powell Memorandum, profit motive, race to the bottom, Ralph Nader, rent-seeking, rising living standards, Ronald Reagan, The Bell Curve by Richard Herrnstein and Charles Murray, The Wealth of Nations by Adam Smith, trickle-down economics, union organizing, upwardly mobile, War on Poverty, white flight, women in the workforce, young professional
Between 1960 and 2008, over 40 million immigrants made the United States their home, more than half of them from countries in Latin America, with the largest group of newcomers coming from our neighbor to the south, Mexico.59 The large influx of Latino immigrants has engendered vehement backlash and awakened racial insecurity, particularly among English-speaking whites. Today’s Latino population, both documented and undocumented, is the new scapegoat used to apportion blame for all manner of social and economic problems. “They” are stealing our jobs, pushing down our wages, straining our schools, and bringing crime to our neighborhoods. In 2015, Donald Trump became the Republican front-runner during the primary season by developing an incendiary anti-immigrant platform, with widespread deportation as his central plank. Even President Obama, who has been a vocal and ardent supporter of comprehensive immigration reform, has succumbed to the political pressure to increase deportations. In fact, more immigrants have been deported under his administration than during George W.
South of the border, millions of Mexicans also found their livelihoods destroyed by this neoliberal economic regime and were pulled north in search of work. This enormous migration of people is the new beating heart of today’s working class, and the key to its revival as a political and cultural force in America. Which is why the Republican Party has returned to its playbook of division, exploiting the economic anxiety of the white working class by making Latino immigrants the villains. The fact that Donald Trump, who profits immensely from an empire created by cheap labor and unrestricted global capital, is running for president by stirring up anti-immigrant sentiment is both a farce and a tragedy—and yet another reminder that the latent power of the new working class is threatening to America’s elites and will remain politically contested. As this new working-class generation comes of age, it remains to be seen whether the racial, ethnic, and gender divides that have impeded solidarity can finally be dismantled.
Evil by Design: Interaction Design to Lead Us Into Temptation by Chris Nodder
4chan, affirmative action, Amazon Mechanical Turk, cognitive dissonance, crowdsourcing, Daniel Kahneman / Amos Tversky, Donald Trump, en.wikipedia.org, endowment effect, game design, haute couture, jimmy wales, Jony Ive, Kickstarter, late fees, loss aversion, Mark Zuckerberg, meta analysis, meta-analysis, Milgram experiment, Netflix Prize, Nick Leeson, Occupy movement, pets.com, price anchoring, recommendation engine, Rory Sutherland, Silicon Valley, stealth mode startup, Steve Jobs, telemarketer, Tim Cook: Apple, trickle-down economics, upwardly mobile
Because of their materialist mentality, they think about the purchases a lot, so they get frequent mood boosts. This anticipation of the intangible value of items is, in some respects, the ultimate embodiment of commercial lust. Luxury brands work hard to create lust and direct it toward purchase of their items. Just owning the item is marketed as sufficient to improve our standing in the world and thus our self-esteem. Greed The point is, you can't be too greedy. Donald Trump Greed is the desire to get or keep more stuff than you need, either accumulating money or possessions (“whoever has the most toys wins”) or just to feel better than someone else does. Because greed prevents other people from having access to a thing that they could use more than the greedy individual could, it’s seen as selfish or spiteful. The reason it’s seen as one of the seven deadly sins is that greedy people obviously distrust that God will provide all they need.
“In search of reliable persuasion effects: III. The sleeper effect is dead: Long live the sleeper effect.” Journal of Personality and Social Psychology 54.2 (1988): 203. Materialistic customers: Marsha L. Richins. “When Wanting Is Better Than Having: Materialism, Transformation Expectations, and Product-Evoked Emotions in the Purchase Process.” Journal of Consumer Research. 40.3 (2013): 1-18. Greed Trump quote: Donald Trump with Tony Schwartz. Trump: The Art of the Deal. New York: Ballantine Books, 1987. Higher social classes are less ethical: Paul K. Piff, Daniel M. Stancato, Stéphane Côté, Rodolfo Mendoza-Denton, and Dacher Keltnera. “Higher social class predicts increased unethical behavior.” PNAS 109.11 (2012): 4086–4091. Higher social classes are less compassionate: Paul K. Piff, Michael W. Kraus, Stéphane Côté, Bonnie Hayden Cheng, and Dacher Keltner.
Ayatollah Khomeini, Berlin Wall, British Empire, call centre, colonial rule, Columbine, cuban missile crisis, dematerialisation, Deng Xiaoping, Dissolution of the Soviet Union, Donald Trump, Frank Gehry, glass ceiling, Guggenheim Bilbao, haute couture, haute cuisine, megastructure, Mikhail Gorbachev, new economy, New Urbanism, oil shock, Peter Eisenman, Ronald Reagan, Socratic dialogue, urban planning, urban renewal, V2 rocket, Victor Gruen
All that Mies had believed about timelessness, and consistency and rigour, Johnson systematically set out to caricature with an architecture of indulgence and caprice. ‘Nazis, schmatzis, Mies would have built for anyone,’ the architectural historian Elaine Hochman reports Johnson telling her. It is a remark that can certainly be seen as a case of Johnson projecting his own attitudes on others. It is hard to think of Mies, who was so cool with Jacqueline Kennedy about designing JFK’s presidential library that she assumed he didn’t want the job, cultivating Donald Trump with the unseemly eagerness adopted by Johnson when he was pursuing the chance of erecting a wall of high-rise apartments for the most lumpen of New York’s property developers. Johnson’s flattery persuaded Trump to see him as a useful marketing tool, for just long enough to call him ‘the greatest architect in the world’, but the relationship left Johnson diminished by its transparent opportunism.
To Harrison, who was particularly good at cultivating useful friendships, even before he met the Rockefellers, Nelson was someone who could provide, as he said, ‘opportunities to work with great people and do beautiful buildings’. He made many other useful friends. There was an executive at RCA he knew who, on the strength of a lunch with Harrison, signed up as an anchor tenant for the Rockefeller Center. And there was Robert Moses, New York’s fatally flawed answer to Paris’s Baron Georges-Eugène Haussmann, who involved Harrison in planning both of New York’s two World’s Fairs. William Zeckendorf, Donald Trump’s rather more engaging predecessor as the most flamboyant developer in New York, also developed a close relationship with Harrison before I. M. Pei became his in-house architect. But above all there was Nelson Rockefeller. Fresh from college, the most pharaonic Rockefeller of them all walked into the marketing suite at the Rockefeller Center one morning and questioned Harrison about every detail of the project his father had initiated, fascinated by the process of building, as much as by its financial and engineering aspects.
Larger and larger congregations are the way to reach ever more people, by creating the sense of a shared civic occasion that only religion and sport can now offer in the suburbs. And they provide a bigger pool of donors to build bigger churches. The Crystal Cathedral is the church that says it has the fifth-largest organ in the world and claims to have the biggest cross and the longest stone wall in architectural history – unaccountably, the well-travelled pastor who could teach Donald Trump a thing or two about self-promotion seems not yet to have encountered the Great Wall of China. The view of the cathedral from the freeway is a critical part of Schuller’s strategy for attracting the larger and larger congregations that are needed to fill his steadily increasing numbers of seats and parking places. As you drive through Orange County, the ivy-decked noise barriers that edge both sides of the road hide most of the landscape, rendering any building without a tower invisible.
Brazillionaires: The Godfathers of Modern Brazil by Alex Cuadros
affirmative action, Asian financial crisis, big-box store, BRICs, cognitive dissonance, creative destruction, crony capitalism, Deng Xiaoping, Donald Trump, Elon Musk, facts on the ground, family office, high net worth, index fund, invisible hand, Jeff Bezos, Mark Zuckerberg, NetJets, offshore financial centre, profit motive, rent-seeking, risk/return, Rubik’s Cube, savings glut, short selling, Silicon Valley, sovereign wealth fund, stem cell, The Wealth of Nations by Adam Smith, too big to fail, transatlantic slave trade, transatlantic slave trade, We are the 99%, William Langewiesche
To bring in fresh money, Eike had spent much of 2010 trying to sell a stake in OGX’s fields to Total in France or Statoil in Norway. Rumors swirled for months. Eike let slip that one of China’s state oil companies would make an offer. But in the end no one bit, at least not at the price Eike wanted. This made some investors nervous—what had the French and the Norwegians and the Chinese seen that they didn’t like? For every investor who said Eike had “the Midas touch,” there was another who compared him with Donald Trump, more talk than substance. You could see this dynamic at play in April 2011, when Eike made a grand announcement: According to a report from De-Golyer & MacNaughton, a top Houston oil consultancy, OGX’s fields held nearly eleven billion barrels of oil, more than double previous estimates. This sounded like cause for celebration. But Eike downplayed the bad news: that D&M labeled most of the reserves “prospective” rather than “contingent”—jargon that meant that it was still hard to say how much of the oil could in fact be profitably extracted.
In just a short time, he claimed, he got himself off the hook for around twenty-five billion dollars in personal liabilities. Ever superlative, he seemed proud now even of the scale of his rise and fall. “It was the craziest, fastest wealth creation ever, and it was the fastest to disappear, but it’s also the fastest anyone ever zeroed their debts,” he said, smiling wide as he thrust his hands up and down to illustrate his points. Godoy suggested a parallel with Donald Trump—who went through four corporate bankruptcies. “Don’t compare me to him, please,” Eike replied. “All he does is buildings.” Eike preferred to think of himself as an innovator like Elon Musk, the founder of the electric car company Tesla. Eike was willing now to admit mistakes—“I expanded too fast”—but he complained bitterly about his treatment in the press. Asked if he felt like a victim of unfair criticism, he nodded gravely.
From his interview on Roda Viva, August 30, 2010. 151“zero percent speculation.” He said this in an interview with Forbes in 2010, according to Keren Blankfeld, “Brazilian Whacks: Eike Batista and Brazil’s Unfulfilled Potential,” Forbes, March 3, 2015. 152“the Midas touch.” A portfolio manager named Stacy Steimel said this to me for my first big story on Eike, “Batista’s $7.6 Billion Stock Tumble.” 152compared him with Donald Trump. A portfolio manager named Ed Kuczma said this to me for Alex Cuadros, Juan Carlo Spinetto, and Cristiane Lucchesi, “Eike Batista, the Man Who Lost $25 Billion in One Year,” Bloomberg Businessweek, March 28, 2013. 152Diogo Mainardi. This interaction is from Manhattan Connection, March 13, 2011. 153spent fifteen million dollars of his own money. Gaspar, Tudo ou Nada, 63. 153market value hit $1.8 billion.
The Organized Mind: Thinking Straight in the Age of Information Overload by Daniel J. Levitin
airport security, Albert Einstein, Amazon Mechanical Turk, Anton Chekhov, Bayesian statistics, big-box store, business process, call centre, Claude Shannon: information theory, cloud computing, cognitive bias, complexity theory, computer vision, conceptual framework, correlation does not imply causation, crowdsourcing, cuban missile crisis, Daniel Kahneman / Amos Tversky, delayed gratification, Donald Trump, en.wikipedia.org, epigenetics, Eratosthenes, Exxon Valdez, framing effect, friendly fire, fundamental attribution error, Golden Gate Park, Google Glasses, haute cuisine, impulse control, index card, indoor plumbing, information retrieval, invention of writing, iterative process, jimmy wales, job satisfaction, Kickstarter, life extension, meta analysis, meta-analysis, more computing power than Apollo, Network effects, new economy, Nicholas Carr, optical character recognition, Pareto efficiency, pattern recognition, phenotype, placebo effect, pre–internet, profit motive, randomized controlled trial, Rubik’s Cube, Skype, Snapchat, statistical model, Steve Jobs, supply-chain management, the scientific method, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, theory of mind, Thomas Bayes, Turing test, ultimatum game, zero-sum game
An interpretation of the functions of the frontal lobe: Based upon observations in forty-eight cases of prefrontal lobotomy. The Yale Journal of Biology and Medicine, 11(5), 527–539, p. 527. high-profile failures as successes Rolling Stone. (n.d.). The many business failures of Donald Trump. Retrieved from http://www.rollingstone.com Trump Mortgage, four bankruptcies Donald Trump’s companies filed for bankruptcy 4 times [Video file]. (2011, April 21). ABC News. Retrieved from http://abcnews.go.com/Politics/donald-trump-filed-bankruptcy-times/story?id=13419250 full-scale psychological disorders Ronningstam, E. F. (2005). Identifying and understanding the narcissistic personality. New York, NY: Oxford University Press. What word can be joined to all Jung-Beeman, M., Bowden, E. M., Haberman, J., Frymiare, J.
Few thought that Richard Nixon would recover from his embarrassing defeat in the 1962 California gubernatorial election. (“You won’t have Nixon to kick around anymore.”) Thomas Edison had more than one thousand inventions that were unsuccessful, compared to only a small number that were successful. But the successful ones were wildly influential: the lightbulb, phonograph, and motion picture camera. Billionaire Donald Trump has had as many high-profile failures as successes: dead-end business ventures like Trump Vodka, Trump magazine, Trump Airlines, and Trump Mortgage, four bankruptcies, and a failed presidential bid. He is a controversial figure, but he has demonstrated resilience and has never let business failures reduce his self-confidence. Too much self-confidence of course is not a good thing, and there can be an inner tug-of-war between self-confidence and arrogance that can, in some cases, lead to full-scale psychological disorders.
Airbnb, Alexander Shulgin, artificial general intelligence, asset allocation, Atul Gawande, augmented reality, back-to-the-land, Bernie Madoff, Bertrand Russell: In Praise of Idleness, Black Swan, blue-collar work, Buckminster Fuller, business process, Cal Newport, call centre, Checklist Manifesto, cognitive bias, cognitive dissonance, Colonization of Mars, Columbine, commoditize, correlation does not imply causation, David Brooks, David Graeber, diversification, diversified portfolio, Donald Trump, effective altruism, Elon Musk, fault tolerance, fear of failure, Firefox, follow your passion, future of work, Google X / Alphabet X, Howard Zinn, Hugh Fearnley-Whittingstall, Jeff Bezos, job satisfaction, Johann Wolfgang von Goethe, John Markoff, Kevin Kelly, Kickstarter, Lao Tzu, life extension, lifelogging, Mahatma Gandhi, Marc Andreessen, Mark Zuckerberg, Mason jar, Menlo Park, Mikhail Gorbachev, Nicholas Carr, optical character recognition, PageRank, passive income, pattern recognition, Paul Graham, peer-to-peer, Peter H. Diamandis: Planetary Resources, Peter Singer: altruism, Peter Thiel, phenotype, PIHKAL and TIHKAL, post scarcity, premature optimization, QWERTY keyboard, Ralph Waldo Emerson, Ray Kurzweil, recommendation engine, rent-seeking, Richard Feynman, Richard Feynman, risk tolerance, Ronald Reagan, selection bias, sharing economy, side project, Silicon Valley, skunkworks, Skype, Snapchat, social graph, software as a service, software is eating the world, stem cell, Stephen Hawking, Steve Jobs, Stewart Brand, superintelligent machines, Tesla Model S, The Wisdom of Crowds, Thomas L Friedman, Wall-E, Washington Consensus, Whole Earth Catalog, Y Combinator, zero-sum game
It’s a negotiating technique. You throw down an anchor, you divert everybody. Instead of becoming this sexist, which he could have been on day one, he became the straight talker. “Now, I know you follow the headlines so you know what happened next. Roger Ailes of Fox News weighed in to say, ‘We need to make peace with Donald Trump because this is getting out of hand,’ and Donald Trump made peace with him. How do you interpret that? I’ll tell you how I interpret it. I interpret it as Donald Trump just bought Fox News without paying a freaking penny. Because if they want him to appear on [their] show, that’s up to him, and he proved he doesn’t need them.” TF: At this point, I asked Scott about a clever line Trump often uses to shut down journalists, which is a quick interjection of “Check your facts, [insert journalist name].”
The odds of becoming a famous cartoonist—I think about 2,000 people submit packages to the big syndicates, the people who give you the big contract, your big break. They might pick a half dozen. Of those half dozen, most of them will not make it after a year or two, so it’s very rare. In fact, Dilbert was probably the biggest breakout, or one of the biggest, in 20 years.” Predicting Trump—What You Can Learn On September 22, 2015, Scott Adams correctly predicted on my podcast that 10 months later, Donald Trump would be the Republican nominee. At the time, this was considered laughable. Scott based this on what he considered Trump’s hypnosis abilities and media savvy, not his policies. This might seem like old news, but there are actionable lessons in what Scott noticed: “Take the debate where he [Trump] came in as the under-prepared buffoon who was going to blow himself up. And Megyn Kelly of Fox News decided that, yes, that’s exactly what was going to happen, and she started right out with the ‘Did you say all these bad things about women?’
Thank You for Being Late: An Optimist's Guide to Thriving in the Age of Accelerations by Thomas L. Friedman
3D printing, additive manufacturing, affirmative action, Airbnb, AltaVista, Amazon Web Services, autonomous vehicles, Ayatollah Khomeini, barriers to entry, Berlin Wall, Bernie Sanders, bitcoin, blockchain, Bob Noyce, business process, call centre, centre right, Chris Wanstrath, Clayton Christensen, clean water, cloud computing, corporate social responsibility, creative destruction, crowdsourcing, David Brooks, demand response, demographic dividend, demographic transition, Deng Xiaoping, Donald Trump, Erik Brynjolfsson, failed state, Fall of the Berlin Wall, Ferguson, Missouri, first square of the chessboard / second half of the chessboard, Flash crash, game design, gig economy, global supply chain, illegal immigration, immigration reform, income inequality, indoor plumbing, intangible asset, Intergovernmental Panel on Climate Change (IPCC), Internet of things, invention of the steam engine, inventory management, Irwin Jacobs: Qualcomm, Jeff Bezos, job automation, John Markoff, John von Neumann, Khan Academy, Kickstarter, knowledge economy, knowledge worker, land tenure, linear programming, Live Aid, low skilled workers, Lyft, Marc Andreessen, Mark Zuckerberg, mass immigration, Maui Hawaii, Menlo Park, Mikhail Gorbachev, mutually assured destruction, pattern recognition, planetary scale, pull request, Ralph Waldo Emerson, ransomware, Ray Kurzweil, Richard Florida, ride hailing / ride sharing, Robert Gordon, Ronald Reagan, Second Machine Age, self-driving car, shareholder value, sharing economy, Silicon Valley, Skype, smart cities, South China Sea, Steve Jobs, supercomputer in your pocket, TaskRabbit, Thomas L Friedman, transaction costs, Transnistria, urban decay, urban planning, Watson beat the top human players on Jeopardy!, WikiLeaks, women in the workforce, Y2K, Yogi Berra, zero-sum game
FIVE The Market Kayvon Beykpour is the cofounder and CEO of Periscope—the live-streaming video app launched in March 2014 that within four months had ten million users. It was quickly bought by Twitter, which understood that it offered a kind of video version of live tweeting. Periscope became popular so fast by creating a platform on which users could employ their smartphones to share with anyone in the world the live video of whatever event they were participating in or watching, be it a hurricane, earthquake, or flood, a Donald Trump rally, a thrill ride at Disney World, a confrontation with a cop, or a sit-in by Democratic lawmakers on the floor of the U.S. House of Representatives. Beykpour describes Periscope’s mission as enabling everyone “to explore the world through someone else’s eyes” and in doing so build “empathy and truth”—empathy by putting people into vivid contact with one another and their circumstances, and truth because live video doesn’t easily lie.
It can be incredibly empowering, as small companies and individuals can start global companies overnight, with global customers, suppliers, and collaborators, and it can be incredibly disempowering—big forces can come out of nowhere and crush your business when you never even thought they were in your business. Which way it tips depends on the values and tools that we all bring to these flows. In the face of more and more uncontrolled immigration, globalization today feels under threat more than ever. We saw that in the vote by Great Britain to withdraw from the European Union and in the candidacy of Donald Trump. But disconnecting from a world that is only getting more digitally connected, from a world in which these digital flows will be a vital source of fresh and challenging ideas, innovation, and commercial energy, is not a strategy for economic growth. That said, people have bodies and souls, and when you feed one and not the other you always get in trouble. When people feel their identities and sense of home are being threatened, they will set aside economic interests and choose walls over Webs, and closed over open, in a second—not everyone will make that choice, but many will.
So no one was giving people the right diagnosis of what was happening in the world around them, and most established political parties were offering catechisms that were simply not relevant to the age of accelerations. Into this vacuum, this empty room, stepped populists with easy answers—the Democratic presidential hopeful Bernie Sanders promised to make it all right by taking down “the Man,” and Donald Trump promised to make it all right by personally holding back the hurricane of change because he was “the Man.” Neither the center-left nor the center-right in America or Europe had the self-confidence required for the level of radical rethinking and political innovating demanded by the age of accelerations. On May 16, 2016, The New York Times carried a story about a divisive Austrian election, featuring two quotes that spoke for so many voters across the industrialized world.
What's the Matter with White People by Joan Walsh
affirmative action, Affordable Care Act / Obamacare, banking crisis, clean water, collective bargaining, David Brooks, desegregation, Donald Trump, Edward Glaeser, full employment, global village, Golden Gate Park, hiring and firing, impulse control, income inequality, invisible hand, knowledge worker, labor-force participation, mass immigration, new economy, obamacare, Occupy movement, Plutocrats, plutocrats, Ralph Nader, Ronald Reagan, upwardly mobile, urban decay, War on Poverty, We are the 99%, white flight, women in the workforce, zero-sum game
Although the TARP program had passed under President Bush, the Obama team made the first key decisions, and on virtually every one, the team sided with the banks. I wondered how much a populist anti–Wall Street animus motivated the new protests. The answer was, not much at all. At the San Francisco Tea Party, I met my first real-live “birther,” the forlorn souls who insisted Obama wasn’t born here and was thus ineligible to be president (a group that would come to include the ridiculous Donald Trump). My first birther carried an “Obama=Imposter” sign and handed me a flyer demanding that Nancy Pelosi begin impeachment proceedings because Obama, he told me, “is not a natural-born citizen.” I saw signs denouncing Obama’s stimulus bill as socialism and lots of hammers and sickles from the old Soviet flag. A man wearing a coonskin cap carried a big sign adorned by a picture of a gun. It read “Reload for the Revolution.”
Yet mainstream Republicans rarely rejected the racially tinged Obama hatred; some even encouraged it. Certainly they abetted the birther movement, right up through the 2012 GOP primaries. House Speaker John Boehner refused to chide birthers in his caucus or the GOP base, insisting, “It’s not my job to tell the American people what to think” about whether Obama was born here. Then the ludicrous Donald Trump took up the bullying, pretending he was mulling a run for president, and Obama finally had to tell the state of Hawaii to release his long-form birth certificate, a sad ritual of humiliation for the most powerful man in the world, having to show his papers to GOP bullies. Even after that, Texas governor Rick Perry played the birther card when his presidential run began to stumble, and primary finalist Rick Santorum, an ultraright former Pennsylvania senator, took the Boehner line when a Florida voter told him Obama was a Muslim who is ineligible to be president.
asset allocation, Bernie Madoff, Cass Sunstein, Credit Default Swap, David Brooks, delayed gratification, diversification, diversified portfolio, Donald Trump, Elliott wave, en.wikipedia.org, estate planning, financial innovation, Flash crash, game design, greed is good, high net worth, impulse control, income inequality, index fund, London Whale, Mark Zuckerberg, money market fund, mortgage debt, oil shock, payday loans, pension reform, Ponzi scheme, quantitative easing, Ralph Nader, RAND corporation, random walk, Richard Thaler, Ronald Reagan, Saturday Night Live, too big to fail, transaction costs, Unsafe at Any Speed, upwardly mobile, Vanguard fund, wage slave, women in the workforce, working poor, éminence grise
Over the past three decades, these seminars have proliferated, fueled by the double trouble dot-com and real estate bubbles, not to mention the promotional opportunities opened up by the ever-burgeoning number of cable outlets willing to sell half-hour blocks of advertising time. They combine the appeal of Think and Grow Rich with specific, hands-on advice. Napoleon Hill simply told you the path to wealth started in your head, and left it at that. Latter-day wealth gurus come with recommended investment strategies. Donald Trump talks business success. T. Harv Eker, author of the bestselling Secrets of the Millionaire Mind, whose flagship organization Peak Potentials offers fifteen different classes including “The Millionaire Mind Intensive,” “Mastering Wealth Bootcamp,” “Freedom Trader Intensive,” “Guerilla Business School,” and “Never Work Again,” has been sued over failed foreclosure-investment schemes he is alleged to have pitched to those who attended his seminars.
Today, the books, DVDs, financial literacy products, and Cashflow 101 boardgame (which retails for more than $100) of former C-student Robert Kiyosaki are enormously popular. There are more than 28 million copies of his books in print, and they’ve been translated into at least fifty languages. Titles include Rich Dad’s Cashflow Quadrant, Rich Dad’s Before You Quit Your Job, Why We Want You to Be Rich, and Midas Touch: Why Some Entrepreneurs Get Rich—and Why Most Don’t (the latter two cowritten with Donald Trump). More than one million people have registered on Kiyosaki’s Rich Dad Web site, where they can purchase everything from online coaching sessions to advanced courses. The subjects range from “Asset Protection and Tax Relief” to options trading. Kiyosaki has partnered with numerous people and organizations to offer classes everywhere from the Learning Annex’s bygone Real Estate & Wealth Expo (“One Weekend Can Make You a Millionaire!”)
