Just a weekend break from FATCA, to something a little more thoughtful and entertaining. If any of you are familiar with Michael Lewis and some of his literary successes, like Liar’s Poker, Money Ball, The Big Short, and Bloomerang (I recommend them all), you might enjoy this short video. It is his commencement speech at Princeton on the 30th year anniversary of his graduation. Enjoy! It should make you think!
*@Just Me : Thank you for sharing a gem.
Mr Lewis’s observation of those who reach high pay brackets and status may be ‘lucky but not good’ reminds me of Paul Krugman’s 2005 NYT article “All the President’s Friend’s”, when after the FEMA disaster he looked at the series of political appointments by then president George W Bush that resulted in the US government’s loss of expertise in many of its agencies, and a ‘major exodus of experienced officials’ from government. Is it any wonder that the US is in the state it’s in when this kind of damage has been done through the loss of so many of those who really know what they’re doing?
http://www.nytimes.com/2005/09/12/opinion/12krugman.html?_r=1&incamp=article_popular
Little disappointed that this video didn’t generate a little conversation. It thought it was a real gem, but maybe not that many reading here know of Michael Lewis, or know how well he diagnosised what was happening in Wall Street back in the late 80s, that if you had read his book Liar’s Poker then, you would not have been surprised by 2008.
Also, the role of Luck in our lives is not one that is much discussed in American Society, and it should be. Just like the luck plays in your birth place and the citizenship burden or blessing, depending on your POV, I think we over estimate how smart or bright we are when it comes to the successes that we think we earned ourselves, or the benefits we think are ours. The facts related to entitlements that come, as demonstrated by the “extra cookie” example says a lot about American life these days, and thought more might be interested. Oh well.
I see that PBS picked up the story, and this was on tonight…
And so, for you very few who might be interested, here it is..
@ Just Me
It’s Name then Email for replies now. Can you correct it or has the time run out? I’ve caught myself doing that a few times too.
@Em…
Thanks for that catch. I am on another computer tonight, so I don’t think I would have done that on mine, as it auto fills on my own computer. Corrected. Thanks for the alert. Now, you can email me… 🙂
@Just Me
Very grateful to you for sharing Mr Lewis’s commencement address to the graduating class of Princeton. As Mr Mopsick said, it is a real gem. I also enjoyed the PBS follow-up interview. Could the “noblesse oblige” be Mr. Lewis’s response to the general malaise we are experiencing in the Western Hemisphere – les Indignés, Occupy Wall Street, the “1%” ? Will he and others like him be influential enough to create a different type of role model? One of generosity and payback versus selfishness and greed? In my eyes, his theory on the importance of luck is about humility. What is your take?
@Just Me
By way of thank you for the Michael Lewis video.
In case you hadn’t seen this report from the Pew Center – “Global Attitutdes Project 2012” which was released yesterday.
http://www.pewglobal.org/2012/06/13/chapter-1-views-of-the-u-s-and-american-foreign-policy-4/
The report does a comparison between 2008 and 2012 based on a survey of individuals in selected countries around the world. It is interesting to note that Canada was not one of the countries selected. Maybe a proximity problem?
@oohlala
Thanks for the link to the Pew Report. I did not actually see this one, but saw a story on Yahoo news written about the report! Appreciate the link.
Regarding the concept of “noblesse oblige”, I do think there is something to be said that this is missing in our society right now, and Joseph Stiglitz, brought that home to me last night at a lecture I attended. The hollowing out of the middle, and the ever increasing inequality, and continued insistence of ‘trickle down’ as a distorted Capitalist replacement for “noblesse oblige” does contribute to the economic malaise and the general disconnect many of us have in the political process.
Government policy has been captured by the elite and rigged for the greatest benefit at the top. You just have to say it. It is what it is. How else can you explain tax policy that puts heavier taxes on labor, whose spending actually creates demand in the marketplace if they retain it, and gives preferential treatment for the Hedge fund and Big Bank speculators by allowing them to benefit on a preferred 15% tax rate. How does trading derivatives, that brings the financial house of cards down, benefit society as a whole? Why do they get to benefit from Capital gain preference, which at one time really was meant for those that actually did provide Capital risk for businesses to grow. It is because government policy now rewards gamblers, and the gamblers control the policy making machinery no matter who is in power, be it Dems or Reps!
Our Financial kings have come to think their salaries, their position, their “place at the top” is a right, with no appreciation of their responsibility to society as a whole. No “noblesse oblige”. It is their right, perceived as somehow earned or because they are the ‘best and the brightest’, that distorts their view of their place in society. The ‘greater good’ and ‘general welfare’ has been lost in our society, and with it I do think comes the economic malaise we are now experiencing. The times of America’s greatest growth has been in the times of greatest equality. Nothing we are doing is changing the trend lines under Obama, and with Romney, the separation will only accelerate, in my opinion! It is discouraging. Almost enough to make me stop blogging and tweeting, and just go back to the garden and ignore it all! LOL
BTW, let me add this short video to consider…
http://youtu.be/sWpGJI1H17s
@just me, did you catch Bill Maher quoting from this speech on his show last night?
@bubblebustin
No, I did not, as don’t have cable. I am an internet guy. Maybe some of it is on the web somewhere. I will have a look. Thanks