We rarely do link-throughs, but I came across an interesting conversation yesterday. It began with Don Peck’s Atlantic essay on “How a New Jobless Era Will Transform America,” and then quickly moved on to our friend Ian Welsh’s thought-provoking reply. A snippet:
Because any economic growth right now increases the prices of oil, which then strangles the economy, you must reduce dependence on oil, or you can’t fix your problems.
Because banks aren’t lending, and because they are a net drag on the economy having destroyed more wealth than they created, you must break up the major banks or take other similar actions to the same ends, or you don’t fix your problems. Read more
A couple of weeks ago author and NYU media theory lecturer Douglas Rushkoff penned a provocative essay for Arthur Magazine. Entitled “Let It Die,” the essay explains why we should stop trying to save the economy.
In a perfect world, the stock market would decline another 70 or 80 percent along with the shuttering of about that fraction of our nation’s banks. Yes, unemployment would rise as hundreds of thousands of formerly well-paid brokers and bankers lost their jobs; but at least they would no longer be extracting wealth at our expense. They would need to be fed, but that would be a lot cheaper than keeping them in the luxurious conditions they’re enjoying now. Even Bernie Madoff costs us less in jail than he does on Park Avenue.
Alas, I’m not being sarcastic. Read more
Almost 50 days into his administration President Obama made his way around to what strikes me as America’s #1 long-term issue, education. The soundbite is pretty catchy: he wants to overhaul the system “from the cradle up through a career.”
A compelling sentiment, that is. Our educational system couldn’t be much more broken, and a righteous keelhauling overhauling is certainly in order. But the rhetoric doesn’t tell us a lot. Read more
When readership began dropping among younger demographics, they didn’t innovate. When new media technologies began emerging in the early ’90s, they didn’t innovate. When Craigslist began eating their lunch and fucking their trophy wives on the dinner table, they didn’t innovate – not unless “hey, if we fired all the employees, we’d theoretically be infinitely profitable” counts as innovation.
But now, now they’re innovating. Like lemmings on rocket skates they’re innovating. Check out the brains on these geniuses, would ya? Read more