3D printing, Airbnb, American energy revolution, assortative mating, autonomous vehicles, Bakken shale, barriers to entry, basic income, Bernie Sanders, BRICs, call centre, Capital in the Twenty-First Century by Thomas Piketty, Clayton Christensen, cloud computing, collective bargaining, computer age, creative destruction, dark matter, David Ricardo: comparative advantage, deindustrialization, dematerialisation, Deng Xiaoping, deskilling, Dissolution of the Soviet Union, Donald Trump, Downton Abbey, Edward Glaeser, Erik Brynjolfsson, eurozone crisis, everywhere but in the productivity statistics, falling living standards, first square of the chessboard, first square of the chessboard / second half of the chessboard, Ford paid five dollars a day, Francis Fukuyama: the end of history, future of work, gig economy, global supply chain, global value chain, hydraulic fracturing, income inequality, indoor plumbing, industrial robot, intangible asset, interchangeable parts, Internet of things, inventory management, invisible hand, Jacquard loom, James Watt: steam engine, Jeff Bezos, John Maynard Keynes: Economic Possibilities for our Grandchildren, Joseph-Marie Jacquard, knowledge economy, low skilled workers, lump of labour, Lyft, manufacturing employment, Marc Andreessen, mass immigration, means of production, new economy, performance metric, pets.com, price mechanism, quantitative easing, Ray Kurzweil, rent-seeking, reshoring, rising living standards, Robert Gordon, Ronald Coase, savings glut, Second Machine Age, secular stagnation, self-driving car, sharing economy, Silicon Valley, single-payer health, software is eating the world, supply-chain management, supply-chain management software, TaskRabbit, The Future of Employment, The Nature of the Firm, The Spirit Level, The Wealth of Nations by Adam Smith, Thomas Malthus, trade liberalization, transaction costs, Tyler Cowen: Great Stagnation, Uber and Lyft, Uber for X, very high income, working-age population
Much the same is true of the long-term unemployed, many of them older men without much education, who drift around, often drinking to pass the day, lacking much, if any, connection to society at large. For an awful lot of people, work has become a less certain and often less remunerative contributor to material security. It is a development that makes political forces of populist outsiders, such as Donald Trump and Marine Le Pen, and bestsellers of wonky economics books, such as Thomas Piketty’s Capital in the Twenty-First Century,10 an analysis of global inequality published in 2014 that flew off the shelves. Work is not just the means by which we obtain the resources needed to put food on the table. It is also a source of personal identity. It helps give structure to our days and our lives. It offers the possibility of personal fulfilment that comes from being of use to others, and it is a critical part of the glue that holds society together and smoothes its operation.
If we can’t offer our children meaning and identity in work, how do we channel their energies towards healthy alternatives, rather than ideological extremism, or social nihilism? We are already seeing a rise in the appeal of extreme populist candidates blaming immigrant populations. In France, the anti-immigrant, euro-sceptic National Front of Marine Le Pen is creeping dangerously close to the French presidency. Hungary’s prime minister, Viktor Orbán, has maintained popularity despite his authoritarian tendencies by playing to Hungarian nationalism. And, in America, Donald Trump has mounted an insurgent campaign for the Republican nomination for the presidency on a platform of virulent anti-immigrant and anti-Muslim rhetoric. The nationalist right is ascendant around the rich world. So, too, is a more radical left. This new left, however, has not yet enjoyed as much electoral success as the radical right. The hard-left Jeremy Corbyn shook the British establishment by taking control of Britain’s Labour party, but he has not been able to wrest control of the government from the Tories.
Affordable Care Act / Obamacare, back-to-the-land, barriers to entry, basic income, Bernie Sanders, big-box store, blue-collar work, Branko Milanovic, British Empire, Capital in the Twenty-First Century by Thomas Piketty, clean water, cognitive dissonance, collateralized debt obligation, collective bargaining, Community Supported Agriculture, corporate personhood, crony capitalism, deindustrialization, desegregation, Donald Trump, ending welfare as we know it, Frederick Winslow Taylor, full employment, Gini coefficient, income inequality, interchangeable parts, invisible hand, job automation, John Maynard Keynes: technological unemployment, labor-force participation, land reform, land tenure, low skilled workers, low-wage service sector, mandatory minimum, mass incarceration, minimum wage unemployment, moral hazard, moral panic, mortgage debt, New Urbanism, non-tariff barriers, obamacare, occupational segregation, Occupy movement, oil shock, Plutocrats, plutocrats, price discrimination, race to the bottom, rent control, road to serfdom, Ronald Reagan, Scientific racism, Simon Kuznets, single-payer health, strikebreaker, too big to fail, trade route, transcontinental railway, Triangle Shirtwaist Factory, trickle-down economics, universal basic income, Upton Sinclair, upwardly mobile, urban renewal, wage slave, War on Poverty, women in the workforce, working poor, Works Progress Administration
The last chapter of this book examines the sources of the Great Recession that began in 2007, and the structural features that continue to widen the income and wealth gaps in the United States. As middle-class people fell farther behind, discontent manifested in the Occupy Wall Street movement on the left of the political spectrum, but also in the Tea Party movement on the right and the Black Lives Matter movement, a movement about class and opportunity as well as about race. During the 2016 presidential race, the Republican candidate Donald Trump advocated policies he claimed would promote prosperity for American workers, like immigration restriction and protectionism. Given the long history of inequality in the United States, and the polarization of legislative politics at every level, the prospect for reform seems dim, but proposals have included criminal justice reform, a basic income guarantee, free college education, or the government as the employer of last resort.
By co-opting the name “Tea Party,” the members of this movement linked themselves to an invented historical tradition, in which “real Americans” rejected statism to the greatest degree possible in favor of liberty from government intervention.46 Tea Partiers called for small government (although not the elimination of programs like Medicare or Social Security that benefited many of them directly) and characterized recipients of government aid as undeserving.47 At first officially a grassroots movement, the Tea Party was quickly captured by large conservative funding organizations like Americans for Prosperity and FreedomWorks, and its focus shifted to the election of Republican candidates and away from symbolic protests. The 2010 midterm elections were disastrous for Democrats as a result.48 After the 2010 midterm elections, the Tea Party remained significant as a Congressional caucus. By 2016, the Tea Party had moved the entire Republican Party to the right.49 Republican presidential candidate Donald Trump addressed economic inequality through anti-immigrant stances, including the notion of a border wall to keep out migrant workers, and flirted with the idea of rejecting free trade. As previous chapters have shown, a political appeal to working people that exploits racial and ethnic divisions has been a tried-and-true American political strategy. WHY INEQUALITY MATTERS The Great Recession and the social unrest of the Occupy movement and the Tea Party show that inequality matters, but there are other reasons to pay attention to inequality as well.
Who Rules the World? by Noam Chomsky
Albert Einstein, anti-communist, Ayatollah Khomeini, Berlin Wall, Bretton Woods, British Empire, capital controls, corporate governance, corporate personhood, cuban missile crisis, deindustrialization, Donald Trump, Doomsday Clock, Edward Snowden, en.wikipedia.org, facts on the ground, failed state, Fall of the Berlin Wall, Howard Zinn, illegal immigration, Intergovernmental Panel on Climate Change (IPCC), invisible hand, liberation theology, Malacca Straits, Martin Wolf, Mikhail Gorbachev, Monroe Doctrine, nuclear winter, Occupy movement, oil shale / tar sands, one-state solution, Plutonomy: Buying Luxury, Explaining Global Imbalances, precariat, Ralph Waldo Emerson, Ronald Reagan, South China Sea, Stanislav Petrov, structural adjustment programs, The Wealth of Nations by Adam Smith, Thorstein Veblen, too big to fail, trade route, union organizing, uranium enrichment, wage slave, WikiLeaks, working-age population
By the end of 2015 the establishment was expressing considerable dismay and desperation over its inability to do so, as the Republican base and its choices fell out of control. Republican elected officials and contenders for the next presidential election expressed open contempt for the Paris deliberations, refusing to even attend the proceedings. The three candidates who led in the polls at the time—Donald Trump, Ted Cruz, and Ben Carson—adopted the stand of the largely evangelical base: humans have no impact on global warming, if it is happening at all. The other candidates reject government action to deal with the matter. Immediately after Obama spoke in Paris, pledging that the United States would be in the vanguard seeking global action, the Republican-dominated Congress voted to scuttle his recent Environmental Protection Agency rules to cut carbon emissions.
Coral Davenport, “Nations Approve Landmark Climate Accord in Paris,” New York Times, 12 December 2015. 6. Evangelicals heavily dominate the first Republican primary, in Iowa. Polls there show that of likely Republican voters, “nearly six in 10 say climate change is a hoax. More than half want mass deportations of illegal immigrants. Six in 10 would abolish the Internal Revenue Service” (thereby providing a huge gift to the superrich and corporate sector). Trip Gabriel, “Ted Cruz Surges Past Donald Trump to Lead in Iowa Poll,” New York Times, 12 December 2015. 7. Sociologists Rory McVeigh and David Cunningham found that a significant predictor of current Republican voting patterns in the South is the prior existence of a strong chapter of the Ku Klux Klan in the 1960s. Bill Schaller, “Ku Klux Klan’s Lasting Legacy on the U.S. Political System,” Brandeis Now, 4 December 2014. https://www.brandeis.edu/now/2014/december/cunningham-kkk-impact.html. 8.
The Virgin Way: Everything I Know About Leadership by Richard Branson
barriers to entry, call centre, carbon footprint, Celtic Tiger, clean water, collective bargaining, Costa Concordia, Donald Trump, Elon Musk, friendly fire, glass ceiling, illegal immigration, index card, inflight wifi, Lao Tzu, low cost carrier, M-Pesa, Mahatma Gandhi, Mark Zuckerberg, Northern Rock, profit motive, Ralph Waldo Emerson, Ronald Reagan, shareholder value, Silicon Valley, stem cell, Steve Jobs, Tesla Model S, trade route, zero-sum game
Michael O’Leary, CEO of the Irish airline Ryanair, once described his ideal customer as ‘someone with a pulse and a credit card’ and in the same ‘Lunch with the Financial Times’ interview referred to the British Airports Authority as the ‘Evil Empire’ and the UK’s Civil Aviation Authority as a bunch of ‘cretins and twerps’. While nobody can question Ryanair’s incredible financial success (last time I checked the low-cost carrier had built a market cap of over $13 billion), being voted Europe’s ‘least liked’ airline by TripAdvisor subscribers is something that would not sit well with me no matter how good the bottom line looks. American property magnate Donald Trump is another controversial character who seems to be either loved or hated by the consumer and is perhaps most famous for his ‘You’re fired’ line, something he seems to delight in telling people on his TV show The Apprentice. Unlike both these very successful gentlemen I have always believed there are tremendous upsides to a more conciliatory approach to life and business – an attitude that even Michael O’Leary is now publicly proclaiming he wants his much-maligned airline to assume, although it remains to be seen whether or not this particular Celtic Tiger can change his stripes.
Sara’s amazing story should certainly be a huge source of inspiration for everyone, but especially young female entrepreneurs who might feel the weight of the world is upon them. What Sara achieved with no outside funding and nothing except a great idea and grim determination and perseverance to getting it done is truly textbook entrepreneurship! Chapter 11 HIRING ’EM AND KEEPING ’EM Engagement in a digital world Shakespeare’s Richard lll proclaimed ‘off with his head’ with casual abandon and Donald Trump expanded his brand awareness via his TV show The Apprentice with his almost joyful proclamations of ‘You’re fired.’ For my own part, letting people go has never made me anything but extremely sad. I almost always feel that firings are much more of an indictment on the company’s failure than that of the employee – no matter what the circumstances behind it might be. On the other hand I always derive great pleasure from telling someone, ‘You’re hired!’
The Geography of Nowhere: The Rise and Decline of America's Man-Made Landscape by James Howard Kunstler
A Pattern Language, blue-collar work, California gold rush, car-free, City Beautiful movement, corporate governance, Donald Trump, financial independence, fixed income, Ford paid five dollars a day, Frank Gehry, germ theory of disease, indoor plumbing, jitney, land tenure, mass immigration, means of production, megastructure, Menlo Park, new economy, oil shock, place-making, Plutocrats, plutocrats, postindustrial economy, Potemkin village, Ronald Reagan, urban planning, urban renewal, urban sprawl, Whole Earth Review, working poor, Works Progress Administration, yellow journalism
Further proof that this idea is a delusion is that even some people who run the gambling industry believe that it is possible to get something for noth ing, and in their fantastic avarice, they have found themselves in the laughable position of not being able to operate their casinos profitably. The Trump Taj Mahal opened in April of 1990 and was technically bankrupt before the year was out. It drained business from every other casino in town while failing to attract enough business to cover its own debt payments. 3 Donald Trump, the New York-based real estate devel oper who built it and owns two other casinos in Atlantic City, financed the Taj largely with junk bonds-the junk bond being Wall Street's way of profiting off business people who think it is possible to get something for nothing. Standing on the Boardwalk this mild October day, one beheld the Trump Taj Mahal with that odd mixture of fascination and nausea reserved for the great blunders of human endeavor.
The design of their lighting must be something of an exact science, for in every casino in Atlantic City you see thousands of incandescent bulbs, neon tubes, lasers, illuminated panels, and glittering things, and yet the huge rooms remain so murky that you seem to be walking around with sunglasses in a grotto. The casino at Trump's Taj was plastered with mirrors. It might be safe to say that mirrors are Donald Trump's favorite building material, and one could see why. They make any room seem bigger, even a large room. They make it look as though twice as many lights are blazing without actually adding any illumination to the murk or jacking up the utility bill. They hold up to wear and tear much better than paint, wallpaper, or any other wall covering, especially to the most destructive force in the casino : cigarette smoke.
Gaming the Vote: Why Elections Aren't Fair (And What We Can Do About It) by William Poundstone
affirmative action, Albert Einstein, Debian, desegregation, Donald Trump, en.wikipedia.org, Everything should be made as simple as possible, global village, guest worker program, hiring and firing, illegal immigration, invisible hand, jimmy wales, John Nash: game theory, John von Neumann, Kenneth Arrow, manufacturing employment, Nash equilibrium, Paul Samuelson, Pierre-Simon Laplace, prisoner's dilemma, Ralph Nader, RAND corporation, Ronald Reagan, Silicon Valley, slashdot, the map is not the territory, Thomas Bayes, transcontinental railway, Unsafe at Any Speed, Y2K
"He came to New York for a conference in late August 1939 and was caught here by the outbreak of war." Arrow and his classmates struggled to understand Tarski's idiosyncratic English. One of the words Tarski taught them was as obscure as his pronunciation; intransitivity. This idea would become the heart of Arrow's impossibility theorem. The best way to explain intransitivity is to start with its opposite, transitivity. If Bill Gates is richer than Donald Trump, and Donald Trump is richer than you, then it follows that Bill Gates is richer than you. Any relationship that permits such a conclusion is said to be transitive. Many other types of comparisons qualify-"heavier than," "taller than," "is the sister of." Many mathematical relationships are transitive, too. "Greater than," "less than," and "is equal to" are examples. When quantity A equals B, and B equals C, then A has to equal C as welL An intransitive relationship is anything that does not follow this neat pattern.
Hard Landing by Thomas Petzinger, Thomas Petzinger Jr.
airline deregulation, centralized clearinghouse, collective bargaining, cross-subsidies, desegregation, Donald Trump, feminist movement, index card, low cost carrier, low skilled workers, Marshall McLuhan, means of production, mutually assured destruction, Network effects, offshore financial centre, oil shock, Ponzi scheme, postindustrial economy, price stability, profit motive, Ralph Nader, Ronald Reagan, Silicon Valley, strikebreaker, the medium is the message, The Predators' Ball, Thomas L Friedman, union organizing, yield management, zero-sum game
One of the least welcome effects of the strike was its depressing influence on United’s stock. This was the precise midpoint of the 1980s, when the takeover epidemic was intensifying. A low stock price on even the biggest corporations was like a blue light twirling in the ceiling of a dime store, an advertisement to the likes of Carl Icahn or Boone Pickens or Sir James Goldsmith or Ivan Boesky or Donald Trump or for that matter, Frank Lorenzo. United was an inviting target in another respect. Unlike Pan Am, which had been raiding its pension plans to keep afloat, United had been overfunding its pension accounts—or so Dick Ferris was told by his advisors on Wall Street. Ferris, they thought, would be wise to deplete the retirement funds of excess cash so that a raider did not try to seize the company and use United’s own cash to help pay for the deal.
Linked by satellite from Australia to Hong Kong to Mexico City and points in between, the ladies and gentlemen of the press poised their pens and pencils on the surface of their notepads as Ferris said, “It’s a name that you have not heard before, but most certainly will in the future … “Allegis Corporation.” Ferris’s design consultants explained that they had cobbled together Allegis from the root word for “allegiance” and from the Greek aegis, meaning protection. Never was a corporate name change so ridiculed, and among those who were already skeptical of Ferris’s strategy the stupidity of the name only reinforced their views. Donald Trump, cruising on a wave of borrowed money and having just purchased a big chunk of UAL stock, said that Allegis sounded like “a world-class disease.” Just as the airline was planting the flag in the Far East on the old Pan Am routes, Asian people had a particularly difficult time with the word (Arregis?). Employees of the airline itself began saying they were “allergic to Allegis.” The day the new name was announced, UAL shares sank like a stone; the following day as Ferris tried to explain his travel service strategy to analysts, the share price only sank further.
Jennings, “Union-Management Tumult at Eastern Air Lines: From Borman to Lorenzo,” Transportation Journal, Summer 1989. 73. “full investigation”: House Concurrent Resolution 262, 100th Congress, Mar. 10, 1988. 74. extremely favorable terms: A new unit of Texas Air proposed to buy the shuttle for $125 million in cash and a note of $100 million. By contrast, when Eastern ultimately did sell the shuttle to Donald Trump, the price was $365 million. 75. into a stupor: “Airline Backfire: Texas Air Triggered Investigation of Itself with Shuttle Gambit,” by Paulette Thomas, Bob Davis, and John E. Yang, WSJ, Apr. 15, 1988. 76. “noise level”: Frank Lorenzo, Remarks to International Aviation Club, Washington, D.C., May 4, 1988. 77. “discord and complexity”: Memorandum to the Transportation Secretary from the FAA Administrator, June 1, 1988. 78.
affirmative action, Affordable Care Act / Obamacare, American Legislative Exchange Council, anti-communist, Bakken shale, bank run, battle of ideas, Berlin Wall, Capital in the Twenty-First Century by Thomas Piketty, carried interest, centre right, clean water, Climategate, Climatic Research Unit, collective bargaining, corporate raider, crony capitalism, David Brooks, desegregation, diversified portfolio, Donald Trump, energy security, estate planning, Fall of the Berlin Wall, George Gilder, housing crisis, hydraulic fracturing, income inequality, Intergovernmental Panel on Climate Change (IPCC), invisible hand, job automation, low skilled workers, mandatory minimum, market fundamentalism, mass incarceration, Mont Pelerin Society, More Guns, Less Crime, Nate Silver, New Journalism, obamacare, Occupy movement, offshore financial centre, oil shale / tar sands, oil shock, Plutocrats, plutocrats, Powell Memorandum, Ralph Nader, Renaissance Technologies, road to serfdom, Ronald Reagan, school choice, school vouchers, The Bell Curve by Richard Herrnstein and Charles Murray, The Chicago School, the scientific method, University of East Anglia, Unsafe at Any Speed, War on Poverty, working poor
In answer to Randy Kendrick, who had questioned his pro-Medicaid position, Kasich retorted, “I don’t know about you, lady. But when I get to the pearly gates, I’m going to have an answer for what I’ve done for the poor.” He added, “I know this is going to upset a lot of you guys, but we have to use government to reach out to people living in the shadows.” The Kochs never invited Kasich back again. Donald Trump, the New York real estate and casino magnate whose unorthodox bid for the Republican nomination flummoxed party regulars, was also left off the Kochs’ invitation list. In August 2015, as his rivals flocked to meet the Koch donors, he tweeted, “I wish good luck to all of the Republican candidates that traveled to California to beg for money etc. from the Koch Brothers. Puppets?” Trump’s popularity suggested that voters were hungry for independent candidates who wouldn’t spout the donors’ lines.
(She also noted that Menard’s firm had been awarded $1.5 million in tax credits in 2006 under Democratic Gov. James Doyle. State records show these were reduced to $1 million when the company failed to meet its full job-creation requirements.) According to a 2007 profile: See Mary Van de Kamp Nohl, “Big Money,” Milwaukee Magazine, April 30, 2007. One employee described: Ibid. That case was followed: See Bruce Murphy, “The Strange Life of John Menard,” UrbanMilwaukee.com, June 20, 2013. Donald Trump’s wife, Melania, also filed a separate $50 million suit against John Menard, claiming damages from his cancellation of a promotional deal with her line of skin care products. Menard’s lawyers described the Trump deal as void. Soon after the governor: Diane Hendricks donated $10,000, the maximum allowable amount, to Walker’s campaign in 2011, while her company donated $25,000 to the Republican Governors Association.
This included $64 million to groups in the Koch network, such as the American Future Fund, 60 Plus, and Americans for Prosperity in 2010, $407 million to the network in 2012, and pledges of $290 million to the network in 2014, according to Peter Stone’s report, “The Koch Brothers Big Donor Retreat,” Daily Beast, June 13, 2014. “It’s extraordinary”: Rob Stein, interview with author. “There are few policy victories”: Brian Doherty, interview with author. “actors playing out”: Ibid. Even though Americans: Just 6 percent of Americans wanted Social Security cut, according to Lee Drutman, and a slight majority wanted the program’s benefits increased; see Drutman, “What Donald Trump Gets About the Electorate,” Vox, Aug. 18, 2015. “false prophets”: John Boehner’s interview with John Dickerson on Face the Nation, CBS News, Sept. 27, 2015. “Giving back”: Peter Buffett, “The Charitable-Industrial Complex,” New York Times, July 26, 2013. Anyone paying attention: Confessore, “Outside Groups with Deep Pockets Lift G.O.P.” New York Times, Nov. 5, 2014. “What they want”: Phil Dubose, interview with author.
Power at Ground Zero: Politics, Money, and the Remaking of Lower Manhattan by Lynne B. Sagalyn
affirmative action, airport security, Bonfire of the Vanities, clean water, conceptual framework, corporate governance, deindustrialization, Donald Trump, Edward Glaeser, estate planning, Frank Gehry, Guggenheim Bilbao, high net worth, informal economy, intermodal, iterative process, Jane Jacobs, mortgage debt, New Urbanism, place-making, rent control, Rosa Parks, Rubik’s Cube, Silicon Valley, sovereign wealth fund, the built environment, the High Line, time value of money, too big to fail, Torches of Freedom, urban decay, urban planning, urban renewal, white flight, young professional
By the mid-1980s, with the run-up in real estate values in Manhattan, he had amassed a sizable fortune, enough to have commissioned his first yacht, the 131-foot Silver Shalis (named after his daughters, Sharon and Lisa; he also has a son, Roger. All are in the family real estate business). By 1990, he controlled more than ten million square feet of space. The development exuberance of the 1980s, however, exacted a financial toll, and Silverstein’s “empire shrank as he wrestled with high debt and falling rents that bedeviled other real estate giants like Donald Trump and Olympia & York’s Paul Reichmann.” Though “a bruised combatant in the Manhattan real estate slump” forced to relinquish properties to his creditors, Silverstein emerged a survivor.17 He fought hard to keep his buildings out of default, not wanting to lose them to his creditors, and his success in holding on to 7 World Trade Center during a period of severe market distress, in retrospect, enabled him to bid on the World Trade Center complex in 2001.
“When it comes to the kind of messy New York fights that are likely to make their way not only into the business pages of the New York Times and Wall Street Journal, but also the tabloids and onto the nightly television newscasts,” Brill wrote, “it was hard to match Howard Rubenstein’s PR firm.”21 Brooklyn-born and bred, the lawyer turned PR expert started his eponymous firm in 1954, and over the subsequent decades built a client roster that included many of New York’s iconic organizations (including Bloomberg LP, Columbia University, the Metropolitan Opera, New York Philharmonic, and the Whitney Museum), many of its notables (including Leonard Lauder, George Steinbrenner, and Donald Trump), many of its politicians (as of 2001, the last six mayors and last three governors), and a good fraction of the city’s real estate industry. It was apropos to say he had “served as a spokesman for nearly half the city, running interference for the likes of Ron Perelman and Leona Helmsley, sometimes by turning potentially toxic publicity to his clients’ advantage,” as the New York Post did on the celebratory occasion of his fifty years of spin.
And just before returning to the Port Authority as its executive director, he had been a senior policy advisor to the Spitzer-Paterson 2006 campaign, and then in the governor-elect’s transition office. His view of the timetable issue was being filtered through the lens of the lesson he drew from the public fiasco surrounding the city’s botched renovation of the Wollman Skating Rink in Central Park. The high-profile delay embarrassed Mayor Koch, especially after Donald Trump took over the job and completed the interminably stalled renovation job below budget and in record time.57 Shorris did not believe that going public with Pataki’s timetable deceit would be good for the city, the governor, or the Port Authority. He was being loyal to the institution, perhaps too loyal. As an appointed official, he (as others in a similar position) had to balance loyalty to a bureaucracy (where he may only be passing through), loyalty to his boss, and loyalty to service in the public interest.
Anton Chekhov, Broken windows theory, Buckminster Fuller, delayed gratification, Donald Trump, fear of failure, intangible asset, Jane Jacobs, jitney, light touch regulation, megastructure, New Urbanism, Peter Eisenman, Plutocrats, plutocrats, price mechanism, rent control, Ronald Reagan, upwardly mobile, urban planning, urban renewal
Ziegfeld’s own life was a very conscious work of theater, intended to be consumed by the public through the medium of the newspapers, and to keep a gorgeous sense of luxury, romance, and inspired recklessness washing back and forth between the life and the stage. Ziegfeld was a handsome, dark-eyed man who dressed impeccably; and he understood how to stage-manage his serial romances in a way that Donald Trump could only envy. He fell in love with Anna, and then with an endless succession of beauties; these liaisons ensured that both he and they remained in the spotlight. Ziegfeld plied his beloved, whoever she was, with an endless stream of sable coats and diamond pins and hotel suites and private railroad cars; everything in their lives was the best, the biggest, the shiniest. The love was real, but the display was calculated.
