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The End
Posted by: manu_s 3:29pm, Thursday, 13 November 2008
The era that defined Wall Street is finally, officially over. Michael Lewis, who chronicled its excess in Liar’s Poker, returns to his old haunt to figure out what went wrong.
When I sat down to write my account of the experience in 1989—Liar’s Poker, it was called—it was in the spirit of a young man who thought he was getting out while the getting was good. I was merely scribbling down a message on my way out and stuffing it into a bottle for those who would pass through these parts in the far distant future.

Unless some insider got all of this down on paper, I figured, no future human would believe that it happened.

I thought I was writing a period piece about the 1980s in America. Not for a moment did I suspect that the financial 1980s would last two full decades longer or that the difference in degree between Wall Street and ordinary life would swell into a difference in kind. I expected readers of the future to be outraged that back in 1986, the C.E.O. of Salomon Brothers, John Gutfreund, was paid $3.1 million; I expected them to gape in horror when I reported that one of our traders, Howie Rubin, had moved to Merrill Lynch, where he lost $250 million; I assumed they’d be shocked to learn that a Wall Street C.E.O. had only the vaguest idea of the risks his traders were running. What I didn’t expect was that any future reader would look on my experience and say, “How quaint.”

manu_s says: Hard to find a single good quote, but very entertaining.
http://www.portfolio.com/news-markets/national-news/portfolio/2008/11/11/The-End-of-Wall-Streets-Boo...
The Reckoning: From Midwest to M.T.A., Pain From Global Gamble
Posted by: Jonathan 1:59pm, Sunday, 2 November 2008
Whitefish Bay’s school district did not intend to become a hedge fund. It and four nearby districts were just trying to finance retirement obligations that were growing as health care costs rose.
“People come up to me in the grocery store and say, ‘How did we get suckered into this?’ ”
Jonathan says: This article makes me want to reread (and recommend) Jane Smiley's novel Good Faith.
http://www.nytimes.com/2008/11/02/business/02global.html
Bush Aides Say Religious Hiring Doesn’t Bar Aid
Posted by: AJ 12:02am, Sunday, 19 October 2008
Mr. Bush also asked Congress to make it legal for religious groups to win grants even if they discriminate against people of other faiths when hiring for taxpayer-financed posts. He said it was not fair to force them to give up their identities in order to compete for grants. When Congress failed to pass such a bill, Mr. Bush issued an executive order that made the changes on his own for most federal programs.
http://www.nytimes.com/2008/10/18/washington/18discrimination.html
Trader Drove Up Price of McCain ‘Stock’ in Online Market
Posted by: manu_s 11:14am, Friday, 17 October 2008
An internal investigation by the popular online market Intrade has revealed that a single investor’s purchases prompted “unusual” price swings that significantly boosted the prediction that Sen. John McCain will become president.

Over the past several weeks, the investor has pushed hundreds of thousands of dollars into one of Intrade’s predictive markets for the presidential election, the company said, resulting in repeated monetary losses through a strategy that belies any financial motive.

manu_s says: Thought the NewsDog crowd would enjoy this one.
http://www.cqpolitics.com/wmspage.cfm?docID=news-000002976265&referrer=js
Emotional Buildup
Posted by: billm 4:05pm, Saturday, 4 October 2008
The climax of every episode [of Extreme Makeover: Home Edition] is the 20-megaton emotional bomb that goes off when the family returns to the mansion that is now their home. The Akerses’ new house included a cavernous great room, extra-wide hallways, voice-activated doorways, a chairlift system to help transport the girls, numerous flat-screen TVs, a gleaming pool and closets jampacked with new clothing, shoes and iPods. The kids’ bedrooms were customized. Faith’s room looked like a butterfly sanctuary.

Outside, several thousand spectators had gathered for the Akerses’ return. Everyone marveled at the new dwelling. A woman declared, ‘‘This is living proof that God exists!’’

‘‘There is justice in the world,’’ another woman said excitedly. ‘‘There is reason for hope!’’
...
Turning a charity event into a spectacle — and allowing donors to see recipients weep with joy — was a fairly common practice at the turn of the last century. In 1891, the Christmas Society organized an event at Madison Square Garden where the wealthy were invited to buy tickets to watch poor children open Christmas presents on the floor below. Around this time, in New York and elsewhere, there were Bowery Christmas dinners, where the wealthy paid to watch the poor eat a sumptuous feast. There were even specialized events for watching groups of orphans, African-Americans or even newsboys get their fill.