And today’s office tower, and retail-tainment complex, represents only the latest turn in the great evolutionary wheel of real estate usage. Who can guess what tomorrow holds? And yet, until the new age of massive redevelopment, Times Square held very little appeal for the great clans that have dominated New York real estate for close to a century. The buildings were too small, and thus the stakes too low. What’s more, the old clans tend to be extremely conventional and painfully respectable, Donald Trump notwithstanding. The culture of Times Square was just too raffish for the Rudins and the Tishmans and the other titans of development. Times Square real estate has instead been controlled largely by theater families, including the Shuberts and the Nederlanders. The only real exception to that rule has been the one real estate family eccentric enough to feel at home in Times Square: the Dursts.
Wall Street: How It Works And for Whom by Doug Henwood
accounting loophole / creative accounting, activist fund / activist shareholder / activist investor, affirmative action, Andrei Shleifer, asset allocation, asset-backed security, bank run, banking crisis, barriers to entry, borderless world, Bretton Woods, British Empire, capital asset pricing model, capital controls, central bank independence, computerized trading, corporate governance, corporate raider, correlation coefficient, correlation does not imply causation, credit crunch, currency manipulation / currency intervention, David Ricardo: comparative advantage, debt deflation, declining real wages, deindustrialization, dematerialisation, diversification, diversified portfolio, Donald Trump, equity premium, Eugene Fama: efficient market hypothesis, experimental subject, facts on the ground, financial deregulation, financial innovation, Financial Instability Hypothesis, floating exchange rates, full employment, George Akerlof, George Gilder, hiring and firing, Hyman Minsky, implied volatility, index arbitrage, index fund, information asymmetry, interest rate swap, Internet Archive, invisible hand, Irwin Jacobs, Isaac Newton, joint-stock company, Joseph Schumpeter, kremlinology, labor-force participation, late capitalism, law of one price, liberal capitalism, liquidationism / Banker’s doctrine / the Treasury view, London Interbank Offered Rate, Louis Bachelier, market bubble, Mexican peso crisis / tequila crisis, microcredit, minimum wage unemployment, money market fund, moral hazard, mortgage debt, mortgage tax deduction, Myron Scholes, oil shock, Paul Samuelson, payday loans, pension reform, Plutocrats, plutocrats, price mechanism, price stability, prisoner's dilemma, profit maximization, publication bias, Ralph Nader, random walk, reserve currency, Richard Thaler, risk tolerance, Robert Gordon, Robert Shiller, Robert Shiller, selection bias, shareholder value, short selling, Slavoj Žižek, South Sea Bubble, The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, The Market for Lemons, The Nature of the Firm, The Predators' Ball, The Wealth of Nations by Adam Smith, transaction costs, transcontinental railway, women in the workforce, yield curve, zero-coupon bond
Analysts rarely say anything unkind about companies they cover; firms don't want to alienate potential investment banking clients, and the analysts don't want to alienate their sources in management, for fear they'll stop taking their phone calls.^^ As a result, you almost never see a "sell" recommendation; the nastiest thing most analysts will say about a stock is to call it a "hold" rather than a "buy." The most famous example of the pressures at work was when Marvin Roffman, a gambling analyst then in the employ of Janney Montgomery Scott, dared tell the Wall Street Journal in 1990 that Donald Trump's frightening Taj Mahal casino in Atlantic City was a debt-heavy house of cards that "won't make it." Trump threatened to sue Janney, and the firm quickly fired Roffman (who turned out, as of 1996, to be wrong, alas). That's an extreme case. The more normal pressures were described by John Keefe, formerly a banking analyst with Drexel Burnham Lambert who now runs his own research shop in New York.
And with the growth of professional managers working for distant shareholders, "the capitalist vanishes from the production process as someone superfluous." Cooperatives show, Marx said, that workers could hire managers as easily as do the owners of capital (Marx 1981, pp. 511-512). The growth of credit allowed entrepreneurs with no capital, whether skilled, unskilled, or felonious, to use the capital of others. Previsioning Donald Trump, whose net worth was held together in the 1980s in part by slick, publicist-generated magazine articles about how rich and successful he was, Marx wrote: "The actual capital that someone possesses, or is taken to possess by public opinion, now becomes simply the basis for a superstructure of credit." Previsioning modern pension fund managers, who appropriate workers' savings and run them largely in their own interest, paying themselves grandly in the process, he wrote: "What the speculating trader risks is social property, not his own.
Microtrends: The Small Forces Behind Tomorrow's Big Changes by Mark Penn, E. Kinney Zalesne
affirmative action, Albert Einstein, Ayatollah Khomeini, Berlin Wall, big-box store, call centre, corporate governance, David Brooks, Donald Trump, extreme commuting, Exxon Valdez, feminist movement, glass ceiling, God and Mammon, Gordon Gekko, haute couture, hygiene hypothesis, illegal immigration, immigration reform, index card, Isaac Newton, job satisfaction, labor-force participation, late fees, life extension, low skilled workers, mobile money, new economy, RAND corporation, Renaissance Technologies, Ronald Reagan, Rosa Parks, Rubik’s Cube, stem cell, Stephen Hawking, Steve Jobs, Superbowl ad, the payments system, Thomas L Friedman, upwardly mobile, uranium enrichment, urban renewal, War on Poverty, white picket fence, women in the workforce, Y2K
In 2005, filers topped 2 million. Source: American Bankruptcy Institute, 2005 As Harvard Law Professor Elizabeth Warren has noted, that was more Americans than were diagnosed with cancer. More people went bankrupt in America in 2005 than graduated from college. And this is as the economy has been growing. Now we’re not talking here about those innocuous, “reorganizing” corporate bankruptcies, like even Donald Trump does from time to time. Personal bankruptcy is, quite simply, the breaking point at which your credit card bills, mortgage payments, and medical debts so outpace your income that you just can’t function anymore without the intervention of a court. In some parts of the country, bankruptcy is practically a way of life. In Tennessee, Indiana, and Ohio, more than 10 out of every 1,000 people file for bankruptcy.
In general, the worldwide shrinking of airfare has made it easier to commute to your second home, as well as to visit foreign countries in the first place—which Realtors say is always the first step in buying a foreign home. In addition, new tools like multi-currency mortgages, which let you get a mortgage abroad in your home currency, but then switch if interest rates in the host country get more favorable, are easing the way for foreign home-buyers. And several U.S. banks are adjusting their policies to make it easier for foreign nationals who pay U.S. taxes to get home loans. In New York, Donald Trump was a major factor in opening up the city to foreigners. Most buildings in New York City had been co-ops, and since co-ops can reject anyone for just about any reason, they looked very carefully at absentee foreign purchasers. But Trump opened condos, and sales of condos are largely unregulated because they offer single apartments, not shares in a corporation. Now that most new buildings are condos, foreign buyers are streaming in.
clean water, collective bargaining, Community Supported Agriculture, Donald Trump, happiness index / gross national happiness, illegal immigration, indoor plumbing, land reform, life extension, lifelogging, Maui Hawaii, meta analysis, meta-analysis, randomized controlled trial, Silicon Valley, telemarketer
It is a poignant sign of our times that the largest-selling board game in the world today is Monopoly, in which the goal is to bankrupt your opponents and amass all wealth unto yourself. More than two hundred million Monopoly sets have been sold, and the game is currently produced in twenty-six languages. We are complex people, we human beings. There is a little bit of Donald Trump in each of us, and that part of ourselves is often rewarded and reinforced in a society that measures success primarily in material terms. But there is also a little bit of Mother Teresa in us. Each of us—including, I’m sure, Donald Trump himself—has a place that understands the greater importance of our relationships with other people, with our own spirits, and with life itself. I wonder what would happen if instead of glorifying those who excel at getting, we gave our applause and esteem to those who excel at giving?
Wealth and Poverty: A New Edition for the Twenty-First Century by George Gilder
affirmative action, Albert Einstein, Bernie Madoff, British Empire, capital controls, cleantech, cloud computing, collateralized debt obligation, creative destruction, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, deindustrialization, diversified portfolio, Donald Trump, equal pay for equal work, floating exchange rates, full employment, George Gilder, Gunnar Myrdal, Home mortgage interest deduction, Howard Zinn, income inequality, invisible hand, Jane Jacobs, Jeff Bezos, job automation, job-hopping, Joseph Schumpeter, knowledge economy, labor-force participation, margin call, Mark Zuckerberg, means of production, medical malpractice, minimum wage unemployment, money market fund, money: store of value / unit of account / medium of exchange, Mont Pelerin Society, moral hazard, mortgage debt, non-fiction novel, North Sea oil, paradox of thrift, Paul Samuelson, Plutocrats, plutocrats, Ponzi scheme, post-industrial society, price stability, Ralph Nader, rent control, Robert Gordon, Ronald Reagan, Silicon Valley, Simon Kuznets, skunkworks, Steve Jobs, The Wealth of Nations by Adam Smith, Thomas L Friedman, upwardly mobile, urban renewal, volatility arbitrage, War on Poverty, women in the workforce, working poor, working-age population, yield curve, zero-sum game
Volatile and shifting ideas, not heavy and entrenched establishments, constitute the source of wealth. There is no bureaucratic net or tax web that can catch the fleeting thoughts of Eric Schmidt of Google or Chris Cooper of Seldon Technologies. Warren Buffett’s conglomerations of Coke and commercial paper, Nathan Myrvold’s patent trove, John Paulson’s hedges, Mark Zuckerberg’s Facebook mille-feuille mansions, Intel’s waferfabs, the Crow family’s Dallas realms, the gilded towers of Donald Trump—all could become shattered monuments of Ozymandias tomorrow. “Look on my works, ye Mighty and despair!” Shelley wrote in the voice of the king whose empires became mere mounds in the desert sands. Like the steel mills of Pittsburgh, the railroad grid of New England, the thousand mile Erie Canal, the commercial real estate of Detroit, the giant nuclear plants and great printing presses of yesteryear, Kodak’s ruling photography patent portfolio of a decade ago, the HP computers of a year ago, or the sartorial rage of last week, the physical base of the one percent of the one percent can be a trap of wealth, not an enduring fount of liquid treasure.
The great temptation and delusion of socialist regimes is to attempt to guarantee the value of things rather than the ownership of them. This was also the great mistake of the Bush and Obama administrations’ response to the crisis of 2008. Value depends on dedicated ownership. In the United States, until recent socialist slippage, the Constitution guarantees only the right to property, not the worth of it. The reason for the huge wealth gap between Larry Page and Suzie Saintly, between Donald Trump and Harry Homeless, between Oprah and Obama, or between Eric Schmidt and inventor Dan Bricklin, or the one percent and any number of other worthy men and women, is entrepreneurial knowledge and commitment. Most of the richest individuals are bound to the masts of their fortunes. They are allowed to keep their wealth only as long as they invest it in others. In a real sense, they can only keep what they give away.
3D printing, Asian financial crisis, backtesting, bank run, banking crisis, Berlin Wall, Bernie Sanders, BRICs, business climate, business process, call centre, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, central bank independence, centre right, colonial rule, Commodity Super-Cycle, corporate governance, creative destruction, crony capitalism, currency peg, dark matter, debt deflation, deglobalization, deindustrialization, demographic dividend, demographic transition, Deng Xiaoping, Doha Development Round, Donald Trump, Edward Glaeser, Elon Musk, eurozone crisis, failed state, Fall of the Berlin Wall, falling living standards, Francis Fukuyama: the end of history, Freestyle chess, Gini coefficient, hiring and firing, income inequality, indoor plumbing, industrial robot, inflation targeting, Internet of things, Jeff Bezos, job automation, John Markoff, Joseph Schumpeter, Kenneth Rogoff, knowledge economy, labor-force participation, liberal capitalism, Malacca Straits, Mark Zuckerberg, market bubble, mass immigration, megacity, Mexican peso crisis / tequila crisis, mittelstand, moral hazard, New Economic Geography, North Sea oil, oil rush, oil shale / tar sands, oil shock, pattern recognition, Paul Samuelson, Peter Thiel, pets.com, Plutocrats, plutocrats, Ponzi scheme, price stability, Productivity paradox, purchasing power parity, quantitative easing, Ralph Waldo Emerson, random walk, rent-seeking, reserve currency, Ronald Coase, Ronald Reagan, savings glut, secular stagnation, Shenzhen was a fishing village, Silicon Valley, Silicon Valley startup, Simon Kuznets, smart cities, Snapchat, South China Sea, sovereign wealth fund, special economic zone, spectrum auction, Steve Jobs, The Future of Employment, The Wisdom of Crowds, Thomas Malthus, total factor productivity, trade liberalization, trade route, tulip mania, Tyler Cowen: Great Stagnation, unorthodox policies, Washington Consensus, WikiLeaks, women in the workforce, working-age population
The perception gap is even wider in France and the United States, with polls indicating that people think the immigrant population is three times bigger than it really is: American respondents estimated that immigrants account for 32 percent of the population, when the actual figure is 13 percent. This misperception reflects fear of outsiders and skews political debate toward limiting immigration rather than welcoming a healthy mix. In 2015, a front-running candidate for U.S. president, Donald Trump, promised to force Mexico to pay for an impregnable wall on the border. But with the working-age population in Mexico poised to fall as well, Mexicans will have less reason to seek work in the United States. Trump and his supporters didn’t realize it, but in the four years before 2015, net migration from Mexico had fallen to zero, in part because construction jobs in the United States had been harder to find.
In other post-crisis environments, the electorate may demand something more like retribution, rather than reform, if they are angry over rising inequality or fearful of foreign threats. That is the mood in many countries now, the United States included. To an extent not seen in many decades, the 2016 U.S. presidential campaign has been dominated by populists, led on the right by the real estate billionaire Donald Trump and on the left by Bernie Sanders, who is calling for a political revolution against the “billionaire class.” The language of class warfare rarely bodes well for an economy, especially if it pushes mainstream candidates to adopt more radical positions. Many of the Republican presidential candidates are vying with Trump to stake out the most hard-line positions on issues such as immigration, which could undermine the advantage the United States enjoys as a magnet for foreign talent.
accounting loophole / creative accounting, affirmative action, Andrei Shleifer, business climate, cognitive dissonance, corporate governance, corporate raider, Donald Trump, fear of failure, financial deregulation, friendly fire, George Akerlof, hiring and firing, margin call, market bubble, money market fund, moral hazard, offshore financial centre, Ponzi scheme, race to the bottom, Ronald Reagan, short selling, The Market for Lemons, transaction costs
The new auditor decided to disclose publicly ACC’s aggressive accounting practices and to seek the SEC’s prior blessing for the particular accounting treatment that had led Young to resign. (The SEC’s chief accountant listened to the new auditor’s lengthy pitch for recognizing income from a particular transaction. His decision: “No recognition.” End of meeting, end of Keating’s control over Lincoln Savings.) Similarly, Peat, Marwick explained the accounting scam underlying the proposed acquisition of Lincoln Savings. The buyer (the Trump Group—not related to Donald Trump) and Lincoln Savings would both overpay (by over $40 million) to purchase a subsidiary from each other. Lincoln Savings would pay cash; the Trump Group would give a note (an IOU). In short, Lincoln Savings was financing the entire “purchase.” Peat, Marwick then issued the most unusual accounting opinion any of us had ever seen. In its opinion, these mirror purchases should be treated as independent, but if the Bank Board disagreed, the accounting opinion was automatically withdrawn. 8.
Inability or unwillingness of an agency to take effective action against crime because of resource constraints. TAGGART, LAWRENCE. California S&L commissioner. “TAX SHARING” AGREEMENT. Agreement among affiliated companies to file a consolidated tax return and to allocate the tax liability among the affiliates. TAYLOR, MARY ELLEN. Edwin Gray’s principal aide for congressional relations. TRUMP GROUP, THE. Proposed acquirer of Lincoln Savings (not affiliated with Donald Trump). TUTTLE, ROBERT. White House personnel director under Ronald Reagan. VERMIN. Term regulators used for Vernon Savings. VERNON SAVINGS. Texas control fraud run by Don Dixon. VINCENT, JANET. AY auditor who replaced Jack Atchison at Lincoln. VOLCKER, PAUL. Chairman of the Fed. WALL, M. DANNY. Bank Board chairman. WAXMAN, MARGERY. Lawyer with Sidley & Austin; counsel to Charles Keating and Lee Henkel.
Black Edge: Inside Information, Dirty Money, and the Quest to Bring Down the Most Wanted Man on Wall Street by Sheelah Kolhatkar
Bernie Madoff, Donald Trump, family office, fear of failure, financial deregulation, hiring and firing, income inequality, light touch regulation, locking in a profit, margin call, medical residency, mortgage debt, p-value, pets.com, Ponzi scheme, rent control, Ronald Reagan, short selling, Silicon Valley, Skype, The Predators' Ball
In the end, the evidence against him that the government spent nearly ten years assembling was never presented to a jury. All that was left was for Cohen to spend his billions and to plan for his return. Now Cohen is making more money than ever. In 2014, trading only his own fortune, he earned $2.5 billion in profit, more than paying back the fines he was ordered to hand over to the U.S. government. Then, on November 8, 2016, Donald Trump was elected president, vowing to usher in a new era of financial deregulation. The general counsel for Point72, Cohen’s private investment firm, was appointed, briefly, by the incoming Trump administration to recruit candidates for the new Justice Department during the tumultuous transition. In the meantime, Cohen is making plans to reopen his hedge fund as soon as possible. For Seth CAST OF CHARACTERS At the time of the events depicted SAC CAPITAL ADVISORS, STAMFORD, CONNECTICUT THE EXECUTIVES Steven A.
Paul Tudor Jones was one of the first: Munk, “Greenwich’s Outrageous Fortunes.” raised his bid to $14.8 million, and bought the house with cash: Looking back on the incident, Steinberg said in an interview: “The property was magnificent—it was just a big beautiful home. I thought it was perfect the way it was, and he tore it apart.” Steinberg ended up buying another Greenwich mansion, which had previously been owned by Donald Trump, for $15 million. They built a nine-foot stone wall: Marcia Vickers, “The Most Powerful Trader on Wall Street You’ve Never Heard Of,” BusinessWeek, July 20, 2003. It took 283 dump-truck loads: Matthew Purdy, “Our Towns: In Greenwich, More Is Just Too Much,” The New York Times, December 5, 1999. “I feel that it’s not a home”: Purdy, “Our Towns: In Greenwich, More Is Just Too Much.” 3.
The Innovation Illusion: How So Little Is Created by So Many Working So Hard by Fredrik Erixon, Bjorn Weigel
Airbnb, Albert Einstein, asset allocation, autonomous vehicles, barriers to entry, Basel III, Bernie Madoff, bitcoin, Black Swan, blockchain, BRICs, Burning Man, Capital in the Twenty-First Century by Thomas Piketty, Cass Sunstein, Clayton Christensen, Colonization of Mars, commoditize, corporate governance, corporate social responsibility, creative destruction, crony capitalism, dark matter, David Graeber, David Ricardo: comparative advantage, discounted cash flows, distributed ledger, Donald Trump, Elon Musk, Erik Brynjolfsson, fear of failure, first square of the chessboard / second half of the chessboard, Francis Fukuyama: the end of history, George Gilder, global supply chain, global value chain, Google Glasses, Google X / Alphabet X, Gordon Gekko, high net worth, hiring and firing, Hyman Minsky, income inequality, income per capita, index fund, industrial robot, Internet of things, Jeff Bezos, job automation, job satisfaction, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, joint-stock company, Joseph Schumpeter, Just-in-time delivery, Kevin Kelly, knowledge economy, labour market flexibility, laissez-faire capitalism, lump of labour, Lyft, manufacturing employment, Mark Zuckerberg, market design, Martin Wolf, mass affluent, means of production, Mont Pelerin Society, Network effects, new economy, offshore financial centre, pensions crisis, Peter Thiel, Potemkin village, price mechanism, principal–agent problem, Productivity paradox, QWERTY keyboard, RAND corporation, Ray Kurzweil, rent-seeking, risk tolerance, risk/return, Robert Gordon, Ronald Coase, Ronald Reagan, savings glut, Second Machine Age, secular stagnation, Silicon Valley, Silicon Valley startup, Skype, sovereign wealth fund, Steve Ballmer, Steve Jobs, Steve Wozniak, technological singularity, telemarketer, The Chicago School, The Future of Employment, The Nature of the Firm, The Wealth of Nations by Adam Smith, too big to fail, total factor productivity, transaction costs, transportation-network company, tulip mania, Tyler Cowen: Great Stagnation, University of East Anglia, unpaid internship, Vanguard fund, Yogi Berra
Bureaucracy bulges everywhere – and, along with it, its vices of defensiveness and putting comfort first. Today, the West is all too often anxious about the world, fearful of the future, and nostalgic about the past. Populist parties on the left and the right have grown in almost every Western country. Left-wing populism in countries like Greece and Spain builds mainly on the frustrations of the young and the unemployed. In most other countries, populism rather comes from the right and the old. Donald Trump, for instance, has exploited the growing antiestablishment sentiments of older voters, including the boomer generation. Similarly, in the United Kingdom, the campaign to take the country out of the European Union drew strong support from the gray-haired. Whatever the political color of the revolts, Western politics has expanded from redistribution to retribution, and those supporting that shift typically blame foreigners, multinationals, politicians, or simply “the establishment,” for having changed society beyond recognition.
In both America and Europe, it is typically older generations that resist the exploitation of land in their neighborhood to build more houses. They generally have a not-in-my-backyard (nimby) attitude. It is also older generations that hold most of the stock (directly or indirectly) in the incumbent firms that want to shield themselves from new competition. Not surprisingly, older voters represent the dominant share of the support for Donald Trump in the US and Front National’s Marine Le Pen in France. If the West’s populist revolt has a color, it is gray. Younger generations will no longer be better off than their parents, if you believe the prevailing opinion. In countries such as Germany, the United Kingdom and the United States, according to a YouGov poll, the dominant opinion is that the next generation is less likely to be richer, safer, or healthier than the last.23 In Western families, bambinos all too often stay bambinos, and then become what Italians call bamboccioni (big babies), as they cannot afford to leave the nest.
The Little Book of Hedge Funds by Anthony Scaramucci
Andrei Shleifer, asset allocation, Bernie Madoff, business process, carried interest, corporate raider, Credit Default Swap, diversification, diversified portfolio, Donald Trump, Eugene Fama: efficient market hypothesis, fear of failure, fixed income, follow your passion, Gordon Gekko, high net worth, index fund, John Meriwether, Long Term Capital Management, mail merge, margin call, mass immigration, merger arbitrage, money market fund, Myron Scholes, NetJets, Ponzi scheme, profit motive, quantitative trading / quantitative ﬁnance, random walk, Renaissance Technologies, risk-adjusted returns, risk/return, Ronald Reagan, Saturday Night Live, Sharpe ratio, short selling, Silicon Valley, the new new thing, too big to fail, transaction costs, Vanguard fund, Y2K, Yogi Berra, zero-sum game
That being said, the more relevant information one has, the better one is able to process that information in a cogent manner, and the more likely one is to make thoughtful investment decisions that manage risk and generate attractive returns. One last note—not every manager will perform well with every market movement, but what is important is that they are doing what they say they are going to do. It is during monitoring that one must be ruthless. If the manager is off thesis or investment discipline, or his strategy just isn’t right for the current market environment, then it’s time to don your Donald Trump toupee and announce, “You’re fired.” It is very important to stay on this. Like gardens, relationships need to be pruned or they can get out of hand. If all of this sounds way too complicated for you to do on your own, the next chapter will provide you with an alternative investment vehicle that will help you navigate the hedge fund world. In the Words of a Fund of Hedge Fund Legend . . . John Burbank, Founder & Chief Investment Officer, Passport Capital 1.
business climate, credit crunch, Deng Xiaoping, Donald Trump, facts on the ground, glass ceiling, high net worth, illegal immigration, income per capita, indoor plumbing, job-hopping, Maui Hawaii, price stability, quantitative easing, Silicon Valley, Skype, South China Sea, Steve Jobs, thinkpad, trade route, trickle-down economics, upwardly mobile, urban planning, women in the workforce, young professional, zero-sum game
Fear mongering, misinformation, and hysterics about China’s rise are hitting the American airwaves on a daily basis, clouding rational discourse. Nobel Prize–winning economist and New York Times columnist Paul Krugman, and Senator Charles Schumer from New York, feed the flames of fear and anger by arguing that China is stealing American jobs by keeping its currency low, and that America should take an aggressive approach with it. Celebrity businessman, entertainer, and billionaire Donald Trump agrees, and thinks America should slap a 25 percent tariff on all Chinese imports. President George W. Bush’s former counterterrorism and cybersecurity advisor Richard Clarke argues that America needs to beef up its cyber warfare capabilities, because it is under daily attack by Chinese assaults that could threaten America’s security just as much as conventional weapons. Rising anti-China rhetoric is gaining currency and is dangerous and misguided—the last thing anyone needs is the world’s two superpowers in conflict, and strong rhetoric has a way of being self-fulfilling.
The Start-Up of You by Reid Hoffman
Airbnb, Andy Kessler, Black Swan, business intelligence, Cal Newport, Clayton Christensen, commoditize, David Brooks, Donald Trump, en.wikipedia.org, fear of failure, follow your passion, future of work, game design, Jeff Bezos, job automation, late fees, Marc Andreessen, Mark Zuckerberg, Menlo Park, out of africa, Paul Graham, Peter Thiel, recommendation engine, Richard Bolles, risk tolerance, rolodex, shareholder value, side project, Silicon Valley, Silicon Valley startup, social web, Steve Jobs, Steve Wozniak, Tony Hsieh, transaction costs
But we want to introduce the concepts so you can begin to understand how they work, and how they inform the career decisions we’ll talk about in the rest of the book. Your Assets Assets are what you have right now. Before dreaming about the future or making plans, you need to articulate what you already have going for you—as entrepreneurs do. The most brilliant business idea is often the one that builds on the founders’ existing assets in the most brilliant way. There are reasons Larry Page and Sergey Brin started Google and Donald Trump started a real estate firm. Page and Brin were in a computer science doctoral program. Trump’s father was a wealthy real estate developer, and he had apprenticed in his father’s firm for five years. Their business goals emerged from their strengths, interests, and network of contacts. You have two types of career assets to keep track of: soft and hard. Soft assets are things you can’t trade directly for money.
Andrew Wiles, Asian financial crisis, Berlin Wall, bonus culture, British Empire, business process, Cass Sunstein, computer age, corporate raider, credit crunch, Daniel Kahneman / Amos Tversky, discounted cash flows, discovery of penicillin, diversification, Donald Trump, Fall of the Berlin Wall, financial innovation, Gordon Gekko, greed is good, invention of the telephone, invisible hand, Jane Jacobs, Long Term Capital Management, Louis Pasteur, market fundamentalism, Myron Scholes, Nash equilibrium, pattern recognition, Paul Samuelson, purchasing power parity, RAND corporation, regulatory arbitrage, shareholder value, Simon Singh, Steve Jobs, The Death and Life of Great American Cities, The Predators' Ball, The Wealth of Nations by Adam Smith, ultimatum game, urban planning, value at risk
I cannot honestly recommend that you read Bill Gates’s accounts of his career, but if you do you will be left with a clear sense that the man’s primary interest is in computers rather than cash, in building businesses rather than building monuments. Like Carnegie and Rockefeller, Gates has become a substantial philanthropist and has thrown himself with enthusiasm into the application of business methods to charitable purposes. Even the egregious Donald Trump begins his autobiography, The Art of the Deal, with: “I don’t do it for the money. I’ve got enough, much more money than I’ll ever need. I do it to do it. Deals are my art form.”4 No doubt unconsciously, Trump echoes John Stuart Mill: He engages in “some art or pursuit, followed not as a means, but as itself an ideal end.”5 Building a large and successful business, as did Rockefeller and Carnegie, Walton and Gates, requires exceptional talent and hard work, a devotion to business and to the detail of business.
The Pleasures and Sorrows of Work by Alain de Botton
Despite cautionary tales from a range of antecedents from Gauguin to Edward Said, I am unable wholly to suppress fleeting images of a joint future with Salma Mahir, the secretary of the owner of the plant, who harbours as many misconceptions about my country as I do about hers. My Maldivian father looks on. The boss of the tuna plant, when he finally arrives, is an unexpected phenomenon. In temperament, Yasir Waheed combines the phlegmatic romanticism of a late-nineteenth-century French poet with the carnivorous aggression of a contemporary Anglo-American capitalist. His favourite book, by Bill Zanker and Donald Trump, is Think Big and Kick Ass in Business and Life. He is just back from an electronics conference in Dubai, where he picked up a Bluetooth wireless mouse for his Apple Cinema. The plant’s fish handlers know how to fillet a tuna with machetes in three minutes. All were once fishermen. The sound of one of their knives cutting flesh away from a spine recalls that of a fingernail strumming the teeth of a comb.
The Narcissistic Family: Diagnosis and Treatment by Stephanie Donaldson-Pressman, Robert M. Pressman
Even in the face of this and myriad other horror stories, jenny continues to characterize her mother as "my best friend." Now, as an adult, jenny says, "I let people walk all over me. I can't do anything about it. Even if I said something, no one would listen to me. I don't have any close friends. I always do something to push people away.... To say that I have an inferiority complex is like saying that Donald Trump's earnings are above the poverty line-it doesn't even come close to describing the enormity of the situation." After two months of therapy, jenny came into a session visibly upset. She said that her husband had wanted to make love with her, and she had made an excuse-again. Although he had been hurt and angry, she said that he told her that he was trying to be patient because he knew "that I'm coming in here [to therapy] to get this straightened out, and he knows I'm trying very hard in my therapy and he's sure it'll be better soon.
Some sellers take a screen-capture movie that shows themselves logging into their Analytics, PayPalPayPal, Bank, or other accounts to prove the website statistics. These videos can also be faked, but it is much more difficult. A common technique is to ask the seller to share his screen with you over Skype or Teamviewer and show you exactly what you want to see, in real time, on the seller’s PC. “Sometimes your best investments are the ones you don’t make.” —Donald Trump Some kinds of accounts, like Google Analytics, will allow for the creation of a “read only” guest account. Most honest sellers are happy to add your gmail account to their Analytics accounts so that you can browse the historical and current statistics at your leisure. Another technique is to ask the seller to add your Amazon, Analytics, or Adsense code to his website for a period of time and then watch the actual sales and traffic metrics in your own account.
Brexit: What the Hell Happens Now?: The Facts About Britain's Bitter Divorce From Europe 2016 by Ian Dunt
Germany’s decision to welcome a million refugees was an act of extraordinary political bravery, but it prompted resentment from countries on the migration trail and destabilised the domestic political base of its Chancellor, Angela Merkel. These twin crises – debt and refugees – have created a surge of euroscepticism on the Continent. More than ever before, people are questioning the European project. It is a component, perhaps, of a broader global trend, finding its most grotesque expression in Donald Trump in the US. Populists – typically of the right but occasionally of the left – have proved adept at channelling anger over stagnating wages, economic insecurity and globalisation into an attack on the status quo and an affirmation of national, religious or cultural identity. This has been a long time coming. Brussels is terrible at making its case. It has failed to show how it helps the public.
The Option of Urbanism: Investing in a New American Dream by Christopher B. Leinberger
American Society of Civil Engineers: Report Card, asset allocation, big-box store, centre right, commoditize, credit crunch, David Brooks, desegregation, Donald Trump, drive until you qualify, edge city, full employment, Intergovernmental Panel on Climate Change (IPCC), Jane Jacobs, knowledge economy, McMansion, mortgage tax deduction, new economy, New Urbanism, peak oil, Ponzi scheme, postindustrial economy, RAND corporation, Report Card for America’s Infrastructure, reserve currency, Richard Florida, Seaside, Florida, the built environment, transit-oriented development, urban planning, urban renewal, urban sprawl, walkable city, white flight
Compiled by RCLCo, Washington, D.C. Christopher B. Leinberger, “The Need for Alternatives to the Nineteen Standard Real Estate Product Types,” Places 17, no. 2 (July 2005). International Council of Shopping Centers and Urban Land Institute, Dollars and Cents of Shopping Centers, 2006. Tom Wolfe, A Man in Full (New York: Farrar, Straus & Giroux, 1998), p. 171. Although many developers, personified by Donald Trump, have the image of being the ultimate gamblers, most are extremely cautious. The name of the game is to minimize all risks up front before any financial exposure is taken, such as, have national credit tenants, use other people’s money, do not start a development unless you know your exit strategy, develop only proven conforming products, do not pioneer, have construction-cost guarantees with a bonded construction firm, etc.
“Bob Hare,” I said. I pronounced his name quite clearly: “Bob Hare.” “I never heard of him!” said Al, a triumphant glint in his eye. “Never heard of him!” Judy agreed. “He’s a psychologist,” I said. I exhaled to indicate that I felt the same way he presumably did about psychologists. Al pointed toward a gold cabinet in his office, inside which were photographs of him with Henry Kissinger, Donald Trump, Prince Charles, Ronald Reagan, Kerry Packer, Lord Rothschild, Rush Limbaugh, and Jeb Bush, as if to say, “Those are men I have heard of!” “So, that list . . . ?” said Al. He looked suddenly intrigued. “Go ahead,” he said. “Let’s do it.” “Okay,” I said. I pulled it out of my pocket. “Are you sure?” “Yeah, let’s do it.” “Okay. Item one. Superficial charm.” “I’m totally charming,” he replied.
Let My People Go Surfing by Yvon Chouinard
This book has been in process for fifteen years because it’s taken that long to prove to ourselves that we can break the rules of traditional business and make it not just work but work even better, especially for a company that wants to be here for the next one hundred years. HISTORY No young kid growing up ever dreams of someday becoming a businessman. He wants to be a fireman, a sponsored athlete, or a forest ranger. The Lee Iacoccas, Donald Trumps, and Jack Welches of the business world are heroes to no one except other businessmen with similar values. I wanted to be a fur trapper when I grew up. My father was a tough French Canadian from Quebec. Papa completed only three years of schooling before he had to begin working on the family farm, at the age of nine. In later years he worked as a journeyman plasterer, carpenter, electrician, and plumber.
A Mathematician Plays the Stock Market by John Allen Paulos
Benoit Mandelbrot, Black-Scholes formula, Brownian motion, business climate, butterfly effect, capital asset pricing model, correlation coefficient, correlation does not imply causation, Daniel Kahneman / Amos Tversky, diversified portfolio, Donald Trump, double entry bookkeeping, Elliott wave, endowment effect, Erdős number, Eugene Fama: efficient market hypothesis, four colour theorem, George Gilder, global village, greed is good, index fund, intangible asset, invisible hand, Isaac Newton, John Nash: game theory, Long Term Capital Management, loss aversion, Louis Bachelier, mandelbrot fractal, margin call, mental accounting, Myron Scholes, Nash equilibrium, Network effects, passive investing, Paul Erdős, Paul Samuelson, Ponzi scheme, price anchoring, Ralph Nelson Elliott, random walk, Richard Thaler, Robert Shiller, Robert Shiller, short selling, six sigma, Stephen Hawking, survivorship bias, transaction costs, ultimatum game, Vanguard fund, Yogi Berra
Not exactly, but there is scant evidence that they possess any unusual predictive powers. That’s why I thought news stories in November 2002 recounting New York Attorney General Eliot Spitzer’s criticism of Institutional Investor magazine’s analyst awards were a tad superfluous. Spitzer noted that the stock-picking performances of most of the winning analysts were, in fact, quite mediocre. Maybe Donald Trump will hold a press conference pointing out that the country’s top gamblers don’t do particularly well at roulette. Decimals and Other Changes Like analysts and brokers, market makers (who make their money on the spread between the bid and the ask price for a stock) have received more than their share of criticism in recent years. One result has been a quiet reform that makes the market a bit more efficient.
Is It Just Me? by Miranda Hart
‘Don’t put all your eggs in one basket because . . . you might spill milk . . .’ No, hang on, hang on – ‘Don’t count your chickens before . . . you’ve looked at a gift horse . . .’ OK, right, I know, I know . . . ‘Never go to the supermarket when you’re hungry.’ There you go. Doesn’t get wiser than that. Fact. You’re the pity one. I’m the wise one, I tell you. Wise. You’re deluded. You could be standing at the font between Donald Trump and the Dalai Lama and you’d still think you were the ‘wise’ one. Anyway, what’s so marvellous about being a godparent? It sounds dweeby to me. Loads of things. First and foremost – you get to give them back. Did you hear me? You can give the children back. Joy. Brilliant. The minute the child cries, you immediately hand it straight back to it’s mother in a swift rugby pass manoeuvre (although do make sure the baby isn’t at any point airborne, as it turns out that isn’t funny).
barriers to entry, bitcoin, Brian Krebs, cashless society, defense in depth, Donald Trump, employer provided health coverage, John Markoff, mutually assured destruction, offshore financial centre, payday loans, pirate software, placebo effect, ransomware, Silicon Valley, Stuxnet, the payments system, transaction costs, web application
What’s mind-boggling is that when the UCSD researchers calculated the direct and indirect costs of these programs during an eleven-month period between May 2009 and April 2010, they found that the net profit for these programs was about 20 percent of gross revenue. “What’s fascinating about all this is that at the end of the day, we’re not talking about all that much money,” said UCSD’s Savage. “These guys running the pharma programs are not Donald Trumps, yet their activity is going to have real and substantial financial impact on the day-to-day lives of tens of millions of people. In other words, for these guys to make modest riches, we need a multibillion-dollar security industry to deal with them.” Savage and his research team also had a chance to review many of the leaked chats between Gusev and his business partner Stupin, and said the conversations were replete with examples of how these guys were constantly looking for ways to add value to their consumer offerings.
The New Elite: Inside the Minds of the Truly Wealthy by Dr. Jim Taylor
British Empire, call centre, dark matter, Donald Trump, estate planning, full employment, glass ceiling, income inequality, Jeff Bezos, Louis Pasteur, Maui Hawaii, McMansion, means of production, passive income, performance metric, Plutocrats, plutocrats, Plutonomy: Buying Luxury, Explaining Global Imbalances, Ronald Reagan, stealth mode startup, Steve Jobs, Thorstein Veblen, trickle-down economics, women in the workforce, zero-sum game
We sought not only to answer Lyle’s speciﬁc question about the willingness of wealthy people to pay for amenities A, B, and C the next time they purchase a multimillion dollar home; we also sought to understand who the wealthy are—at fundamental social and psychological levels: their mind-set and lifestyles; their attitudes and values; their aspirations for themselves, their children, and the world in general. Today’s Wealth Explosion 3 We sought to understand how they came by their money, and how, if at all, it has changed them; whether money can buy happiness, or if it just brings a new set of challenges; whether they live loudly or quietly; whether the typical wealthy person is more like Donald Trump, Oprah Winfrey, Paris Hilton, or none of the above; indeed, whether or not there is such a thing as a ‘‘typical’’ wealthy person. As market researchers, we were, of course, particularly interested in how they save, invest, and spend their money. In where they shop, what brands they like, and what luxury means to them. And whether conspicuous consumption—a term coined by economist Thorstein Veblen over 100 years ago—is a fair characterization of how they buy and live today, or if it is an unfair generalization based on media stories about an unrepresentative few.
So You've Been Publicly Shamed by Jon Ronson
4chan, AltaVista, Berlin Wall, Broken windows theory, Burning Man, Clive Stafford Smith, cognitive dissonance, Desert Island Discs, don't be evil, Donald Trump, drone strike, Google Hangouts, illegal immigration, Menlo Park, PageRank, Ralph Nader, Rosa Parks, Silicon Valley, Skype, Steve Jobs, urban planning, WikiLeaks
As somebody wrote back then, ‘Facebook is where you lie to your friends, Twitter is where you tell the truth to strangers.’ Having funny and honest conversations with like-minded people I didn’t know got me through hard times that were unfolding in my actual house. Then came the Jan Moir and the LA Fitness shamings - shamings to be proud of - and I remembered how exciting it felt when hitherto remote billionaires like Rupert Murdoch and Donald Trump created their own Twitter accounts. For the first time in history we sort-of had direct access to ivory-tower oligarchs like them. We became keenly watchful for transgressions. After a while it wasn’t just transgressions we were keenly watchful for. It was misspeakings. Fury at the terribleness of other people had started to consume us a lot. And the rage that swirled around seemed increasingly in disproportion to whatever stupid thing some celebrity had said.
delayed gratification, demographic transition, Donald Trump, financial independence, happiness index / gross national happiness, index card, Mason jar, peak oil, Ponzi scheme, risk tolerance, Skype, women in the workforce
Make the appointment while there’s still time! “How many weeks pregnant were you when you talked to Terry?” I asked, still stalling. When she looked at me strangely, I said, “I’m sorry. I guess I don’t believe you can have it all. I don’t believe any of us can. In fact, I believe the very expression having it all is not only a myth but also a symptom of how sick we are in our contemporary culture. Nobody gets to have it all, not even Donald Trump. You will have one thing or another depending on what choice you make. Or you will have both things in limited amounts, and that might turn out to be perfect, just exactly the life you want.” * * * Feminist friends my age groan in agony when they meet young women who don’t even know precisely what the words Roe v. Wade refer to. But, in fairness, what did I know, at eighteen, about Margaret Sanger, or everything it took to pass the Nineteenth Amendment, or how many states failed to ratify the ERA?
The Secret World of Oil by Ken Silverstein
business intelligence, clean water, corporate governance, corporate raider, Donald Trump, energy security, Exxon Valdez, failed state, Google Earth, offshore financial centre, oil shock, paper trading, rolodex, Ronald Reagan, WikiLeaks, Yom Kippur War
The Web site says only that fees “vary based on location and inquiries should be made to the WSB.” But one can get a sense of his standard fee by consulting the Web site of the All American Speakers Bureau, another agency that at one time represented Blair (and which still advertises his services). All American puts Blair in its category of Celebrity Headliners and pegs his minimum fee as $200,000. That’s twice the rate demanded by Donald Trump, four times higher than for comedian Don Rickles and ten times higher than for Leah “Coco” Fort, “the developer of the four-step process to personal success known as the Coco Conversion.” In December 2008, he established Tony Blair Associates (TBA), “which will allow him to provide, in partnership with others, strategic advice on both a commercial and pro bono basis, on political and economic trends and governmental reform.”
The media in particular are always looking to publish stories that will inspire their readers. Think about the well-known celebrities and members of the rich list who started out with very little and ended up becoming famous. Perhaps you were already wealthy, but through circumstances you lost your money then started on the road back to success again. Many prominent ﬁgures today have often lost their money in the past then rebuilt their empire. Donald Trump, one of the United States’ wealthiest businessmen and star of the US version of The Apprentice, lost his fortune in the 1990s but climbed back up to what is now reputed to be billionaire status. Rags to riches (and sometimes back again) is the perfect content for building great stories. But your story doesn’t have to be built around adversity. You can instead create a story based on your travels, adventures, situations you have experienced, humorous times, difﬁcult times – anything that will evoke strong emotional ties with your audiences. Your mentors.
Airbnb, airport security, Al Roth, Alvin Roth, Andrei Shleifer, attribution theory, autonomous vehicles, barriers to entry, Brownian motion, centralized clearinghouse, Chuck Templeton: OpenTable, clean water, conceptual framework, constrained optimization, continuous double auction, creative destruction, deferred acceptance, Donald Trump, Edward Glaeser, experimental subject, first-price auction, framing effect, frictionless, fundamental attribution error, George Akerlof, Goldman Sachs: Vampire Squid, Gunnar Myrdal, helicopter parent, information asymmetry, Internet of things, invisible hand, Isaac Newton, iterative process, Jean Tirole, Jeff Bezos, Johann Wolfgang von Goethe, John Nash: game theory, John von Neumann, Joseph Schumpeter, Kenneth Arrow, late fees, linear programming, Lyft, market clearing, market design, market friction, medical residency, multi-sided market, mutually assured destruction, Nash equilibrium, Occupy movement, Pareto efficiency, Paul Samuelson, Peter Thiel, pets.com, pez dispenser, pre–internet, price mechanism, price stability, prisoner's dilemma, profit motive, proxy bid, RAND corporation, ride hailing / ride sharing, Robert Shiller, Robert Shiller, Ronald Coase, school choice, school vouchers, sealed-bid auction, second-price auction, second-price sealed-bid, sharing economy, Silicon Valley, spectrum auction, Steve Jobs, Tacoma Narrows Bridge, technoutopianism, telemarketer, The Market for Lemons, The Wisdom of Crowds, Thomas Malthus, Thorstein Veblen, trade route, transaction costs, two-sided market, uranium enrichment, Vickrey auction, Vilfredo Pareto, winner-take-all economy
Most memorably, though, he used his mathematical skills to extend Smith’s invisible hand arguments, introducing a particular criterion by which economists could assess social well-being.5 This welfare principle, named Pareto efficiency by British economist I. M. D. Little, suggests that we may judge an economic system by whether it’s possible, through some series of trades or exchanges, to make at least one individual better off without making anyone worse off. This is a fairly minimalist view on social welfare—for example, if a tax policy brought millions of people out of poverty but in the process left Donald Trump with ten fewer dollars in his bank account, it would fail to be a Pareto improvement because someone—even someone as rich and odious as Trump—is made worse off. But that also means that Pareto improvements should be changes that everyone can agree on because, by definition, everyone is better off. It is exactly this type of work that served as a bridge between Smith’s stories and the mathematical economists of the twentieth century who took Pareto’s work and showed, rigorously, that efficient markets are Pareto optimal (i.e., no two market participants can improve their lot through further exchange, once the economy is up and running).6 The worldly philosophers created a set of conjectures and principles.
Progress: Ten Reasons to Look Forward to the Future by Johan Norberg
agricultural Revolution, anti-communist, availability heuristic, Bartolomé de las Casas, Berlin Wall, British Empire, business climate, clean water, continuation of politics by other means, Daniel Kahneman / Amos Tversky, demographic transition, desegregation, Donald Trump, Flynn Effect, germ theory of disease, Gini coefficient, Gunnar Myrdal, Haber-Bosch Process, Hans Island, Hans Rosling, Ignaz Semmelweis: hand washing, income inequality, income per capita, indoor plumbing, Isaac Newton, Jane Jacobs, John Snow's cholera map, Kibera, Louis Pasteur, Mahatma Gandhi, meta analysis, meta-analysis, Mikhail Gorbachev, more computing power than Apollo, moveable type in China, Naomi Klein, open economy, place-making, Rosa Parks, sexual politics, special economic zone, Steven Pinker, telerobotics, The Wealth of Nations by Adam Smith, transatlantic slave trade, very high income, working poor, Xiaogang Anhui farmers, zero-sum game
‘Doom and gloom, everywhere’, as a woman on the street responded when public radio asked her to describe the state of the world.2 This is what we see in the news, and it seems to be the story of our time. An article about the zeitgeist ahead of New Year’s Eve 2015 in the Financial Times ran with the headline: ‘Battered, bruised and jumpy – the whole world is on edge’. These perceptions feed the fear and nostalgia on which Donald Trump has built his US presidential campaign. Fifty-eight per cent of those who voted for Britain to leave the EU in the country’s recent referendum say life is worse today than thirty years ago. In 1955, thirteen per cent of the Swedish public thought that there were ‘intolerable conditions’ in society. After half a century of expanded human liberties, rising incomes, reduction in poverty and improved health care, more than half of all Swedes thought so.3 Many experts and authorities agree.
Found in Translation: How Language Shapes Our Lives and Transforms the World by Nataly Kelly, Jost Zetzsche
airport security, Berlin Wall, Celtic Tiger, crowdsourcing, Donald Trump, glass ceiling, Machine translation of "The spirit is willing, but the flesh is weak." to Russian and back, randomized controlled trial, Ray Kurzweil, Skype, speech recognition, Steve Jobs, the market place
Interpreting always felt easy for him.2 Fast-forward to today, and you’ll see Jason in some situations that also have a lot riding on them, but he’s as relaxed and at ease interpreting as he was as a kid. One moment you’ll find him rendering an acceptance speech at the Academy Awards. The next, you’ll see him standing next to Hollywood stars at galas and charity events. Turn on the television, and there he is, speaking to Larry King, Ellen, or Donald Trump. Peer over at the White House lawn, and you’ll find him having a conversation with President Obama. Jason interprets professionally for only one person, but she happens to be the most famous Deaf person in the world—Marlee Matlin. An Oscar-winning actress, Matlin has a lot riding on her interpreter’s skills. While Matlin’s career success is due to her skill as an actress and her willingness to push boundaries, the ability to showcase her unique personality to the hearing world depends in great part on his work.
accounting loophole / creative accounting, Albert Einstein, Bernie Madoff, Broken windows theory, cashless society, clean water, cognitive dissonance, Credit Default Swap, Donald Trump, fudge factor, new economy, Richard Feynman, Richard Feynman, Schrödinger's Cat, shareholder value, Steve Jobs, Walter Mischel
he said, pointing to another student. “A vacation.” “To the private island you own? Perfect! When you make the kind of money that great cheaters make, it changes your life. Is anyone here a foodie?” A few students raised their hands. “What about a meal made personally by Jacques Pépin? A wine tasting at Châteauneuf-du-Pape? When you make enough money, you can live large forever. Just ask Donald Trump! Look, we all know that for ten million dollars you would drive over your boyfriend or girlfriend. I am here to tell you that it is okay and to release the handbrake for you!” By that time most of the students were starting to realize that they were not dealing with a serious role model. But having spent the last ten minutes sharing dreams about all the exciting things they would do with their first $10 million, they were torn between the desire to be rich and the recognition that cheating is morally wrong.
Never Split the Difference: Negotiating as if Your Life Depended on It by Chris Voss, Tahl Raz
banking crisis, Black Swan, clean water, cognitive bias, Daniel Kahneman / Amos Tversky, Donald Trump, framing effect, friendly fire, iterative process, loss aversion, market fundamentalism, price anchoring, telemarketer, ultimatum game, uranium enrichment
What business is successful if there’s only one buyer? Leverage has a lot of inputs, like time and necessity and competition. If you need to sell your house now, you have less leverage than if you don’t have a deadline. If you want to sell it but don’t have to, you have more. And if various people are bidding on it at once, good on you. I should note that leverage isn’t the same thing as power. Donald Trump has tons of power, but if he’s stranded in a desert and the owner of the only store for miles has the water he wants, the vendor has the leverage. One way to understand leverage is as a fluid that sloshes between the parties. As a negotiator you should always be aware of which side, at any given moment, feels they have the most to lose if negotiations collapse. The party who feels they have more to lose and are the most afraid of that loss has less leverage, and vice versa.
8-hour work day, Albert Einstein, barriers to entry, Bernie Madoff, butterfly effect, buy low sell high, California gold rush, Donald Trump, financial independence, high net worth, intangible asset, Mark Zuckerberg, negative equity, passive income, payday loans, self-driving car, Snapchat, Stephen Hawking, Steve Jobs, Tony Hsieh, Y2K
The people you do business with, the people you include in your business, the people you hire and the people you serve are all part of your network. Take care of it; it is a major part of what you are worth. Treat your staff and customers with great respect. Respect and value your business partnerships, and do not put up with people who do not respect you. The money is in the relationships; the fortune is in the follow-ups. Think big. You have to start thinking big instead of small. (Donald Trump says if you're going to do some thinking about investing anyway, you might as well make it big!) Imagine the size of the return on your investment. How big do you want it to be? If you want it to be sizeable, then you have to put in the proportional amount of work, in terms of money and time. Your investment is your money and your time. You have to give as much as you can to your project before you get anything back.