billm says: I'm almost embarrassed to have enjoyed this article, given how cynical it is. But I did.
http://www.nytimes.com/2008/10/05/realestate/keymagazine/105Extreme-t.html
Is Google Making Us Stupid?
Posted by: manu_s 11:33am, Thursday, 2 October 2008
Over the past few years I’ve had an uncomfortable sense that someone, or something, has been tinkering with my brain, remapping the neural circuitry, reprogramming the memory. My mind isn’t going—so far as I can tell—but it’s changing. I’m not thinking the way I used to think. I can feel it most strongly when I’m reading. Immersing myself in a book or a lengthy article used to be easy. My mind would get caught up in the narrative or the turns of the argument, and I’d spend hours strolling through long stretches of prose. That’s rarely the case anymore. Now my concentration often starts to drift after two or three pages. I get fidgety, lose the thread, begin looking for something else to do. I feel as if I’m always dragging my wayward brain back to the text. The deep reading that used to come naturally has become a struggle.
[...]
For me, as for others, the Net is becoming a universal medium, the conduit for most of the information that flows through my eyes and ears and into my mind. The advantages of having immediate access to such an incredibly rich store of information are many, and they’ve been widely described and duly applauded. “The perfect recall of silicon memory,” Wired’s Clive Thompson has written, “can be an enormous boon to thinking.” But that boon comes at a price. As the media theorist Marshall McLuhan pointed out in the 1960s, media are not just passive channels of information. They supply the stuff of thought, but they also shape the process of thought. And what the Net seems to be doing is chipping away my capacity for concentration and contemplation. My mind now expects to take in information the way the Net distributes it: in a swiftly moving stream of particles. Once I was a scuba diver in the sea of words. Now I zip along the surface like a guy on a Jet Ski.
manu_s says: I definitely have a hard time reading long articles on the Web, though for now I'm still okay when I get away from a computer and pick up a real newspaper / magazine / book.
http://www.theatlantic.com/doc/200807/google
Life in Zimbabwe: Wait for Useless Money
Posted by: AJ 8:01pm, Wednesday, 1 October 2008
Economists here and abroad say Zimbabwe’s economic collapse is gaining velocity, radiating instability into the heart of southern Africa. As the bankrupt government prints ever more money, inflation has gone wild, rising from 1,000 percent in 2006 to 12,000 percent in 2007 to a figure so high the government had to lop 10 zeros off the currency in August to keep the nation’s calculators from being overwhelmed. (Had it left the currency alone, $1 would now be worth about 10 trillion Zimbabwean dollars.)
AJ says: This is the third time I've posted about Zimbabwe's economic crisis in the last 5 years. (Can you believe NewsDog has been around for that long?)
Previously:
http://www.newsdog.info/display_article.cgi?id=1071&nc=0
http://www.newsdog.info/display_article.cgi?id=193&nc=1
http://www.nytimes.com/2008/10/02/world/africa/02zimbabwe.html
McCain's attack on vets
Posted by: AJ 4:11pm, Tuesday, 30 September 2008
His respectful rhetoric isn't matched by his votes.
http://www.latimes.com/news/opinion/la-oe-humes30-2008may30,0,4850795.story
McCain camp tries to to keep reporters out of Palin meetings
Posted by: Umesh 10:45am, Tuesday, 23 September 2008
After 29 seconds observing the meeting, CNN and other photographers covering the meeting were escorted out of the room.

Later, McCain-Palin press representatives chalked up the restrictions to a “mix-up, a miscommunication among staff.” The full pool — a print and wires reporter, along with a television producer — was then allowed in to observe Palin’s meeting with Colombian President Alvaro Uribe for 15-20 seconds.

Umesh says: This quote could be from the Daily Show, or the Onion. But it's real.
http://politicalticker.blogs.cnn.com/2008/09/23/media-presses-mccain-campaign-for-access-to-palin-me...
Consider the Lobster
Posted by: Umesh 1:44pm, Monday, 15 September 2008
David Foster Wallace writes about a Maine lobster festival; it makes me laugh.
10 It turned out that one Mr. William R. Rivas-Rivas, a high-ranking PETA official out of the group’s Virginia headquarters, was indeed there this year, albeit solo, working the Festival’s main and side entrances on Saturday, August 2, handing out pamphlets and adhesive stickers emblazoned with “Being Boiled Hurts,” which is the tagline in most of PETA’s published material about lobster. I learned that he’d been there only later, when speaking with Mr. Rivas-Rivas on the phone. I’m not sure how we missed seeing him in situ at the Festival, and I can’t see much to do except apologize for the oversight—although it’s also true that Saturday was the day of the big MLF parade through Rockland, which basic journalistic responsibility seemed to require going to (and which, with all due respect, meant that Saturday was maybe not the best day for PETA to work the Harbor Park grounds, especially if it was going to be just one person for one day, since a lot of diehard MLF partisans were off-site watching the parade (which, again with no offense intended, was in truth kind of cheesy and boring, consisting mostly of slow homemade floats and various midcoast people waving at one another, and with an extremely annoying man dressed as Blackbeard ranging up and down the length of the crowd saying “Arrr” over and over and brandishing a plastic sword at people, etc.; plus it rained))
http://www.gourmet.com/magazine/2000s/2004/08/consider_the_lobster?printable=true
The Return of White Lightning
Posted by: AJ 5:43pm, Monday, 18 August 2008
A decade ago, Casey Combest was running down Tyson Gay as one of the fastest high school sprinters in the world. Today, he's running down the dream of a comeback.
AJ says: A 5'7" white dude from the sticks. Pretty awesome. Videos, too.
http://sports.espn.go.com/espnmag/packagestory
How renters work the system to live for free in one of America's most expensive cities
Posted by: AJ 11:55pm, Thursday, 14 August 2008
As it turned out, Getzow was not a licensed doctor in California, although he did work sporadically as a medical software consultant. He also was not as integral to the political campaigns he had volunteered for. In fact, he was one of the most successful "serial evictees" in San Francisco, a select group of tenants who take advantage of the city's lenient courts and tenant-support nonprofits to tie up landlords in court for months while they live practically rent-free in one of the most expensive cities in the country.

Depending on the vigilance of the landlord, a seasoned serial evictee like Getzow can get away with a minimum of 45 days and sometimes up to a year of free rent. The actual number of serial evictees operating in San Francisco is difficult to track, but some attorneys who specialize in representing landlords estimate there are between 20 and 100.

http://www.sfweekly.com/2008-07-30/news/how-renters-work-the-system-to-live-for-free-in-one-of-ameri...
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