3D printing, 4chan, A Declaration of the Independence of Cyberspace, Airbnb, Amazon Web Services, Any sufficiently advanced technology is indistinguishable from magic, Apple's 1984 Super Bowl advert, barriers to entry, Berlin Wall, big-box store, bitcoin, business climate, call centre, Cass Sunstein, centralized clearinghouse, Chelsea Manning, citizen journalism, cloud computing, collaborative consumption, collaborative editing, commoditize, creative destruction, crony capitalism, cross-subsidies, crowdsourcing, David Brooks, death of newspapers, Donald Trump, Douglas Engelbart, Douglas Engelbart, en.wikipedia.org, Exxon Valdez, Fall of the Berlin Wall, Filter Bubble, Firefox, Galaxy Zoo, global supply chain, Google Chrome, Gordon Gekko, Hacker Ethic, Jaron Lanier, Jeff Bezos, jimmy wales, John Markoff, Julian Assange, Kevin Kelly, Khan Academy, Kickstarter, Lean Startup, Mark Zuckerberg, minimum viable product, Mohammed Bouazizi, Mother of all demos, Narrative Science, new economy, Occupy movement, old-boy network, peer-to-peer, period drama, Peter Thiel, pirate software, publication bias, Robert Metcalfe, Ronald Reagan, Ronald Reagan: Tear down this wall, sharing economy, Silicon Valley, Skype, social web, Steve Jobs, Steve Wozniak, Stewart Brand, Stuxnet, Ted Nelson, Telecommunications Act of 1996, telemarketer, The Wisdom of Crowds, transaction costs, uranium enrichment, Whole Earth Catalog, WikiLeaks, Zipcar
The challenge in the age of networked knowledge and the end of Big Minds and Big Credibility is how to counter these claims without, as Dan Kahan has noted, playing into a context or worldview that would further reinforce false claims. The Obama presidential campaign responded in part by launching the Web site FightTheSmears.com, to build their own network to combat vicious online rumors. But those rumors continued to metastasize until we had Donald Trump on prime time television demanding to see the president’s birth certificate. It created quite a dilemma for the president: giving in to the absurdity might look like a victory for the right, but at the same time the issue was becoming a giant distraction. In the end, President Obama made the rumor about his birth and religion a central part of the annual Gridiron roast of major political people in Washington, D.C., opening by suggesting that new footage of his birth had come to light and then showing a clip from the Disney animated feature The Lion King.
Unreal Estate: Money, Ambition, and the Lust for Land in Los Angeles by Michael Gross
Albert Einstein, Ayatollah Khomeini, bank run, Bernie Madoff, California gold rush, clean water, corporate raider, Donald Trump, estate planning, family office, financial independence, Irwin Jacobs, Maui Hawaii, McMansion, mortgage debt, Norman Mailer, offshore financial centre, oil rush, passive investing, pension reform, Ponzi scheme, Right to Buy, Robert Bork, Ronald Reagan, Silicon Valley, stem cell, Steve Jobs, Steve Wozniak, The Predators' Ball, transcontinental railway, yellow journalism
He seemed to settle down when he went to work in mergers and acquisitions at Castle & Cook and Dole, where he served as vice president of investments, and ran a pharmaceutical company into which he and his father poured millions. But he remained a player on the local celebrity social scene, too, hosting annual Halloween parties at Murdock Plaza with Ted Field, dating singer Avril Lavigne and Donald Trump’s daughter Ivanka, and allegedly endangering the existence of the rock band Aerosmith in 2009 when he partied a bit too hard with its substance-troubled singer Steven Tyler. In fall 2010, the New York Post’s Page Six column reported that the young heir, his family’s pharmaceutical company, and Castle & Cook were being sued. The plaintiff, a company executive, alleged that Justin had made derogatory remarks about women, called her a whore, described outré sex practices to her, said she needed “a good pounding,” and simulated sex acts at meetings.
The next year, it was announced that the ball would henceforth be held every other year, fueling speculation that the Davises were ready to leave Denver behind. They did and by 1987, Barbara was said to be looking for a Los Angeles cause to support. Instead, in 1990, she relaunched her diabetes benefit as the Carousel of Hope, and it has been held in Beverly Hills ever since. Davis’s shift in geographic focus was evident when he beat Donald Trump and Merv Griffin in a bidding war to buy the Beverly Hills Hotel from its latest owners, the New York arbitrageur Ivan Boesky, his wife Seema, her sister, Muriel Slatkin, and her estranged husband. Boesky concluded the sale as he was negotiating a plea bargain after he was indicted for insider trading; his in-laws had also sued him for misusing hotel funds in his illegal deals. A relatively small-stakes venture—Davis reportedly bid $135 million and promised to invest another $40 million in renovations—the hotel still held symbolic value for the Angelenos who flocked to The Knoll for the Davis Christmas party that year.
Barbarians at the Gate: The Fall of RJR Nabisco by Bryan Burrough, John Helyar
His idea of entertaining was tossing a softball around on a Sunday afternoon and retiring early to read. “Getting Jerry to go out to a cocktail party,” says a friend, “is a major event.” Kravis, on the other hand, lived for the lush life. His first marriage on the rocks, Kravis began seeing Carolyne Roehm, and the couple quickly became a fixture of society pages. Every night, it seemed, they were photographed at some black-tie function or another, laughing with flashy friends such as the Donald Trumps. Kohlberg didn’t think it was the way a grown man ought to act; it was ostentatious, and it gave the firm a bad image. “It came to bother Jerry a lot,” says a Kohlberg friend. “It came between them to the point where Jerry couldn’t stand to go to Henry’s apartment on Park Avenue, there was so much wealth.” Rather than confront Kravis, Kohlberg took his complaints to his kindred spirit, Roberts.
Paul Atlanta move and background and education of Johnson and named chairman of RJR Nabisco ouster of Spangler and successor to Stock Nabisco Brands Philip Morris PIK RJ Reynolds Industries RJ Reynolds Tobacco Company RJR Nabisco restricted Standard Brands Standard Brands’ purchase of Stern Metals Stock market crash (1987) Stokes, Colin Storer Communications Strauss, Bonnie Strauss, Thomas The Drexel Problem and Kravis’s conflict with in peace talks Strong, William Stuart, Scott Sustana, Ron Swenson, Gary T. Eaton Tax law Team RJR Nabisco Tender offer leak of Terry, Luther Texaco Thatcher, Margaret “This Week with David Brinkley,” Time Tobacco industry. See also Cigarettes; Philip Morris; RJ Reynolds Tobacco Company lawsuits against RJR Nabisco’s image connected to Tombstone advertisements Tomlinson, Roy Tonabe, Bunichiro Travelers Truesdell, Richard Trump, Blaine Trump, Donald Trump, Ivana Trustbusting Ueberroth, Peter Uneeda Biscuit Ungeheuer, Frederick United Airlines Vantage Pro-Am Volcker, Paul Von Arx, Dolph Wachovia Bank & Trust Wade, Charley Wake Forest University Waldron, Hicks Wall Street Journal, The Walter, Jim Ward, Chuck Warner, Rawleigh Wasserstein, Bruce in The Group resignation of tender offer leak and tender offer suggested by Wasserstein Perella & Co.
White Trash: The 400-Year Untold History of Class in America by Nancy Isenberg
A. Roger Ekirch, back-to-the-land, British Empire, California gold rush, colonial rule, Copley Medal, desegregation, Donald Trump, feminist movement, full employment, indoor plumbing, invisible hand, joint-stock company, land reform, land tenure, mass immigration, New Urbanism, Norman Mailer, Plutocrats, plutocrats, Republic of Letters, Ronald Reagan, Scientific racism, The Wealth of Nations by Adam Smith, theory of mind, trade route, transcontinental railway, trickle-down economics, upwardly mobile, urban renewal, War on Poverty, working poor, Works Progress Administration
When you turn an election into a three-ring circus, there’s always a chance that the dancing bear will win.40 By the time of the 2008 election, Americans had been given a thorough taste of the new medium of reality TV, in which instant celebrity could produce a national idol out of a nobody. In The Swan, working-class women were being altered through plastic surgery and breast implants to look like, say, a more modest, suburban Dolly Parton. While American Idol turned unknowns into overnight singing sensations, the attention-craving heiress Paris Hilton consented to filming an updated Green Acres in The Simple Life, moving into an Arkansas family’s rural home. Donald Trump’s The Apprentice, billed as a “seductive weave of aspiration and Darwinism,” celebrated ruthlessness. In these and related shows, talent was secondary; untrained stars were hired to serve voyeuristic interests, in expectation that, as mediocrities, they could be relied on to exhibit the worst of human qualities: vanity, lust, and greed. In 2008, Palin underwent an off-camera “Extreme Makeover”—to borrow a title from one of the more popular such shows.
Hell, give him somebody to look down on, and he’ll empty his pockets for you.” We are a country that imagines itself as democratic, and yet the majority has never cared much for equality. Because that’s not how breeding works. Heirs, pedigree, lineage: a pseudo-aristocracy of wealth still finds a way to assert its social power. We see how inherited wealth grants status without any guarantee of merit or talent. To wit: would we know of Donald Trump, George W. Bush, Jesse Jackson Jr., or such Hollywood names as Charlie Sheen and Paris Hilton, except for the fact that these, and many others like them, had powerful, influential parents? Even some men of recognized competence in national politics are products of nepotism: Albert Gore Jr., Rand Paul, Andrew Cuomo, and numerous Kennedys. We give children of the famous a big head start, deferring to them as rightful heirs, a modern-day version of the Puritans’ children of the Elect.
Total Recall: My Unbelievably True Life Story by Arnold Schwarzenegger, Peter Petre
Berlin Wall, California gold rush, call centre, clean water, cleantech, Donald Trump, financial independence, Golden Gate Park, illegal immigration, index card, Maui Hawaii, Mikhail Gorbachev, oil shale / tar sands, pension reform, risk tolerance, rolodex, Ronald Reagan, Saturday Night Live, Silicon Valley, stem cell, Y2K
Kennedy Center for the Performing Arts, where the showing of Twins capped a daylong festival of entertainment in Washington, DC, promoting the Special Olympics. President-elect Bush came with his wife, Barbara, and Teddy Kennedy, Massachusetts congressman Joe Kennedy II, and other members of the Kennedy and Shriver clans all came. Barbara Walters and TV news anchorwoman Connie Chung were there, and even business tycoons Armand Hammer and Donald Trump. Out front there was a traffic jam of stretch limos, along with dozens of cameras crews and hundreds of fans. A demo of gymnastics and weight lifting by Special Olympics athletes opened the show. Then the president elect got up onstage and praised the athletes for their courage before turning to me. “There are all kinds of courage,” he joked. “There is the courage of my friend Arnold Schwarzenegger, who more than once campaigned with me across this country—then returned home each time to take the heat from his own in-laws.”
But someone like Ted Turner goes from running his father’s outdoor advertising business to founding CNN, to organizing the Goodwill Games, to raising bison and supplying bison meat, to having forty-seven honorary degrees. That’s what I call staying hungry. Bono starts as a musician, then buys others’ music, then works to combat AIDS and to create jobs. Anthony Quinn was not happy just being a movie star. He wanted to do more. He became a painter whose canvases sold for hundreds of thousands of dollars. Donald Trump turned his inheritance into a fortune ten times as big, then had a network TV show. Sarge traveled the world till he died, always hungry for new projects. So many accomplished people just coast. They wish they could still be somebody and not just talk about the past. There is much more to life than being the greatest at one thing. We learn so much when we’re successful, so why not use what you’ve learned, use your connections and do more with them?
Cheap: The High Cost of Discount Culture by Ellen Ruppel Shell
barriers to entry, Berlin Wall, big-box store, cognitive dissonance, computer age, creative destruction, Daniel Kahneman / Amos Tversky, delayed gratification, deskilling, Donald Trump, Edward Glaeser, fear of failure, Ford paid five dollars a day, Frederick Winslow Taylor, George Akerlof, global supply chain, global village, greed is good, Howard Zinn, income inequality, interchangeable parts, inventory management, invisible hand, James Watt: steam engine, Joseph Schumpeter, Just-in-time delivery, knowledge economy, loss aversion, market design, means of production, mental accounting, Pearl River Delta, Ponzi scheme, price anchoring, price discrimination, race to the bottom, Richard Thaler, Ronald Reagan, side project, Steve Jobs, The Market for Lemons, The Wealth of Nations by Adam Smith, Thomas L Friedman, trade liberalization, traveling salesman, ultimatum game, Victor Gruen, washing machines reduced drudgery, working poor, yield management, zero-sum game
They tend to worry less about making a bad decision and therefore seem more decisive and less likely to blame themselves if the decision turns out to be disappointing. Burman told me that high-cognition types are not necessarily more intelligent, just more introspective. Highly introspective people are not always the most successful, particularly when their introspection leads to indecision. “Deciders” such as Donald Trump and President George W. Bush are not known for their introspection, and there is no evidence that they suffer greatly from decision regret. They don’t seem to suffer from much outcome regret, either, although this is mere inference. Burman is fascinated by the concept of regret and, in particular, by the impact of this noisome emotion on our everyday lives. She told me that the power of regret to shape consumer decisions is profound, particularly in the case of discounting.
Groundswell: Winning in a World Transformed by Social Technologies by Charlene Li, Josh Bernoff
business process, call centre, centre right, citizen journalism, crowdsourcing, demand response, Donald Trump, estate planning, Firefox, John Markoff, knowledge worker, Silicon Valley, skunkworks, Tony Hsieh
“It took an external opportunity like The Apprentice to create a need for real innovation,” Babs recalled. “There is always some nervousness about how it will turn out.” The Dove ads created by the teams on The Apprentice were pretty bad; it wasn’t the best way to showcase and launch a product. But the Dove team took advantage of the Apprentice miscues and the buzz around them to launch their own version of the ad, introduced by Apprentice host Donald Trump himself, which generated a flood of visits to dove.com. In the end the Apprentice gamble and the subsequent ad paid off—Babs told us that Dove Cool Moisture Beauty Body Wash had strong sales results after the episode aired. By 2005, Rob was eager to push the envelope again, and this time the Web was central to this plan. Rather than trying to capture a person’s attention with thirty seconds of video between sitcom segments, Rob wanted to engage with consumers who wanted to hear from Dove.
Automate This: How Algorithms Came to Rule Our World by Christopher Steiner
23andMe, Ada Lovelace, airport security, Al Roth, algorithmic trading, backtesting, big-box store, Black-Scholes formula, call centre, cloud computing, collateralized debt obligation, commoditize, Credit Default Swap, credit default swaps / collateralized debt obligations, delta neutral, Donald Trump, Douglas Hofstadter, dumpster diving, Flash crash, Gödel, Escher, Bach, High speed trading, Howard Rheingold, index fund, Isaac Newton, John Markoff, John Maynard Keynes: technological unemployment, knowledge economy, late fees, Marc Andreessen, Mark Zuckerberg, market bubble, medical residency, money market fund, Myron Scholes, Narrative Science, PageRank, pattern recognition, Paul Graham, Pierre-Simon Laplace, prediction markets, quantitative hedge fund, Renaissance Technologies, ride hailing / ride sharing, risk tolerance, Sergey Aleynikov, side project, Silicon Valley, Skype, speech recognition, Spread Networks laid a new fibre optics cable between New York and Chicago, transaction costs, upwardly mobile, Watson beat the top human players on Jeopardy!, Y Combinator
This group is spontaneous, creative, and playful. They react strongly to things: “I love that!” or “That sucks!” Many innovators come from this group. Under pressure, they can be stubborn, negative, and blameful. If you think you spot shades of yourself in more than one of the categories above, you’re not mistaken. Our personalities tend to be dominated by one of the six traits, but we possess differing percentages of the other five. Donald Trump, for instance, is most certainly an actions-based person, but he likely has an emotions-driven piece of his personality that isn’t part of his public face. As one of NASA’s powerful people determining who would be part of its manned space program, McGuire became an expert at quickly reading people. He can tell within five minutes what personality is dominant in somebody he’s talking with.
Bobos in Paradise: The New Upper Class and How They Got There by David Brooks
1960s counterculture, affirmative action, Community Supported Agriculture, David Brooks, Donald Trump, Francis Fukuyama: the end of history, George Gilder, haute couture, haute cuisine, income inequality, Jane Jacobs, Jeff Bezos, means of production, Mikhail Gorbachev, New Urbanism, Norman Mailer, place-making, Ralph Waldo Emerson, Robert Bork, Silicon Valley, The Bell Curve by Richard Herrnstein and Charles Murray, The Death and Life of Great American Cities, Thorstein Veblen, Upton Sinclair, upwardly mobile, urban planning, War on Poverty, Yogi Berra
In today’s educated class that would be considered an affront to humane values. Today’s educated elites tend not to bar entire groups, but like any establishment, they do have their boundary markers. You will be shunned if you embrace glitzy materialism. You will be shunned if you are overtly snobbish. You will be shunned if you are anti-intellectual. For one reason or another the following people and institutions fall outside the ranks of Bobo respectability: Donald Trump, Pat Robertson, Louis Farrakhan, Bob Guccione, Wayne Newton, Nancy Reagan, Adnan Khashoggi, Jesse Helms, Jerry Springer, Mike Tyson, Rush Limbaugh, Philip Morris, developers, loggers, Hallmark greeting cards, the National Rifle Association, Hooters. The New Pecking Order So when the Protestant Establishment collapsed, it is not as if America became a magical place without elites, without hierarchies, without etiquette and social distinctions.
Realizing Tomorrow: The Path to Private Spaceflight by Chris Dubbs, Emeline Paat-dahlstrom, Charles D. Walker
Berlin Wall, call centre, desegregation, Donald Trump, Doomsday Book, Elon Musk, high net worth, Iridium satellite, iterative process, Jeff Bezos, Mark Shuttleworth, Mikhail Gorbachev, multiplanetary species, Norman Mailer, Richard Feynman, Richard Feynman, Ronald Reagan, Search for Extraterrestrial Intelligence, Silicon Valley, Skype, Steve Jobs, Steve Wozniak, technoutopianism, V2 rocket, X Prize, young professional
By 4 October Rutan had won the x PRIZE and had a second-generation, passenger-carrying spaceship on the drawing boards. Branson's flair would initially focus on the marketing. In the fall of that year, Branson was also knee-deep in the launch of yet another project, a TV program in which he would star called Rebel Billionaire, scheduled to premier on 9 November. It was modeled on the NBC reality program The Apprentice, starring another larger-than-life businessman, Donald Trump. The show would introduce the rogue Branson to the American public as something of an anti-Trump. Branson was an advocate for fun in the workplace, not intimidation. Eager Virgin interns on the show would not be sitting behind a desk creating spreadsheets, a la The Apprentice, but skydiving or engaging in other adventurous challenges, just like their adventure-seeking mentor. Branson had earned his success not by following the stodgy rules of business but by breaking them.
Baghdad Without a Map and Other Misadventures in Arabia by Tony Horwitz
That night, on Faki's invitation, I went to dinner at his home at the edge of Muglad. Since I was barred from visiting the refugee camp, I'd latched onto Faki as the next-best subject for a story about Southern Sudan. I was writing, at the time, for The Wall Street Journal, and Faki struck me as the sort of ruthless entrepreneur with whom bond sharks and arbitragers might identify. Muglad's Mover and Shaker. Donald Trump in turban and galabiya. That evening I saw another side: Faki the village sheik and chieftain. His home lay at the end of a long dirt road, behind a high fence of sorghum stalks. I arrived to find a dozen other guests sitting in the open yard, sipping water. Faki's house was invisible, hidden behind trees in the twilight. One of the men explained that we were the first shift to dine at Faki's table, with two other groups to follow.
The Alpha Masters: Unlocking the Genius of the World's Top Hedge Funds by Maneet Ahuja, Myron Scholes, Mohamed El-Erian
activist fund / activist shareholder / activist investor, Asian financial crisis, asset allocation, asset-backed security, backtesting, Bernie Madoff, Bretton Woods, business process, call centre, collapse of Lehman Brothers, collateralized debt obligation, computerized trading, corporate governance, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, diversification, Donald Trump, en.wikipedia.org, family office, fixed income, high net worth, interest rate derivative, Isaac Newton, Long Term Capital Management, Marc Andreessen, Mark Zuckerberg, merger arbitrage, Myron Scholes, NetJets, oil shock, pattern recognition, Ponzi scheme, quantitative easing, quantitative trading / quantitative ﬁnance, Renaissance Technologies, risk-adjusted returns, risk/return, rolodex, short selling, Silicon Valley, South Sea Bubble, statistical model, Steve Jobs, systematic trading, zero-sum game
The board turned down Ackman’s and Leucadia’s proposal, opting for a deal with a white-shoe group which included David Rockefeller, Tishman-Speyer Properties Inc. and the Whitehall Street Real Estate LP, a real estate investment fund managed by Goldman, Sachs & Company, who on October 1, 1995, offered to pay $296.5 million, or $7.75 a share, for the company. The investor group at the time would also assume about $800 million of the real estate investment trust’s debt, about $191 million of which was owed to Whitehall and a Goldman Sachs subsidiary. Before the Goldman deal closed, Ackman received a call from Donald Trump who said that Goldman Sachs was trying to steal Rockefeller Center. “We have to do something about it,” said Trump. “I’ll come by your office.” Embarrassed by his sparse surroundings, Ackman quickly offered to hop a cab to Trump Towers instead. Trump’s idea was to convert 30 Rock into a residential condominium, but the tower had been nearly fully leased for many years into the future to multiple tenants, making the strategy unfeasible.
The Bogleheads' Guide to Investing by Taylor Larimore, Michael Leboeuf, Mel Lindauer
asset allocation, buy low sell high, corporate governance, correlation coefficient, Daniel Kahneman / Amos Tversky, diversification, diversified portfolio, Donald Trump, endowment effect, estate planning, financial independence, financial innovation, high net worth, index fund, late fees, Long Term Capital Management, loss aversion, Louis Bachelier, margin call, market bubble, mental accounting, money market fund, passive investing, Paul Samuelson, random walk, risk tolerance, risk/return, Sharpe ratio, statistical model, survivorship bias, the rule of 72, transaction costs, Vanguard fund, yield curve, zero-sum game
-Errold E Moody Knowing your risk tolerance is a very important aspect of investing and one that the academics have studied extensively. Their experiments prove that most investors are more fearful of a loss than they are happy with a gain. We all know people who are afraid of investing in the stock market because they know they might lose money. Risk-averse savers keep billions of dollars in CDs and bank savings accounts, despite their low yields. At the other extreme, we know of investors like Donald Trump who think nothing of investing hundreds of millions of dollars in speculative investments-and are seemingly unworried even when bankruptcy looms. Most of us have a risk tolerance that lies somewhere between these extremes. In order to help determine if your portfolio is suitable for your risk tolerance, you need to be brutally honest with yourself as you try to answer the question, "Will I sell during the next bear market?"
The Drunkard's Walk: How Randomness Rules Our Lives by Leonard Mlodinow
Albert Einstein, Alfred Russel Wallace, Antoine Gombaud: Chevalier de Méré, Atul Gawande, Brownian motion, butterfly effect, correlation coefficient, Daniel Kahneman / Amos Tversky, Donald Trump, feminist movement, forensic accounting, Gerolamo Cardano, Henri Poincaré, index fund, Isaac Newton, law of one price, pattern recognition, Paul Erdős, probability theory / Blaise Pascal / Pierre de Fermat, RAND corporation, random walk, Richard Feynman, Richard Feynman, Ronald Reagan, Stephen Hawking, Steve Jobs, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, Thomas Bayes, V2 rocket, Watson beat the top human players on Jeopardy!
But had it not been for Kildall’s uncooperativeness, IBM’s lack of vision, or the second encounter between Sams and Gates, despite whatever visionary or business acumen Gates possesses, he might have become just another software entrepreneur rather than the richest man in the world, and that is probably why his vision seems like that of just that—another software entrepreneur. Our society can be quick to make wealthy people into heroes and poor ones into goats. That’s why the real estate mogul Donald Trump, whose Plaza Hotel went bankrupt and whose casino empire went bankrupt twice (a shareholder who invested $10,000 in his casino company in 1994 would thirteen years later have come away with $636),13 nevertheless dared to star in a wildly successful television program in which he judged the business acumen of aspiring young people. Obviously it can be a mistake to assign brilliance in proportion to wealth.
The Unbearable Lightness of Scones by Alexander McCall Smith
But when there are hundreds of thousands of spondulicks at stake, then he likes to know what’s going on. He’ll probably want to meet you.” “That’s fine by me.” “Good,” said Nick. “He’s actually quite good company. I’ve met him a few times. He owns a couple of wine bars in George Street and places like that. Mister Donald, as everybody calls him. Graeme Donald, I think. Yes, Graeme Donald. Big chap. Funny hairstyle, like Donald Trump’s.” Bruce stood absolutely still. Julia’s father. If a few words can end a world, they can have no difficulty in ending a career. Although Nick was unaware of it, he had just disclosed the reason why Bruce would never be the face of Scotland. Unless … unless Graeme Donald was a fair-minded man who would not let personal factors influence a business decision. That was always possible. “I know him,” said Bruce.
The Inmates Are Running the Asylum by Alan Cooper
Albert Einstein, delayed gratification, Donald Trump, Howard Rheingold, informal economy, iterative process, Jeff Bezos, Menlo Park, natural language processing, new economy, pets.com, Robert X Cringely, Silicon Valley, Silicon Valley startup, skunkworks, Steve Jobs, Steven Pinker, telemarketer, urban planning
If you define the boundaries of a development project only in terms of deadlines and feature lists, the product might be delivered on time, but it won't be desired. If, instead, you define the project in terms of quality and user satisfaction, you will get a product that users want, and it won't take any longer. There's an old Silicon Valley joke that asks, "How do you make a small fortune in software?" The answer, of course, is, "Start with a large fortune!" The hidden costs of even well-managed software-development projects are large enough to give Donald Trump pause. Yacht racing and drug habits are cheaper in the long run than writing software without the proper controls. Part II: It Costs You Big Time Chapter 3 Wasting Money Chapter 4 The Dancing Bear Chapter 5 Customer Disloyalty Chapter 3. Wasting Money It's harder than you might think to squander millions of dollars, but a flawed software-development process is a tool well suited to the job.
Bricks & Mortals: Ten Great Buildings and the People They Made by Tom Wilkinson
Berlin Wall, British Empire, cuban missile crisis, Donald Trump, double helix, experimental subject, false memory syndrome, financial independence, Ford paid five dollars a day, Frederick Winslow Taylor, Google Glasses, housing crisis, Kitchen Debate, Mahatma Gandhi, mass incarceration, megacity, neoliberal agenda, New Urbanism, traveling salesman, trickle-down economics, Upton Sinclair, urban planning
The palazzo was a family home and, since family was inextricably entwined with business for Florentines, a corporate HQ: in this case, one as gleamingly new and impressive as any Shanghai skyscraper today. Giovanni’s palace dresses its marmoreal permanence in cutting-edge garb, radiating both reliability and modernity – traits essential to a successful business. No wonder he thought building was as important as sex. Rich men like Giovanni have always used architecture to promote themselves and their businesses, even – in the case of flamboyant developers such as Donald Trump – making building itself into an occupation. Architecture is, like any other art, a way of making money, and the priapic towers of developers like Trump expose the business of architecture at its most naked, pulsating with empurpled money lust. From the proto-capitalists who built Florence to the titanic developers of Manhattan, from the German inventors of corporate identity to the deracinated corporations parasitising contemporary London, corporate patrons have reconstructed the city in their own image.
The Boy Who Could Change the World: The Writings of Aaron Swartz by Aaron Swartz, Lawrence Lessig
affirmative action, Alfred Russel Wallace, American Legislative Exchange Council, Benjamin Mako Hill, bitcoin, Bonfire of the Vanities, Brewster Kahle, Cass Sunstein, deliberate practice, Donald Knuth, Donald Trump, failed state, fear of failure, Firefox, full employment, Howard Zinn, index card, invisible hand, John Gruber, Lean Startup, More Guns, Less Crime, peer-to-peer, post scarcity, Richard Feynman, Richard Feynman, Richard Stallman, Ronald Reagan, school vouchers, semantic web, single-payer health, SpamAssassin, SPARQL, telemarketer, The Bell Curve by Richard Herrnstein and Charles Murray, the scientific method, Toyota Production System, unbiased observer, wage slave, Washington Consensus, web application, WikiLeaks, working poor, zero-sum game
It’s a vicious cycle: if people buy less, companies make less, which means people get paid less, which means people buy less. And so on, until we’re all out of work. (Thankfully it doesn’t get that bad—but only because some people are refusing to lower their wages. The thing that mainstream economists said was causing unemployment is actually preventing it!) But this cycle can be run in reverse. Imagine Donald Trump hires unemployed people to build him a new skyscraper. They’re suddenly getting paid again, which means they can start spending again. And each dollar they spend goes to a different business, which can start hiring people itself. And then those newly hired people start spending the new money they make, and so on. This is the multiplier: each dollar that gets spent provides even more than one dollar’s worth of boost to the economy.
4chan, Ada Lovelace, Alan Turing: On Computable Numbers, with an Application to the Entscheidungsproblem, Bertrand Russell: In Praise of Idleness, carbon footprint, cellular automata, Claude Shannon: information theory, cognitive dissonance, commoditize, complexity theory, crowdsourcing, David Heinemeier Hansson, Donald Trump, Douglas Hofstadter, George Akerlof, Gödel, Escher, Bach, high net worth, Isaac Newton, Jacques de Vaucanson, Jaron Lanier, job automation, l'esprit de l'escalier, Loebner Prize, Menlo Park, Ray Kurzweil, RFID, Richard Feynman, Richard Feynman, Ronald Reagan, Skype, statistical model, Stephen Hawking, Steve Jobs, Steven Pinker, theory of mind, Thomas Bayes, Turing machine, Turing test, Von Neumann architecture, Watson beat the top human players on Jeopardy!, zero-sum game
Or perhaps the wealthy person who accepts the gamble and the less wealthy person who declines it are, in fact, choosing completely appropriately in both cases. Consider: a family deep into debt and about to default on their home could really use that first million; the added three million would be icing on the cake but wouldn’t change much. The “quadruple or nothing” offer just isn’t worth betting the farm—literally. Whereas for a billionaire like Donald Trump, a million bucks is chump change, and he’ll probably take his chances, knowing the odds favor him. The two choose differently—and both choose correctly. At any rate, and with examples like this one aside, the prevailing attitude seems clear: economists who subscribe to the rational-choice theory and those who critique it (in favor of what’s known as “bounded rationality”) both think that an emotionless, Spock-like approach to decision making is demonstrably superior.
airport security, British Empire, call centre, clean water, corporate social responsibility, Deng Xiaoping, Donald Trump, fear of failure, glass ceiling, high net worth, income per capita, Jeff Bezos, Johann Wolfgang von Goethe, Marc Andreessen, microcredit, Own Your Own Home, random walk, rolodex, shareholder value, Silicon Valley, Skype, Steve Ballmer
“To close the press conference, the Microsoft management ensemble sings a song—with accompaniment by the band [Band? Had I approved the budget for a band?]. The song should show the vigor and vitality of Microsoft employees.” I tried to imagine Jack Welch and his cadre of senior GE executives crooning a tune to the assembled press—“We’re just wild about shareholder value, and our shareholders are wild about us.” Or Donald Trump singing, “Give my regards to Broadway, as I am planning to buy it soon.” I suppressed my smile and changed the subject. “We have to make sure that Bill is well briefed and is constantly citing examples of the great work Microsoft is doing in China. We are spending millions of dollars on programs like technology scholarships for promising students. We’re building a massive research office here.
Present Shock: When Everything Happens Now by Douglas Rushkoff
algorithmic trading, Andrew Keen, bank run, Benoit Mandelbrot, big-box store, Black Swan, British Empire, Buckminster Fuller, cashless society, citizen journalism, clockwork universe, cognitive dissonance, Credit Default Swap, crowdsourcing, Danny Hillis, disintermediation, Donald Trump, double helix, East Village, Elliott wave, European colonialism, Extropian, facts on the ground, Flash crash, game design, global supply chain, global village, Howard Rheingold, hypertext link, Inbox Zero, invention of agriculture, invention of hypertext, invisible hand, iterative process, John Nash: game theory, Kevin Kelly, laissez-faire capitalism, Law of Accelerating Returns, loss aversion, mandelbrot fractal, Marshall McLuhan, Merlin Mann, Milgram experiment, mutually assured destruction, negative equity, Network effects, New Urbanism, Nicholas Carr, Norbert Wiener, Occupy movement, passive investing, pattern recognition, peak oil, price mechanism, prisoner's dilemma, Ralph Nelson Elliott, RAND corporation, Ray Kurzweil, recommendation engine, selective serotonin reuptake inhibitor (SSRI), Silicon Valley, Skype, social graph, South Sea Bubble, Steve Jobs, Steve Wozniak, Steven Pinker, Stewart Brand, supply-chain management, the medium is the message, The Wisdom of Crowds, theory of mind, Turing test, upwardly mobile, Whole Earth Catalog, WikiLeaks, Y2K, zero-sum game
When we see a real product in a fictional show, we are drawn out of the fantasy and back into real-world considerations. The viewers of The Real World, ironically, have no such expectation of the consistency of reality. They know enough about marketing to accept that the clothes the participants wear might be sponsored by fashion companies in the same way that professional sports uniforms are sponsored by Nike. That’s the real world, after all. If Donald Trump’s “apprentices” are all working to brand a new hamburger, the audience understands that Burger King has paid for the exposure. In presentist TV, programmers lose the ability to distinguish between the program and the commercial—but they also lose the need to do so. The bigger challenge is creating content compelling enough to watch, and to do so without any setup at all. Without the traditional narrative arc at their disposal, producers of reality TV must generate pathos directly, in the moment.
Death of the Liberal Class by Chris Hedges
1960s counterculture, Albert Einstein, Berlin Wall, call centre, clean water, collective bargaining, Columbine, corporate governance, deindustrialization, desegregation, Donald Trump, Fall of the Berlin Wall, Henry Ford's grandson gave labor union leader Walter Reuther a tour of the company’s new, automated factory…, hive mind, housing crisis, Howard Zinn, illegal immigration, Jane Jacobs, Jaron Lanier, Lao Tzu, Pearl River Delta, post scarcity, profit motive, Ralph Nader, Ronald Reagan, strikebreaker, the scientific method, The Wisdom of Crowds, Tobin tax, union organizing, Unsafe at Any Speed, Upton Sinclair, WikiLeaks, working poor, Works Progress Administration
The liberal class became fearful, timid, and ineffectual. It lost its voice. It became part of the corporate structure it should have been dismantling. It created an ideological vacuum on the left and ceded the language of rebellion to the far right. Capitalism was once viewed by workers as a system to be fought. But capitalism is no longer challenged. Capitalist bosses, men such as Warren Buffett, George Soros, and Donald Trump, are treated as sages, celebrities and populists. The liberal class functions as their cheerleaders. Such misguided loyalty, illustrated by environmental groups that refuse to excoriate the Obama White House over the ecological catastrophe in the Gulf of Mexico, ignores the fact that the divide in America is not between Republican and Democrat. It is a divide between the corporate state and the citizen.
The Road to Character by David Brooks
Cass Sunstein, David Brooks, desegregation, Donald Trump, follow your passion, George Santayana, Mahatma Gandhi, meta analysis, meta-analysis, moral hazard, New Journalism, Ralph Waldo Emerson, rent control, Snapchat, Steve Jobs, Triangle Shirtwaist Factory, union organizing, Upton Sinclair, upwardly mobile
When we use it negatively, we think of the arrogant person, someone who is puffed up and egotistical, boasting and strutting about. But that is not really the core of pride. That is just one way the disease of pride presents itself. By another definition, pride is building your happiness around your accomplishments, using your work as the measure of your worth. It is believing that you can arrive at fulfillment on your own, driven by your own individual efforts. Pride can come in bloated form. This is the puffed-up Donald Trump style of pride. This person wants people to see visible proof of his superiority. He wants to be on the VIP list. In conversation, he boasts, he brags. He needs to see his superiority reflected in other people’s eyes. He believes that this feeling of superiority will eventually bring him peace. That version is familiar. But there are other proud people who have low self-esteem. They feel they haven’t lived up to their potential.
The 4-Hour Workweek: Escape 9-5, Live Anywhere, and Join the New Rich by Timothy Ferriss
Albert Einstein, Amazon Mechanical Turk, call centre, clean water, Donald Trump, en.wikipedia.org, Firefox, fixed income, follow your passion, game design, global village, Iridium satellite, knowledge worker, late fees, Maui Hawaii, oil shock, paper trading, Parkinson's law, passive income, peer-to-peer, pre–internet, Ralph Waldo Emerson, remote working, Richard Feynman, risk tolerance, Ronald Reagan, side project, Silicon Valley, Silicon Valley startup, Skype, Steve Jobs, Vilfredo Pareto, wage slave, William of Occam
I’m not saying don’t plan for the worst case—I have maxed out 401(k)s and IRAs I use primarily for tax purposes—but don’t mistake retirement for the goal. 2. Interest and Energy Are Cyclical. If I offered you $10,000,000 to work 24 hours a day for 15 years and then retire, would you do it? Of course not—you couldn’t. It is unsustainable, just as what most define as a career: doing the same thing for 8+ hours per day until you break down or have enough cash to permanently stop. How else can my 30-year-old friends all look like a cross between Donald Trump and Joan Rivers? It’s horrendous—premature aging fueled by triple bypass frappuccinos and impossible workloads. Alternating periods of activity and rest is necessary to survive, let alone thrive. Capacity, interest, and mental endurance all wax and wane. Plan accordingly. The NR aims to distribute “mini-retirements” throughout life instead of hoarding the recovery and enjoyment for the fool’s gold of retirement.
Comedy Writing Secrets by Mel Helitzer, Mark Shatz
AMERICAN ENGLISH ITALIAN Dick Chuck Spike Trixy Percy Humphrey Reginald Victor Guido Tony Giuseppe JEWISH FRENCH CHICANO Mendel Sadie Irving Sam Morris Lena Pierre Francois Henri Pepe Suzette Margarita Jose Pablo Manuel Funny Words and Foul Language 183 Most male comedians purposely take short names, more often than not a nickname: Woody, Soupy, Adam, Chris, Dave, Jay, Tim, Billy, Eddie, and Sinbad. Female humorists names are just as short: Goldie, Lily, Lucy, Whoopi, Rita, and Tina. Donald Trump said he named his daughter Tiffany after his favorite store: Tiffany's. How ridiculous is that? In fact, I was just talking about that with my two sons, Crate and Barrel. —Shawn Dion Cities and Places There seems to be no limit to the names of cities, small towns, streets, restaurants, bars, hotels, colleges, and department stores that can be used as humor fuses. The more localized they are, the better.
Southeast Queens is home to some of the most sprawling housing projects in all of New York City, most prominently South Jamaica’s Baisley Park Houses and the South Jamaica Houses, nicknamed the “40 Projects” because its cluster of tall brick buildings sits beside Public School 40. South Jamaica is composed mostly of public housing though one area, Jamaica Estates, is dominated by the middle class and is the birthplace of Donald Trump. Further to the south are the Springfield Gardens and Laurelton sections of southeast Queens, which are made up of blocks of middle-class housing developments that breed a professional class of doctors, lawyers, and accountants. Then there is Hollis. Located just east of South Jamaica, the single-family homes of Hollis have for decades been a refuge for lower-middle-class African Americans fleeing the cramped conditions of poor neighborhoods such as the South Bronx and Harlem.
algorithmic trading, automated trading system, banking crisis, bash_history, Bernie Madoff, butterfly effect, buttonwood tree, Chuck Templeton: OpenTable, cloud computing, collapse of Lehman Brothers, computerized trading, creative destruction, Donald Trump, fixed income, Flash crash, Francisco Pizarro, Gordon Gekko, Hibernia Atlantic: Project Express, High speed trading, Joseph Schumpeter, latency arbitrage, Long Term Capital Management, Mark Zuckerberg, market design, market microstructure, pattern recognition, pets.com, Ponzi scheme, popular electronics, prediction markets, quantitative hedge fund, Ray Kurzweil, Renaissance Technologies, Sergey Aleynikov, Small Order Execution System, South China Sea, Spread Networks laid a new fibre optics cable between New York and Chicago, stealth mode startup, stochastic process, transaction costs, Watson beat the top human players on Jeopardy!, zero-sum game
But Fleiss kept pushing. Finally, the man said he ran a fund called Renaissance Technologies. Fleiss nearly fell out of his chair. He wanted to talk more, but a gleaming Bentley had just pulled to the curb and Jim Simons quickly disappeared into it. AS Rebellion built up its system, Fleiss began marketing the fund, mailing off descriptions of its strategy to deep-pocketed investors such as Donald Trump. Most of the time, he received form-letter rejections with stamped signatures. Others granted an interview. At a meeting with Highbridge Capital Management, a giant quant fund owned by J.P. Morgan, he and Greenberg were told they had zero chance of success. Far better to close up shop and join an established fund—like Highbridge. “The only reason I took this meeting was to see if there’s any talent worth poaching,” the Highbridge manager told them.
Ultimate Sales Machine by Chet Holmes
DISC tests use word association to measure the intensity of each characteristic in the tested candidate. Dominance is a personality trait that has to do with the strength of your ego. It is a measure of your personal power, your desire to control situations, and how well you assert yourself in every interaction. Candidates who exhibit high dominance have strong egos. Although the word ego tends to have negative connotations, it is actually a good thing in certain situations. Donald Trump has a strong ego. Do you think that's helped him go from the $25 million his father was worth to the billions he's worth today? Then there are others whose ego is less obvious, but it's clearly working hard for them. Do you think that Steven Spielberg is a wallflower? No, he has a strong sense of self (ego) that has guided him to becoming one of the most powerful producer/directors on the planet.
On Writing Well (30th Anniversary Edition) by William Zinsser
Clair McKelway, Robert Lewis Taylor, Lillian Ross, Wolcott Gibbs—who used deadpan humor to assassinate such public nuisances as Walter Winchell, leaving hardly a mark where their stiletto broke the skin. Singer’s lethal potion is concocted of hundreds of outlandish facts and quotes—he is a tenacious reporter—and a style that barely suppresses his own amusement. It works particularly well on the buccaneers who continue to try the patience of the citizenry, as proved by his profile in The New Yorker of the developer Donald Trump. Noting that Trump “had aspired to and achieved the ultimate luxury, an existence unmolested by the rumbling of a soul,” Singer describes a visit to Mar-a-Lago, the Palm Beach spa converted by Trump from the 118-room Hispano-Moorish-Venetian mansion built in the 1920s by Marjorie Merriweather Post and E. F. Hutton: Evidently, Trump’s philosophy of wellness is rooted in a belief that prolonged exposure to exceptionally attractive young spa attendants will instill in the male clientele a will to live.
Utopia Is Creepy: And Other Provocations by Nicholas Carr
Air France Flight 447, Airbnb, Airbus A320, AltaVista, Amazon Mechanical Turk, augmented reality, autonomous vehicles, Bernie Sanders, book scanning, Brewster Kahle, Buckminster Fuller, Burning Man, Captain Sullenberger Hudson, centralized clearinghouse, cloud computing, cognitive bias, collaborative consumption, computer age, corporate governance, crowdsourcing, Danny Hillis, deskilling, digital map, Donald Trump, Electric Kool-Aid Acid Test, Elon Musk, factory automation, failed state, feminist movement, Frederick Winslow Taylor, friendly fire, game design, global village, Google bus, Google Glasses, Google X / Alphabet X, Googley, hive mind, impulse control, indoor plumbing, interchangeable parts, Internet Archive, invention of movable type, invention of the steam engine, invisible hand, Isaac Newton, Jeff Bezos, jimmy wales, job automation, Kevin Kelly, lifelogging, low skilled workers, Marc Andreessen, Mark Zuckerberg, Marshall McLuhan, means of production, Menlo Park, mental accounting, natural language processing, Network effects, new economy, Nicholas Carr, Norman Mailer, off grid, oil shale / tar sands, Peter Thiel, Plutocrats, plutocrats, profit motive, Ralph Waldo Emerson, Ray Kurzweil, recommendation engine, Republic of Letters, robot derives from the Czech word robota Czech, meaning slave, Ronald Reagan, self-driving car, SETI@home, side project, Silicon Valley, Silicon Valley ideology, Singularitarianism, Snapchat, social graph, social web, speech recognition, Startup school, stem cell, Stephen Hawking, Steve Jobs, Steven Levy, technoutopianism, the medium is the message, theory of mind, Turing test, Whole Earth Catalog, Y Combinator
Back in June, the Hillary Clinton campaign issued its official Spotify playlist, packed with on-message tunes (“Brave,” “Fighters,” “Stronger,” “Believer”). Ted Cruz live-streams his appearances on Periscope. Marco Rubio broadcasts “Snapchat Stories” along the trail. Rand Paul and Lindsey Graham produce goofy YouTube videos. Even grumpy old Bernie Sanders has attracted nearly two million friends on Facebook, leading the New York Times to dub him “a king of social media.” And then there’s Donald Trump. If Sanders is a king, Trump is a god. A natural-born troll, adept at issuing inflammatory bulletins at opportune moments, he’s the first candidate optimized for the Google News algorithm. In a typical tweet, sent out at dawn at the start of a recent campaign week, he described Clinton aide Huma Abedin as “a major security risk” and “the wife of perv sleazebag Anthony Wiener.” Exuberantly impolitic, such messages attract Trump a vast web audience—four million followers on Twitter alone—while giving reporters and pundits fresh bait to feed on.
The Undoing Project: A Friendship That Changed Our Minds by Michael Lewis
Albert Einstein, availability heuristic, Cass Sunstein, choice architecture, complexity theory, Daniel Kahneman / Amos Tversky, Donald Trump, Douglas Hofstadter, endowment effect, feminist movement, framing effect, hindsight bias, John von Neumann, Kenneth Arrow, loss aversion, medical residency, Menlo Park, Murray Gell-Mann, Nate Silver, New Journalism, Paul Samuelson, Richard Thaler, Saturday Night Live, statistical model, the new new thing, Thomas Bayes, Walter Mischel, Yom Kippur War
(“We have perhaps overly relied on numbers . . . ,” said owner John Henry.) The writer Nate Silver for several years enjoyed breathtaking success predicting U.S. presidential election outcomes for the New York Times, using an approach to statistics he learned writing about baseball. For the first time in memory, a newspaper seemed to have an edge in calling elections. But then Silver left the Times, and failed to predict the rise of Donald Trump—and his data-driven approach to predicting elections was called into question . . . by the New York Times! “Nothing exceeds the value of shoe-leather reporting, given that politics is an essentially human endeavor and therefore can defy prediction and reason,” wrote a Times columnist, late in the spring of 2016. (Never mind that few shoe-leather reporters saw Trump coming, either, or that Silver later admitted that, because Trump seemed sui generis, he’d allowed an unusual amount of subjectivity to creep into his forecasts.)
2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, Affordable Care Act / Obamacare, Airbnb, American Society of Civil Engineers: Report Card, asset-backed security, Bakken shale, banking crisis, BRICs, British Empire, business process, business process outsourcing, call centre, Carmen Reinhart, clean water, collapse of Lehman Brothers, collateralized debt obligation, commoditize, creative destruction, credit crunch, currency manipulation / currency intervention, demand response, Donald Trump, Frederick Winslow Taylor, high net worth, housing crisis, hydraulic fracturing, If something cannot go on forever, it will stop - Herbert Stein's Law, illegal immigration, index fund, intangible asset, intermodal, inventory management, Kenneth Rogoff, labor-force participation, LNG terminal, low skilled workers, Mark Zuckerberg, Martin Wolf, Maui Hawaii, McMansion, money market fund, mortgage debt, Network effects, new economy, obamacare, oil shale / tar sands, oil shock, peak oil, Plutocrats, plutocrats, price stability, quantitative easing, race to the bottom, reserve currency, reshoring, Richard Florida, rising living standards, risk tolerance, risk/return, Silicon Valley, Silicon Valley startup, six sigma, Skype, sovereign wealth fund, Steve Jobs, superstar cities, the High Line, transit-oriented development, Wall-E, Yogi Berra, zero-sum game, Zipcar
It has outsourced, offshored, and dismantled its way to economic oblivion. Americans are like the humans in the film Wall-E, consuming everything, producing nothing: useless, obese spectators. While the rest of the world’s nations are getting rich, trading with each other and selling stuff to Americans, a mere 1 percent of American firms manage to export. But that’s a myth too. In fact, as Donald Trump might say, the United States is a world-class exporter. We may be a nation of isolationist homebodies—only about 30 percent of Americans have passports—but even as the talk of decline has grown, exports have risen, in real terms and as a percentage of GDP. In fact, the United States is the top exporter in the world.1 And most of the stuff it exports is stuff. In 2009 exports stood at $1.53 trillion ($1.06 trillion in goods and $470 billion in services), compared with $1.36 trillion for Germany and $1.33 trillion for China.
Against Everything: Essays by Mark Greif
1960s counterculture, back-to-the-land, Bernie Madoff, citizen journalism, collateralized debt obligation, crack epidemic, Credit Default Swap, credit default swaps / collateralized debt obligations, deindustrialization, Desert Island Discs, Donald Trump, income inequality, informal economy, Norman Mailer, Ponzi scheme, postindustrial economy, Ronald Reagan, technoutopianism, telemarketer, trickle-down economics, upwardly mobile, white flight
The major new successes of the past few years have taught (or pretended to teach) the norms of other industries. The Apprentice, a show in which one tries to learn skill in business, teaches the arbitrariness of contemporary success in relation to skill. The winners are conditioned to meet a certain kind of norm, not really familiar from anywhere else in life, which corresponds to “the values of business” as interpreted by Donald Trump. America’s Next Top Model shows how a beauty contest ceases to be about beauty. The real fascination of the show is learning, first, how the norms of the fashion industry don’t correspond to ordinary ideas of beauty (you knew it abstractly, here’s proof!), but to requirements of the display of clothes and shilling for cosmetics; second, how the show will, in the name of these norms, seek something quite different in its contestants—a psychological adhesiveness, a willingness to be remade and obey.
Albert Einstein, Arthur Eddington, cuban missile crisis, dark matter, Donald Trump, double helix, Ernest Rutherford, Gary Taubes, Isaac Newton, John Conway, John von Neumann, Menlo Park, Murray Gell-Mann, Richard Feynman, Richard Feynman, Ronald Reagan, Stephen Hawking, uranium enrichment, Yogi Berra
The flaws of simple polls conducted by the click of a mouse or a quick telephone call are well appreciated. They take no account of people who decide not to vote because they don’t care about the issue. Those who do vote are dominated by the extremely interested, who are not beyond voting multiple times. A now infamous poll run by USA Today in 1990 asked readers to vote on whether business magnate Donald Trump was symbolic of what made America a great country. Of more than 6,000 telephoned votes, 81 percent agreed that Trump was a figure of greatness. It later emerged that nearly three-quarters of the votes were called in from just two telephone numbers. Comparisons between such basic polls and more scientific ones show that the results they produce can differ by tens of percentage points.14 Peter Higgs, for one, thought the whole idea of colliders destroying the world was nonsense.
Affluenza: The All-Consuming Epidemic by John de Graaf, David Wann, Thomas H Naylor, David Horsey
big-box store, Community Supported Agriculture, Corrections Corporation of America, Donald Trump, Exxon Valdez, financial independence, Ford paid five dollars a day, full employment, God and Mammon, greed is good, income inequality, informal economy, invisible hand, Isaac Newton, Mark Shuttleworth, McMansion, medical malpractice, new economy, Ralph Nader, Ray Oldenburg, Ronald Reagan, Silicon Valley, Simon Kuznets, single-payer health, The Great Good Place, trade route, upwardly mobile, Yogi Berra, young professional
For example, people who are heavy TV watchers vastly exaggerate the number of Americans with swimming pools, tennis courts, maids, and planes, and their own expectations of what they should have also become inflated, so they tend to spend more and save less.”13 Schor says that as the gap between rich and poor grew during the 1980s, people with relatively high incomes began to feel deprived in comparison to those who were suddenly making even more. “They started to feel ‘poor on $100,000 a year’ as the well-known phrase puts it, because they were comparing themselves to the Donald Trumps and the other newly wealthy.” It happened all the way down the income line, Schor says. “Everybody felt worse compared to the role models, those at the top.” By the late ’90s, polls showed that Americans believed they needed $75,000 (for a family of four) to lead a “minimum” middle-class life. I’VE GOT MINE, JACK In the years just after World War II the super-rich sought to conceal their profligacy, but after Ronald Reagan’s first inaugural ball many began to flaunt it again.
affirmative action, Affordable Care Act / Obamacare, Bernie Sanders, Bretton Woods, carried interest, clean water, collateralized debt obligation, collective bargaining, computerized trading, creative destruction, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, David Brooks, desegregation, diversification, diversified portfolio, Donald Trump, financial innovation, Goldman Sachs: Vampire Squid, Gordon Gekko, greed is good, illegal immigration, interest rate swap, laissez-faire capitalism, London Interbank Offered Rate, Long Term Capital Management, margin call, market bubble, medical malpractice, money market fund, moral hazard, mortgage debt, obamacare, passive investing, Ponzi scheme, prediction markets, quantitative easing, reserve currency, Ronald Reagan, Sergey Aleynikov, short selling, sovereign wealth fund, too big to fail, trickle-down economics, Y2K, Yom Kippur War
If financial journalists like the Charlie Gasparinos and Megan McArdles out there took it that way, good—I meant it that way. But when the uproar continued for more than a month—an eternity in news cycle time—it was clear that there was something else at work. Looking back now, what I experienced in the wake of the Goldman piece was a lesson in a subtle truth about class politics in this country. Which is this: you can pick on the rich in an ironic, Arrested Development sort of way, you can muss Donald Trump’s hair, you can even talk abstractly about class economics using clinical terms like “income disparity.” But in our media you’re not allowed to just kick the rich in the balls and use class-warfare language. The taboo isn’t so much the subject matter, the taboo is the tone. You’re allowed to grimace and shake your head at their shenanigans, but you can’t call them crooks and imply that they haven’t earned their money by being better or smarter than everyone else, at least not until they’ve been indicted or gone bankrupt.
Priceless: The Myth of Fair Value (And How to Take Advantage of It) by William Poundstone
availability heuristic, Cass Sunstein, collective bargaining, Daniel Kahneman / Amos Tversky, delayed gratification, Donald Trump, East Village, en.wikipedia.org, endowment effect, equal pay for equal work, experimental economics, experimental subject, feminist movement, game design, German hyperinflation, Henri Poincaré, high net worth, index card, invisible hand, John von Neumann, Kenneth Arrow, laissez-faire capitalism, Landlord’s Game, loss aversion, market bubble, mental accounting, meta analysis, meta-analysis, Nash equilibrium, new economy, Paul Samuelson, payday loans, Philip Mirowski, Potemkin village, price anchoring, price discrimination, psychological pricing, Ralph Waldo Emerson, RAND corporation, random walk, RFID, Richard Thaler, risk tolerance, Robert Shiller, Robert Shiller, rolodex, Steve Jobs, The Chicago School, The Wealth of Nations by Adam Smith, ultimatum game, working poor
In fact, they found slightly more of an anchoring effect with the reflective people, though it wasn’t statistically significant. For bright, reflective people, a number or hypothetical question triggers a rich network of associations. The longer and harder someone thinks about an answer, the more extended the exposure to these primed thoughts. This appears to counteract whatever accuracy advantages might have come from additional thought. Forty Attention Deficit “When I build something for somebody,” Donald Trump once confided, “I always add $50 million or $60 million onto the price. My guys come in, they say it’s going to cost $75 million. I say it’s going to cost $125 million, and I build it for $100 million. Basically I did a lousy job. But they think I did a great job.” Trump is hardly the only deal maker to appreciate the power of two numbers. Consider a novel ultimatum game devised by Max Bazerman, Sally Blount White, and George Loewenstein.
Merchant of Death: Money, Guns, Planes, and the Man Who Makes War Possible by Stephen Braun, Douglas Farah
air freight, airport security, anti-communist, Berlin Wall, blood diamonds, Donald Trump, en.wikipedia.org, failed state, Mikhail Gorbachev, offshore financial centre, out of africa, Plutocrats, plutocrats, private military company
In a world seemingly devoid of enemies, what possible harm could come from making a tidy profit from a glut of guns and ammunition? In the early 1990s, this was the atmosphere of obliviousness that allowed Bout to painstakingly lay the groundwork for the expansion of his budding empire of planes, guns, and money. An admiring U.S. defense official would later compare Bout’s appearance at the birth of the world’s transformed arms trade to the emergence of two seminal American business figures. “Viktor Bout is like the Donald Trump or Bill Gates of arms trafficking,” the official said. “He’s the biggest kid on the block.”23 The surge in available weaponry had its greatest immediate impact in Africa, where automatic weapons had previously been expensive and hard to obtain. The influx of the new, high-powered weapons soon wreaked havoc, dramatically beefing up the killing power of the continent’s guerrilla movements. But few cared, at least in the beginning.
A Declaration of the Independence of Cyberspace, American Legislative Exchange Council, Andrew Keen, barriers to entry, Berlin Wall, big-box store, Brewster Kahle, citizen journalism, cloud computing, collateralized debt obligation, Community Supported Agriculture, conceptual framework, corporate social responsibility, creative destruction, cross-subsidies, crowdsourcing, David Brooks, digital Maoism, disintermediation, don't be evil, Donald Trump, Edward Snowden, Fall of the Berlin Wall, Filter Bubble, future of journalism, George Gilder, Google Chrome, Google Glasses, hive mind, income inequality, informal economy, Internet Archive, Internet of things, invisible hand, Jane Jacobs, Jaron Lanier, Jeff Bezos, job automation, John Markoff, Julian Assange, Kevin Kelly, Kickstarter, knowledge worker, Mark Zuckerberg, means of production, Metcalfe’s law, Naomi Klein, Narrative Science, Network effects, new economy, New Journalism, New Urbanism, Nicholas Carr, oil rush, peer-to-peer, Peter Thiel, Plutocrats, plutocrats, pre–internet, profit motive, recommendation engine, Richard Florida, Richard Stallman, self-driving car, shareholder value, sharing economy, Silicon Valley, Silicon Valley ideology, slashdot, Slavoj Žižek, Snapchat, social graph, Steve Jobs, Stewart Brand, technoutopianism, trade route, Whole Earth Catalog, WikiLeaks, winner-take-all economy, Works Progress Administration, young professional
Most modern economists would reply that value is simply the price something can command on an open market, and if something is free, then it’s simply not very valuable. A perspective to which others would reply that the value of art and culture is intrinsic, transcending the material and economic altogether; price is irrelevant. Or as the writer Lawrence Weschler has put it: “Any work of art is somewhere between priceless and worthless. To call it anything else is comedy.” 3. Donald Trump has trademarked the phrase “you’re fired” and the hand gesture that accompanies it; McDonald’s polices use of the Scottish prefix “Mc”; the ticking of the 60 Minutes clock and the roar of the MGM lion are protected; Amazon has patented “one-click shopping” and a system for annotating digital books; Apple has applied for patents on turning pages and embedding author autographs in electronic titles; Google has patented its search and ranking algorithms; banks and mortgage providers stake private claim to processes associated with financial products and services; Monsanto sues farmers when the errant seeds of genetically modified crops are blown into their fields; pharmaceutical companies block the manufacture of affordable generic drugs in impoverished countries.
Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism by George A. Akerlof, Robert J. Shiller
affirmative action, Andrei Shleifer, asset-backed security, bank run, banking crisis, collateralized debt obligation, conceptual framework, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, Daniel Kahneman / Amos Tversky, Deng Xiaoping, Donald Trump, Edward Glaeser, en.wikipedia.org, experimental subject, financial innovation, full employment, George Akerlof, George Santayana, housing crisis, Hyman Minsky, income per capita, inflation targeting, invisible hand, Isaac Newton, Jane Jacobs, Jean Tirole, job satisfaction, Joseph Schumpeter, Long Term Capital Management, loss aversion, market bubble, market clearing, mental accounting, Mikhail Gorbachev, money market fund, money: store of value / unit of account / medium of exchange, moral hazard, mortgage debt, Myron Scholes, new economy, New Urbanism, Paul Samuelson, Plutocrats, plutocrats, price stability, profit maximization, purchasing power parity, random walk, Richard Thaler, Robert Shiller, Robert Shiller, Ronald Reagan, South Sea Bubble, The Chicago School, The Death and Life of Great American Cities, The Wealth of Nations by Adam Smith, too big to fail, transaction costs, tulip mania, working-age population, Y2K, Yom Kippur War
The tycoon is a tough man who shouts belligerently “You’re fired” at the losers, but who, in his own harsh and distant but ethical way, serves as a mentor to help them all. The story shows the challenges of a go-go business world, but it also affirms the quality of the people who inhabit it and of young people’s ambitions to make it big there, if they can just take the heat. The U.S. version features the American real estate magnate Donald Trump, a colorful figure who was already famous even before The Apprentice ever aired. This story spread rapidly all over the world through local remakes during a time of economic expansion. The only thing that producers needed to do to facilitate this spread was to substitute some locally famous tycoon or personality for Trump, to maximize the potential for word of mouth and gossip in each local culture.
You Say Tomato, I Say Shut Up by Annabelle Gurwitch
Everything that we ever thought was wrong with us, our careers, our relationship, and now our child, started to collide, creating explosions of blame, finger pointing, and score keeping. It was a time of emotional button pushing, and Annabelle and I treated each other to a barrage the likes of which hadn’t been seen since Aaron Burr and Alexander Hamilton and would not be seen again until Rosie O’Donnell and Donald Trump. I’m sure a large part of this marital sniping was a release from all the stresses we were under. Because we couldn’t treat the doctors and nurses badly, or take our frustrations out on our friends, family, the people we worked with, or those who worked for us, we were left with just each other. We became each other’s psychological punching bags. It left us both with invisible internal scars just as all of Ezra’s surgeries left external physical ones.
Deep Thinking: Where Machine Intelligence Ends and Human Creativity Begins by Garry Kasparov
3D printing, Ada Lovelace, AI winter, Albert Einstein, AltaVista, barriers to entry, Berlin Wall, business process, call centre, clean water, computer age, Daniel Kahneman / Amos Tversky, David Brooks, Donald Trump, Douglas Hofstadter, Drosophila, Elon Musk, Erik Brynjolfsson, factory automation, Freestyle chess, Gödel, Escher, Bach, job automation, Leonard Kleinrock, Mikhail Gorbachev, Nate Silver, Norbert Wiener, packet switching, pattern recognition, Ray Kurzweil, Richard Feynman, Richard Feynman, rising living standards, rolodex, Second Machine Age, self-driving car, Silicon Valley, Silicon Valley startup, Skype, speech recognition, stem cell, Stephen Hawking, Steven Pinker, technological singularity, The Coming Technological Singularity, The Signal and the Noise by Nate Silver, Turing test, Vernor Vinge, Watson beat the top human players on Jeopardy!, zero-sum game
Unfortunately, there is a long tradition of politicians and CEOs sacrificing the long term and the greater good in order to satisfy a small constituency at the moment. Educating and retraining a workforce to adapt to change is far more effective than trying to preserve that workforce in some sort of Luddite bubble. But that takes planning and sacrifice, words more associated with a game of chess than with today’s leaders. Donald Trump won the US presidency in 2016 with promises of “bringing jobs back” from Mexico and China, as if American workers can or should be competing for manufacturing jobs with countries where salaries are a fraction of those in the United States. Putting high tariffs on foreign-made products would make nearly every consumer good far more expensive for those who can least afford such an impact. If Apple offered a red, white, and blue iPhone made in the United States that cost twice as much as the same model made in China, how many would they sell?
The Blue Cascade: A Memoir of Life After War by Mike Scotti
Mistakes that kill brothers. And about all the rest of those things that seem to crawl up from the dark depths at times when the cover has been knocked off and the trapdoor that leads down there is left wide open. My eyes scanned the news channel on the TV high on the wall behind the bar, looking for you. But you were not there. A few weeks ago I saw your face on the TV, the story almost a throwaway between Donald Trump’s hiring of Bill on The Apprentice and a stock market report. You were a truck driver in the Army. Ambushed. Dragged away. A POW, with the brim of your boonie hat flipped up in that grainy video. They stuck the camera in your face. You looked away. God knows what was going through your mind, but it looked like you knew what they were going to do to you. Those motherfuckers. But why wasn’t our country holding its breath?
The Orchid Thief: A True Story of Beauty and Obsession by Susan Orlean
The Seminole casinos were built in Tampa, Hollywood, and Immokalee, and the actor Burt Reynolds, who is half Cherokee and whose first television job was playing a half-breed on Gunsmoke, agreed to be the casinos’ celebrity spokesman. The Seminole Tribe of Florida, Inc., had become a $35-million-a-year business. The average Seminole’s quarterly dividends rose from $100 to $600, and the tribe’s income from its businesses rose from $500,000 annually to more than $10 million. Chief Billie and the tribe began to be approached regularly by businesses looking for joint-venture opportunities. Donald Trump approached them in 1996 with his eye on the tribe’s casinos; Chief Billie said he would talk with Trump only if the meeting was held in the Big Cypress Swamp and if Trump agreed to spend the night watching alligator wrestling and eating Seminole fry bread and frog legs. The meeting took place on Chief Billie’s terms. No deals were made, but the next year Trump invited Chief Billie to be a judge in the Miss Universe pageant, which he owns
The Airbnb Story: How Three Ordinary Guys Disrupted an Industry, Made Billions...and Created Plenty of Controversy by Leigh Gallagher
Airbnb, Amazon Web Services, barriers to entry, Bernie Sanders, cloud computing, crowdsourcing, don't be evil, Donald Trump, East Village, Elon Musk, housing crisis, iterative process, Jeff Bezos, Jony Ive, Justin.tv, Lyft, Marc Andreessen, Mark Zuckerberg, medical residency, Menlo Park, Network effects, Paul Buchheit, Paul Graham, performance metric, Peter Thiel, RFID, Sand Hill Road, Saturday Night Live, sharing economy, side project, Silicon Valley, Silicon Valley startup, South of Market, San Francisco, Startup school, Steve Jobs, TaskRabbit, the payments system, Tony Hsieh, Y Combinator, yield management
This goes even deeper: as Sebastian Junger points out in his book Tribe, we are the first modern society in human history where people live alone in apartments and where children have their own bedrooms. The gradual decline of trust in societal institutions over the years, meanwhile, from business to government, accelerated in the wake of the Great Recession, making people more receptive to a “fringe” idea than they might otherwise have been (see Bernie Sanders and President Donald Trump). Add on a growing sense of unease over geopolitical risk and the sense that horrible and unpredictable things are happening in the world, and the urge to connect with others becomes an unarticulated desire in all of us. Whatever you think about “belonging,” these forces really were a large part of what made people more open to trying this new, quirky, affordable travel experience. Airbnb touched on so many different things at once that it’s hard to imagine its taking off in the same way at any other time.
Surfaces and Essences by Douglas Hofstadter, Emmanuel Sander
affirmative action, Albert Einstein, Arthur Eddington, Benoit Mandelbrot, Brownian motion, Chance favours the prepared mind, cognitive dissonance, computer age, computer vision, dematerialisation, Donald Trump, Douglas Hofstadter, Ernest Rutherford, experimental subject, Flynn Effect, Georg Cantor, Gerolamo Cardano, Golden Gate Park, haute couture, haute cuisine, Henri Poincaré, Isaac Newton, l'esprit de l'escalier, Louis Pasteur, Mahatma Gandhi, mandelbrot fractal, Menlo Park, Norbert Wiener, place-making, Sapir-Whorf hypothesis, Silicon Valley, statistical model, Steve Jobs, Steve Wozniak, theory of mind, upwardly mobile, urban sprawl, yellow journalism, zero-sum game
This is how biologists proceed when they make taxonomies, for example, and it’s also how cultures and civilizations evolve, gradually moving towards the capability of sorting all the situations in the world into the categories to which they objectively belong. ANNA:Well, I’m sorry, but I have to contradict you (and needle your friend Plato as well): categorization is not objective, as you would have it, but is profoundly subjective. For instance, if I assert “Donald Trump is a troublemaker”, is it not the case that in thus categorizing Donald Trump I am making a highly subjective judgment? KATY:I understand your example, but troublemaker is an extremely blurry category. You deliberately chose a category that is as blurry as possible! I even think you did it just to be a troublemaker! ANNA:Me, a troublemaker? Never! And the truth is that my example is hardly unusual. Blurriness is par for the course with categories.
The Quants by Scott Patterson
Albert Einstein, asset allocation, automated trading system, beat the dealer, Benoit Mandelbrot, Bernie Madoff, Bernie Sanders, Black Swan, Black-Scholes formula, Bonfire of the Vanities, Brownian motion, buttonwood tree, buy low sell high, capital asset pricing model, centralized clearinghouse, Claude Shannon: information theory, cloud computing, collapse of Lehman Brothers, collateralized debt obligation, commoditize, computerized trading, Credit Default Swap, credit default swaps / collateralized debt obligations, diversification, Donald Trump, Doomsday Clock, Edward Thorp, Emanuel Derman, Eugene Fama: efficient market hypothesis, fixed income, Gordon Gekko, greed is good, Haight Ashbury, I will remember that I didn’t make the world, and it doesn’t satisfy my equations, index fund, invention of the telegraph, invisible hand, Isaac Newton, job automation, John Meriwether, John Nash: game theory, law of one price, Long Term Capital Management, Louis Bachelier, mandelbrot fractal, margin call, merger arbitrage, money market fund, Myron Scholes, NetJets, new economy, offshore financial centre, old-boy network, Paul Lévy, Paul Samuelson, Ponzi scheme, quantitative hedge fund, quantitative trading / quantitative ﬁnance, race to the bottom, random walk, Renaissance Technologies, risk-adjusted returns, Rod Stewart played at Stephen Schwarzman birthday party, Ronald Reagan, Sergey Aleynikov, short selling, South Sea Bubble, speech recognition, statistical arbitrage, The Chicago School, The Great Moderation, The Predators' Ball, too big to fail, transaction costs, value at risk, volatility smile, yield curve, éminence grise
(Schwarzman had also purchased a home in the Hamptons on Long Island, previously owned by the Vanderbilts, for $34 million, and a thirteen-thousand-square-foot mansion in Florida called Four Winds, originally built for the financial advisor E. F. Hutton in 1937, which ran $21 million. He later decided the house was too small and had it wrecked and reconstructed from scratch.) The guest list at Schwarzman’s fete included Colin Powell and New York mayor Michael Bloomberg, along with Barbara Walters and Donald Trump. Upon entering the orchid-festooned armory to a march played by a brass band, ushered by smiling children in military garb, visitors were treated to a full-length portrait of their host by the British painter Andrew Festing, president of the Royal Society of Portrait Painters. The dinner included lobster, filet mignon, and baked Alaska, topped off with potables such as a 2004 Louis Jadot Chassagne-Montrachet.
Democracy Incorporated by Sheldon S. Wolin
affirmative action, Berlin Wall, British Empire, centre right, collective bargaining, colonial rule, corporate governance, creative destruction, cuban missile crisis, David Ricardo: comparative advantage, dematerialisation, Donald Trump, Fall of the Berlin Wall, full employment, illegal immigration, invisible hand, mass incarceration, money market fund, mutually assured destruction, new economy, offshore financial centre, Ralph Nader, Ronald Reagan, school vouchers, single-payer health, stem cell, The Wealth of Nations by Adam Smith, Thomas Kuhn: the structure of scientific revolutions, Thorstein Veblen
In the recognition that it is a structure for organized aggression, corporate capital systematically recruits skilled operatives, individuals who can manage contingency by coordinating operations, seizing fresh opportunities for expanding the resources of the firm, and defending it against the challenges of rivals while its PR experts make certain that the proper spin is attached. The culture is refreshed, systematized, and transmitted by professional schools and increasingly by much of higher education; it is even popularized by television, most recently in The Apprentice featuring a real CEO (Donald Trump) who regularly fired some contestants, after first humiliating them, and encouraging each to undercut the others.25 Among the main functions of the modern manager are to foresee the unexpected, eliminate or cope effectively with the unforeseen (“risk management,” “crisis management”); to exploit or contain change insofar as it affects his or her enterprise; and to seize opportunities and aggressively use them to advance the power advantage of the firm—and of him- or herself.
To Serve God and Wal-Mart: The Making of Christian Free Enterprise by Bethany Moreton
affirmative action, American Legislative Exchange Council, anti-communist, Berlin Wall, big-box store, Bretton Woods, Buckminster Fuller, collective bargaining, corporate personhood, creative destruction, deindustrialization, desegregation, Donald Trump, estate planning, Fall of the Berlin Wall, Frederick Winslow Taylor, George Gilder, global village, informal economy, invisible hand, liberation theology, market fundamentalism, Mont Pelerin Society, mortgage tax deduction, Naomi Klein, new economy, New Urbanism, post-industrial society, postindustrial economy, prediction markets, price anchoring, Ralph Nader, RFID, road to serfdom, Ronald Reagan, Silicon Valley, Stewart Brand, strikebreaker, The Wealth of Nations by Adam Smith, union organizing, walkable city, Washington Consensus, white flight, Whole Earth Catalog, Works Progress Administration
Starting in 1986, the federation awarded two $1,000 prizes to the teams that had “developed the most creative and effective lesson plans” for instructing students on “the role of the entrepreneur in the free enterprise system.”88 Every SIFE team continued to cultivate a local Business Advisory Board to guide them and serve as inspiration for budding businessmen. In the superheated fiÂ�nanÂ�cial climate of the mid-Â�1980s, however, the local Chevrolet dealer might not be the object of desire. In a 1989 segment for the TV show Nation’s Business Today, an interviewer asked the SIFE director Alvin Rohrs the obvious question: Who were the business heroes of these young people? Were they dazzled by the “glamorous comings and going of a Donald Trump?” Just who were their role models?89 Rohrs responded diplomatically that there was a range of figÂ�ures that the young people looked up to, starting with “the entrepreneur,” who could be anyone from a local restauranteur to Sam Walton himself. When the interviewer pressed him to choose the big corporation or the inÂ�deÂ�penÂ�dent business as their ultimate destination, the SIFE director concluded with the same theme of countless professors of entrepreneurship: As best he could tell, “a lot of them would like to own their own business, but a lot of them have the entrepreneurial spirit that they want to bring to corporations.”90 Again, the unique power of the Sun Belt’s entrepreneurial corporations squared the circle: with Sam Walton as the exemplar, entrepreneurship could be a character trait, not an economic function.
Albert Einstein, asset allocation, assortative mating, Atul Gawande, Bernie Madoff, business process, Cass Sunstein, choice architecture, clean water, creative destruction, Daniel Kahneman / Amos Tversky, David Brooks, delayed gratification, deliberate practice, disintermediation, Donald Trump, Douglas Hofstadter, Emanuel Derman, en.wikipedia.org, fear of failure, financial deregulation, financial independence, Flynn Effect, George Akerlof, Henri Poincaré, hiring and firing, impulse control, invisible hand, Joseph Schumpeter, labor-force participation, loss aversion, medical residency, meta analysis, meta-analysis, Monroe Doctrine, Paul Samuelson, Richard Thaler, risk tolerance, Robert Shiller, Robert Shiller, school vouchers, six sigma, Steve Jobs, Steven Pinker, the scientific method, The Spirit Level, The Wealth of Nations by Adam Smith, Thorstein Veblen, transaction costs, Walter Mischel, young professional
They and everybody in their party will be condemned to spend ninety minutes wrestling with traditional date fritters, squid with aioli, saffron rice with cuttlefish and grilled peppers straight from the Canary Islands, which they neither look forward to nor savor but which they must simply endure as one of the mysteries of their civilization. As they walk that long gray mile to the tapas of doom the group will radiate a certain sort of male giddiness, and a strange transformation will take place. For it is a law of human nature that the more men you concentrate in one happy pack, the more each of them will come to resemble Donald Trump. They possess a sort of masculine photosynthesis to start with—the ability to turn sunlight into self-admiration. By the law of compound egotism, they create this self-reinforcing vortex of smugness, which brings out the most pleased-with-themselves aspects of their own personalities. These men are, in other circumstances, loving grandfathers, eager to talk about their offspring at Stanford, who are in year-abroad programs in Cambodia.
Moscow, December 25th, 1991 by Conor O'Clery
Anton Chekhov, Berlin Wall, central bank independence, Dissolution of the Soviet Union, Donald Trump, Doomsday Clock, Fall of the Berlin Wall, Francis Fukuyama: the end of history, haute couture, land reform, Mikhail Gorbachev, Ronald Reagan, Sinatra Doctrine, The Chicago School
In May, accompanied by Raisa, their daughter, Irina, and interpreter Pavel Palazchenko, Gorbachev also travels to the United States, on a trip cohosted by Ronald Reagan and George Shultz and organized by his American admirer Jim Garrison, and is once more able to drink in the intoxicating brew of celebrity adulation and peer worship so lacking at home.7 The wealthy publisher Malcolm Forbes Jr. puts his private jet, named Capitalist Tool, at Gorbachev’s disposal to fly the party around eleven American cities, where they are accommodated in five-star hotels and greeted by fawning hosts, among them Donald Trump, Ronald Reagan, and David Rockefeller. Twenty thousand people come to hear Gorbachev speak in Fulton, Missouri, the location of Winston Churchill’s “Iron Curtain” speech. In the New York Stock Exchange the former communist leader is cheered by traders as he declares that “anybody who comes to the Russian market will have the opportunity to extract enormous profits.” President Bush plans a black-tie dinner for Gorbachev with a triple-A guest list.
Fodor's Rome: With the Best City Walks and Scenic Day Trips by Fodor's Travel Publications Inc.
Founded in 1945 and hailed for its impeccable craftsmanship and flawless execution, the Brioni label is known for attracting and keeping the best men’s tailors in Italy where the exacting standards require that custom-made suits are designed from scratch and measured to the millimeter. For this personalized line, the menswear icon has 5,000 spectacular fabrics to select from. As thoughtful as expensive, one bespoke suit made from wool will take a minimum of 32 hours to create. Their prêt-à-porter line is also praised for peerless cutting and stitching. Past and present clients include Clark Gable, Donald Trump, Barack Obama and, of course, James Bond. And they say clothing doesn’t make the man? | Via Barberini 79 | 00187 | 06/484517 | www.brioni.it | Via Condotti 21/A, Piazza di Spagna | 00187 | 06/485855. CAMPO Children’s Clothing Rachele. Rachele is a small, charming shop tucked down a small alley not far from the Campo de’ Fiori piazza. Most of the items of clothing are handmade by Rachele herself.
Confidence Game: How a Hedge Fund Manager Called Wall Street's Bluff by Christine S. Richard
activist fund / activist shareholder / activist investor, Asian financial crisis, asset-backed security, banking crisis, Bernie Madoff, cognitive dissonance, collateralized debt obligation, corporate governance, corporate raider, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, diversification, Donald Trump, family office, financial innovation, fixed income, forensic accounting, glass ceiling, Long Term Capital Management, market bubble, money market fund, moral hazard, old-boy network, Ponzi scheme, profit motive, short selling, statistical model, white flight, zero-sum game
It was a heady time for Ackman, then just 28 years old. There was the morning Ackman and Jerry Speyer, a founding partner of real estate giant Tishman Speyer, emerged from an all-night strategy session in a diner to grab a predawn copy of the New York Times and read that their supposed partner in the deal, Mitsubishi Estate, had decided to default on the Rockefeller Center mortgage. And there was the time Donald Trump called. “Goldman Sachs is trying to steal Rockefeller Center, Bill. We’ve got to do something about it,” announced Trump, who had never spoken with Ackman before. When Trump suggested a meeting at Ackman’s office, the young man quickly offered to make the trip to Trump Tower. “I didn’t want him to see that we worked out of shared office space,” Ackman says. In July 1996, a group led by Goldman Sachs and David Rockefeller, the philanthropist and grandson of the founder of Standard Oil, took control of the complex for $1.2 billion in cash and assumed debt.
Planet Ponzi by Mitch Feierstein
Affordable Care Act / Obamacare, Albert Einstein, Asian financial crisis, asset-backed security, bank run, banking crisis, barriers to entry, Bernie Madoff, break the buck, centre right, collapse of Lehman Brothers, collateralized debt obligation, commoditize, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, Daniel Kahneman / Amos Tversky, disintermediation, diversification, Donald Trump, energy security, eurozone crisis, financial innovation, financial intermediation, fixed income, Flash crash, floating exchange rates, frictionless, frictionless market, high net worth, High speed trading, illegal immigration, income inequality, interest rate swap, invention of agriculture, light touch regulation, Long Term Capital Management, mega-rich, money market fund, moral hazard, mortgage debt, negative equity, Northern Rock, obamacare, offshore financial centre, oil shock, pensions crisis, Plutocrats, plutocrats, Ponzi scheme, price anchoring, price stability, purchasing power parity, quantitative easing, risk tolerance, Robert Shiller, Robert Shiller, Ronald Reagan, too big to fail, trickle-down economics, value at risk, yield curve
Yet from that billion-dollar swamp of ultra-high-risk consumer lending, look what Wall Street managed to do: it created $980 million worth of investment grade assets. The ‘AAA’ rated assets were supposedly as safe as Treasury bonds issued by the US government. Even the ‘BBB’ rated assets were supposedly as safe as bonds issued by the governments of Russia, India, and Brazil. Even Fat Boy, as he sat there waving his joint to illustrate his path to Donald Trump style wealth, would have been disconcerted to learn that Wall Street rated around 80% of his loan as being at least as creditworthy as the US government itself. Lunacy. Stage 4 It gets worse. The Housing Issuance and Trading unit at Bear, Lehman, Lynch, Sachs & Stanley (BLLSSHIT, for short) decided they liked stage 3 so much, they’d do it all over again. They’d create yet another structured investment vehicle—only this one wouldn’t hold mortgage-backed securities on the asset side of its balance sheet, it would hold CDOs issued by structured investment vehicles created to hold mortgage-backed securities.
Against Intellectual Monopoly by Michele Boldrin, David K. Levine
accounting loophole / creative accounting, agricultural Revolution, barriers to entry, cognitive bias, creative destruction, David Ricardo: comparative advantage, Dean Kamen, Donald Trump, double entry bookkeeping, en.wikipedia.org, endogenous growth, Ernest Rutherford, experimental economics, financial innovation, informal economy, interchangeable parts, invention of radio, invention of the printing press, invisible hand, James Watt: steam engine, Jean Tirole, John Harrison: Longitude, Joseph Schumpeter, Kenneth Arrow, linear programming, market bubble, market design, mutually assured destruction, Nash equilibrium, new economy, open economy, peer-to-peer, pirate software, placebo effect, price discrimination, profit maximization, rent-seeking, Richard Stallman, Silicon Valley, Skype, slashdot, software patent, the market place, total factor productivity, trade liberalization, transaction costs, Y2K
Unfortunately, this analogy between idea and land is not a good one. Consider the exclusive right to sell cars. From a legal point of view, there is nothing to prevent the government from giving me this as a property right. As with any property, I could sell or license the right – I could authorize General Motors and Ford to sell cars in exchange for fees; I could sell my exclusive franchise to Donald Trump; I could create a shrink-wrap agreement that anyone who purchased a car would have to agree to get off the road whenever I drove my car down the street. Pretty obviously this is a terrible idea, but the analogy between the exclusive right to sell cars and land is no different from the analogy between property of idea and property of land. All property, then, is not created equal. There is good property – property of land and cars – which leads to competition.
Pedigree: How Elite Students Get Elite Jobs by Lauren A. Rivera
affirmative action, availability heuristic, barriers to entry, Donald Trump, fundamental attribution error, glass ceiling, income inequality, job satisfaction, knowledge economy, meta analysis, meta-analysis, new economy, performance metric, profit maximization, profit motive, school choice, Silicon Valley, Silicon Valley startup, The Wisdom of Crowds, unpaid internship, women in the workforce, young professional
Fiona Chin, a sociology graduate student at Northwestern University, found a similar pattern among the top 1 and 0.1 percent of income earners in Philadelphia and Chicago.9 Although her respondents earned well over a million dollars per year, they still conceptualized themselves as middle or upper-middle class because of upward comparisons and feelings of relative deprivation. They vividly described those who had more status and money than they did—not only families down the block but also the Lloyd Blankfeins, Donald Trumps, and Paris Hiltons of the world. In addition, the consumption patterns they needed to keep up with their peers and create a desirable lifestyle for themselves (e.g., vacations, fitness and grooming, membership to social clubs, and participation in charity circuits) and their children (e.g., extracurricular activities, paid child care, private schools, and personal tutors)—kept them watching their balance statements and made them feel constrained.
Airbus A320, Berlin Wall, blood diamonds, BRICs, British Empire, central bank independence, clean water, colonial rule, corporate social responsibility, crony capitalism, Deng Xiaoping, Donald Trump, F. W. de Klerk, Gini coefficient, Livingstone, I presume, McMansion, megacity, offshore financial centre, oil shock, open economy, purchasing power parity, rolodex, Ronald Reagan, Silicon Valley, South China Sea, sovereign wealth fund, structural adjustment programs, trade route, transfer pricing, upwardly mobile, urban planning, Washington Consensus, WikiLeaks, zero-sum game
In late 2014 Italy’s government announced that it would end a search-and-rescue operation that had saved 150,000 lives in the year since it began (but that had, it could be argued, prompted the people smugglers who organize the boats to pack ever more passengers onto ever more hopeless craft). The fact that tankers carrying African crude that has despoiled and corrupted the countries in which it was pumped are free to ply the same routes did not enter the debate. After two American aid workers in Liberia became infected with the Ebola virus in July 2014 and were flown back to the United States for treatment, Donald Trump wrote on Twitter, ‘Stop the EBOLA patients from entering the U.S. Treat them, at the highest level, over there. THE UNITED STATES HAS ENOUGH PROBLEMS!’ Newsweek ran a picture of a monkey on its cover, alongside an improbable story about the danger that imports of African bushmeat would unleash the virus on America.1 Few made the connection between the debilitating effects of a looting machine that funnels African wealth to the rich world and the inability of the countries where Ebola was rife to fight the virus.
anti-communist, back-to-the-land, bank run, Berlin Wall, Bernie Madoff, British Empire, capital asset pricing model, capital controls, centre right, Chelsea Manning, clean water, collateralized debt obligation, creative destruction, Credit Default Swap, credit default swaps / collateralized debt obligations, Donald Trump, energy security, Exxon Valdez, invisible hand, means of production, Myron Scholes, offshore financial centre, random walk, Ronald Reagan, sensible shoes, transfer pricing, uranium enrichment, Washington Consensus, Yogi Berra
IN THE WOODS On August 8, 2011, President Obama approved Shell Oil’s permit to drill in the Beaufort Sea off the shore of the Village of Kaktonic. And now, it’s my birthday. Linda called. A moonless eve, especially dark, came over the woods and other, older regrets also called. At Steven Schwartzman’s sixtieth birthday party, Rod Stewart sang “Happy Birthday.” The Sack and Paul Singer and Donald Trump sang along. Blackrock’s trophy wife, Christine Hearst, paid the aging rocker $1 million to sing it ($40,000 per note). Maybe it was love. Maybe it was fear that she’ll end up like the previous four Mrs. Schwartzmans. Life is choices. I suppose I fucked up when I gave away my interview with Goldman Sachs. I could have been invited to Blackrock’s party. I could be feasting at the Vultures’ picnic.
When Work Disappears: The World of the New Urban Poor by William Julius Wilson
affirmative action, citizen journalism, collective bargaining, conceptual framework, declining real wages, deindustrialization, deliberate practice, desegregation, Donald Trump, edge city, ending welfare as we know it, fixed income, full employment, George Gilder, ghettoisation, glass ceiling, Gunnar Myrdal, income inequality, informal economy, jobless men, labor-force participation, labour market flexibility, low skilled workers, low-wage service sector, manufacturing employment, mass immigration, new economy, New Urbanism, pink-collar, race to the bottom, RAND corporation, school choice, The Bell Curve by Richard Herrnstein and Charles Murray, The Chicago School, upwardly mobile, urban decay, urban renewal, War on Poverty, working poor, working-age population, Works Progress Administration
The program would provide useful public jobs at wages slightly below the minimum wage. Kaus’s proposed program would not only eliminate the need to provide public assistance or “workfare” for able-bodied workers but, unlike welfare, the WPA-style jobs would be available to everybody, men as well as women, single or married, mothers and fathers alike. No perverse “anti-family” incentives. It wouldn’t even be necessary to limit the public jobs to the poor. If Donald Trump showed up, he could work too. But he wouldn’t. Most Americans wouldn’t. There’d be no need to “target” the program to the needy. The low wage itself would guarantee that those who took the jobs would be those who needed them, while preserving the incentive to look for better work in the private sector. Kaus maintains that the work relief under his proposal, like the work relief under Roosevelt’s WPA, would not carry the stigma of a cash dole.
anti-communist, Berlin Wall, British Empire, cuban missile crisis, Deng Xiaoping, Dissolution of the Soviet Union, Donald Trump, F. W. de Klerk, Fall of the Berlin Wall, Haight Ashbury, Kitchen Debate, kremlinology, Mikhail Gorbachev, mutually assured destruction, old-boy network, Ronald Reagan, Ronald Reagan: Tear down this wall, Saturday Night Live, Sinatra Doctrine, War on Poverty, Yogi Berra
A few hours later, the Reagans hosted a gala state dinner at the White House for the Soviet first couple. The next day, Shultz hosted a luncheon in the magnificent reception area on the eighth floor of the State Department building. The glitterati of Washington, New York, and Hollywood attended. In the long receiving line, Gorbachev—innately charming and superbly briefed—mustered up a quip for virtually every person he met, most for the first time. Carol and I sat with Barbara Walters and Donald Trump and strained to get a word in edgewise at our chatty table. Gorbachev sat smiling and thumping his hand on the table near ours, while the Yale Russian Chorus sang Russian ballads and, for Shevardnadze’s sake, a few from Georgia as well. The next day, Gorbachev’s last in Washington, he and Vice President George H. W. Bush held a lengthy morning discussion at the Soviet embassy. Suddenly it was noon, and they were already late for lunch with the president.
Bourgeois Dignity: Why Economics Can't Explain the Modern World by Deirdre N. McCloskey
Admiral Zheng, agricultural Revolution, Albert Einstein, BRICs, British Empire, butterfly effect, Carmen Reinhart, clockwork universe, computer age, Corn Laws, creative destruction, dark matter, David Ricardo: comparative advantage, Donald Trump, Edward Lorenz: Chaos theory, endogenous growth, European colonialism, experimental economics, financial innovation, Fractional reserve banking, full employment, George Akerlof, germ theory of disease, Gini coefficient, greed is good, Howard Zinn, income per capita, interchangeable parts, invention of agriculture, invention of air conditioning, invention of writing, invisible hand, Isaac Newton, James Watt: steam engine, John Maynard Keynes: technological unemployment, John Snow's cholera map, joint-stock company, Joseph Schumpeter, Kenneth Arrow, Kenneth Rogoff, knowledge economy, long peace, means of production, Naomi Klein, New Economic Geography, New Urbanism, Paul Samuelson, purchasing power parity, rent-seeking, road to serfdom, Robert Gordon, Ronald Coase, Ronald Reagan, sceptred isle, Scientific racism, Scramble for Africa, Shenzhen was a fishing village, Simon Kuznets, Slavoj Žižek, spinning jenny, Steven Pinker, The Wealth of Nations by Adam Smith, Thorstein Veblen, too big to fail, total factor productivity, transaction costs, tulip mania, union organizing, Upton Sinclair, urban renewal, V2 rocket, very high income, working poor, World Values Survey, Yogi Berra
One can notice that the booming South Loop of Chicago could really use a high-end grocery store, such as Fox and Obel. The opportunity will make Fox and Obel great profits in future years, worth as a capital sum now, say, $1,000,000 (I offer the advice to Messrs. Fox and Obel gratis; the advice is probably worth about what I am charging). A million dollars is pocket change by the standard of a really big capitalist like Donald Trump. But it is nonetheless innovation, and results, as The Donald’s first big real-estate project in Manhattan did, in supernormal profit. At least it will do so until the competition wakes up, too, and two or three more high-end grocery stores open in the booming South Loop. The analogy extends even to the misbehavior that Braudel assigns to the capitalist sphere. The marxisant < .i>vision attributes super-normal profit to large capital accumulation and to outrageous behavior.
Albert Einstein, Asian financial crisis, Barry Marshall: ulcers, Berlin Wall, Big bang: deregulation of the City of London, California gold rush, complexity theory, computer age, constrained optimization, corporate governance, corporate social responsibility, correlation does not imply causation, Daniel Kahneman / Amos Tversky, David Ricardo: comparative advantage, Donald Trump, double entry bookkeeping, double helix, Edward Lloyd's coffeehouse, equity premium, Ernest Rutherford, European colonialism, experimental economics, Exxon Valdez, failed state, financial innovation, Francis Fukuyama: the end of history, George Akerlof, George Gilder, greed is good, Gunnar Myrdal, haute couture, illegal immigration, income inequality, industrial cluster, information asymmetry, intangible asset, invention of the telephone, invention of the wheel, invisible hand, John Meriwether, John Nash: game theory, John von Neumann, Kenneth Arrow, Kevin Kelly, knowledge economy, labour market flexibility, late capitalism, light touch regulation, Long Term Capital Management, loss aversion, Mahatma Gandhi, market bubble, market clearing, market fundamentalism, means of production, Menlo Park, Mikhail Gorbachev, money: store of value / unit of account / medium of exchange, moral hazard, Myron Scholes, Naomi Klein, Nash equilibrium, new economy, oil shale / tar sands, oil shock, Pareto efficiency, Paul Samuelson, pets.com, popular electronics, price discrimination, price mechanism, prisoner's dilemma, profit maximization, purchasing power parity, QWERTY keyboard, Ralph Nader, RAND corporation, random walk, rent-seeking, Right to Buy, risk tolerance, road to serfdom, Ronald Coase, Ronald Reagan, second-price auction, shareholder value, Silicon Valley, Simon Kuznets, South Sea Bubble, Steve Jobs, telemarketer, The Chicago School, The Death and Life of Great American Cities, The Market for Lemons, The Nature of the Firm, the new new thing, The Predators' Ball, The Wealth of Nations by Adam Smith, Thorstein Veblen, total factor productivity, transaction costs, tulip mania, urban decay, Vilfredo Pareto, Washington Consensus, women in the workforce, yield curve, yield management
Successful businesspeople-from Andrew Carnegie, in the nineteenth century, the ruthless steel tycoon who wrote that "a man who dies rich dies disgraced," to Bill Gates in the twentieth century-regard building a successful business as a primary, not an intermediate, goal. That is what they tell us and we should not disbelieve them. 19 When Carnegie or Gates declared their intention to crush competitors, they were not trying to persuade us to like or admire them. Even in financial services, self-interest is not an overriding motivation. Donald Trump is perhaps the most aggressive and high-living American trader of the last two decades. Yet Trump's autobiography begins with "I don't do it for the money." He goes on, "I've got enough, much more money than I"ll ever need. I do it to do it. Deals are my art form." 20 What ofWarren Buffett? His motives are complex. Buffett's biographer reports, "It's not that I want money," Warren replied. "It's the fun of making money and watching it grow." 21 Which is, presumably, why Buffett still lives in that Omaha bungalow and enjoys nothing more than a Nebraskan steak washed down with Cherry Coke.
Blockchain Revolution: How the Technology Behind Bitcoin Is Changing Money, Business, and the World by Don Tapscott, Alex Tapscott
Airbnb, altcoin, asset-backed security, autonomous vehicles, barriers to entry, bitcoin, blockchain, Bretton Woods, business process, Capital in the Twenty-First Century by Thomas Piketty, carbon footprint, clean water, cloud computing, cognitive dissonance, commoditize, corporate governance, corporate social responsibility, creative destruction, Credit Default Swap, crowdsourcing, cryptocurrency, disintermediation, distributed ledger, Donald Trump, double entry bookkeeping, Edward Snowden, Elon Musk, Erik Brynjolfsson, ethereum blockchain, failed state, fiat currency, financial innovation, Firefox, first square of the chessboard, first square of the chessboard / second half of the chessboard, future of work, Galaxy Zoo, George Gilder, glass ceiling, Google bus, Hernando de Soto, income inequality, informal economy, information asymmetry, intangible asset, interest rate swap, Internet of things, Jeff Bezos, jimmy wales, Kickstarter, knowledge worker, Kodak vs Instagram, Lean Startup, litecoin, Lyft, M-Pesa, Marc Andreessen, Mark Zuckerberg, Marshall McLuhan, means of production, microcredit, mobile money, money market fund, Network effects, new economy, Oculus Rift, off grid, pattern recognition, peer-to-peer, peer-to-peer lending, peer-to-peer model, performance metric, Peter Thiel, planetary scale, Ponzi scheme, prediction markets, price mechanism, Productivity paradox, QR code, quantitative easing, ransomware, Ray Kurzweil, renewable energy credits, rent-seeking, ride hailing / ride sharing, Ronald Coase, Ronald Reagan, Satoshi Nakamoto, Second Machine Age, seigniorage, self-driving car, sharing economy, Silicon Valley, Skype, smart contracts, smart grid, social graph, social software, Stephen Hawking, Steve Jobs, Steve Wozniak, Stewart Brand, supply-chain management, TaskRabbit, The Fortune at the Bottom of the Pyramid, The Nature of the Firm, The Wisdom of Crowds, transaction costs, Turing complete, Turing test, Uber and Lyft, unbanked and underbanked, underbanked, unorthodox policies, wealth creators, X Prize, Y2K, Zipcar
While we of course cannot force these values and behaviors on our public representatives, we can limit their decisions and actions through smart contracts that define their roles and responsibilities as our representatives and then monitor and measure them on the blockchain. Remember, smart contracts are self-executing agreements stored on the blockchain, which nobody controls and therefore everyone can trust. Political factions such as the Grand Old Party could use them so that candidates like Donald Trump who use their party infrastructure to debate and campaign during primaries couldn’t run as independents in a general election. We could apply smart contracts to different government operations (supply chain, external legal services, pay-for-success contracts) and even more complex roles of government and our elected representatives. We do foresee peer-to-peer networks tracking an elected official’s commitments and his or her fulfillment of these commitments.
Fed Up: An Insider's Take on Why the Federal Reserve Is Bad for America by Danielle Dimartino Booth
Affordable Care Act / Obamacare, asset-backed security, bank run, barriers to entry, Basel III, Bernie Sanders, break the buck, Bretton Woods, central bank independence, collateralized debt obligation, corporate raider, creative destruction, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, diversification, Donald Trump, financial deregulation, financial innovation, fixed income, Flash crash, forward guidance, full employment, George Akerlof, greed is good, high net worth, housing crisis, income inequality, index fund, inflation targeting, interest rate swap, invisible hand, John Meriwether, Joseph Schumpeter, liquidity trap, London Whale, Long Term Capital Management, margin call, market bubble, Mexican peso crisis / tequila crisis, money market fund, moral hazard, Myron Scholes, natural language processing, negative equity, new economy, Northern Rock, obamacare, price stability, pushing on a string, quantitative easing, regulatory arbitrage, Robert Shiller, Robert Shiller, Ronald Reagan, selection bias, short selling, side project, Silicon Valley, The Great Moderation, The Wealth of Nations by Adam Smith, too big to fail, trickle-down economics, yield curve
But had the predominantly liberal Fed leadership not facilitated the bad behavior of the elite by encouraging them to borrow at virtually no cost, their wealth and power would never have become as concentrated as it is today. The ostentatiousness with which the so-called one percent has flaunted its wealth has fueled the rise of anger and extremism, leading to the presidential campaigns of Bernie Sanders on the left and Donald Trump on the right. And politicians wonder about the genesis of a deeply divided and dispirited populace. Central bankers have invited politicians to abdicate their leadership authority to an inbred society of PhD academics who are infected to their core with groupthink, or as I prefer to think of it: “groupstink.” Annual borrowing costs for the United States since 2008 have hovered around 1.8 percent, thanks to an overly accommodating Fed, which allowed a dysfunctional Congress and the administration of former President Barack Obama to kick the responsibility down the road.
Second World: Empires and Influence in the New Global Order by Parag Khanna
Admiral Zheng, affirmative action, anti-communist, Asian financial crisis, Bartolomé de las Casas, Branko Milanovic, British Empire, call centre, capital controls, central bank independence, cognitive dissonance, colonial rule, complexity theory, continuation of politics by other means, crony capitalism, Deng Xiaoping, Dissolution of the Soviet Union, Donald Trump, Edward Glaeser, energy security, European colonialism, facts on the ground, failed state, flex fuel, Francis Fukuyama: the end of history, friendly fire, Gini coefficient, global reserve currency, global supply chain, haute couture, Hernando de Soto, illegal immigration, income inequality, informal economy, invisible hand, Islamic Golden Age, Khyber Pass, knowledge economy, land reform, low skilled workers, mass immigration, means of production, megacity, Monroe Doctrine, oil shale / tar sands, oil shock, open borders, open economy, Parag Khanna, Pax Mongolica, Pearl River Delta, pirate software, Plutonomy: Buying Luxury, Explaining Global Imbalances, Potemkin village, price stability, race to the bottom, RAND corporation, reserve currency, rising living standards, Ronald Reagan, Silicon Valley, Skype, South China Sea, special economic zone, stem cell, Stephen Hawking, Thomas L Friedman, trade route, trickle-down economics, uranium enrichment, urban renewal, Washington Consensus, women in the workforce
There are nineteen independent religious communities (such as the Druze) in Lebanon and a dispersal of judicial power along sectarian lines that makes a mockery of its secular pretensions.11 Lebanon’s army is riddled with sectarian divides, and Beirut neighborhoods are still segregated along the sectarian lines that formed as militias swept through the city during the civil war, coercing and bribing families to relocate or become refugees. Lebanese are not democratic by nature but capitalist, even profiting by funneling European women into Saudi harems during the 1970s oil boom. Soon after the civil war, during which fully a tenth of Lebanon’s population was killed, Rafiq Hariri, a sort of political Donald Trump of Lebanon, began funneling the country’s fortunes through his Solidere Corporation to raise the country from its charred ashes.*39 In Beirut at least, he superimposed a glamorous façade over a landscape of total ruin, an approach befitting both Lebanese society and much of the second world: targeted political philanthropy grafted onto sectarian divides with status and influence for sale. Beirut today has no rival as the Arab world’s most edgy city, combining the elegance of Istanbul with the seediness of Tangier, and still promises to live up to the original meaning of the Levant (“rising”) as a place where people of all religions come together and thrive in prosperous coexistence.12 But street politics are as important as real politics in Lebanon.
More Guns, Less Crime: Understanding Crime and Gun-Control Laws by John R. Lott
affirmative action, Columbine, crack epidemic, Donald Trump, Edward Glaeser, gun show loophole, income per capita, More Guns, Less Crime, selection bias, statistical model, the medium is the message, transaction costs
During the 1996 legislative session, for example, Georgia “state legislators quietly gave themselves and a few top oﬃcials the right to carry concealed guns to places most residents can’t: schools, churches, political rallies, and even the Capitol.”78 Even local prosecutors in California strenuously objected to restrictions on their rights to carry concealed handguns.79 Although people with concealed handgun permits must generally view the police as oﬀering insuﬃcient protection, it is diﬃcult to discern any pattern of political orientation among celebrities who have concealedhandgun permits: Bill Cosby, Cybill Shepherd, Howard Stern, Donald Trump, Arthur O. Sulzberger (chairman of the New York Times), union bosses, Laurence Rockefeller, Tom Selleck, and Robert De Niro. The reasons these people gave on their applications for permits were similar. Laurence Rockefeller’s reason was that he carries “large sums of money”; Arthur Sulzberger wrote that he carries “large sums of money, securities, etc.”; and William Buckley listed “protection of personal property when traveling in and about the city” as his reason.80 Some made their decision to carry a gun after being victims of crime.81 And when the Denver Post asked Sen.