• Tips gratefully accepted here. Thanks!:

  • Recent Comments

    katiebird on We’re Royals and other…
    bernard jenkins on We’re Royals and other…
    churl on We’re Royals and other…
    r u reddy on We’re Royals and other…
    r u reddy on We’re Royals and other…
    mitzimuffin on We’re Royals and other…
    Sweet Sue on We’re Royals and other…
    Sweet Sue on We’re Royals and other…
    abc on We’re Royals and other…
    katiebird on We’re Royals and other…
    katiebird on We’re Royals and other…
    riverdaughter on We’re Royals and other…
    Monster from the Id on We’re Royals and other…
    cwaltz on Give Democrats a piece of your…
    Mr Mike on We’re Royals and other…
  • Categories


  • Tags

    abortion Add new tag Afghanistan Al Franken Anglachel Atrios bankers Barack Obama big pharma Bill Clinton Chris Christie cocktails Conflucians Say Dailykos Democratic Party Democrats Digby DNC Donna Brazile Economy Elizabeth Warren feminism Florida Fox News General Glenn Beck Glenn Greenwald Goldman Sachs health care Health Care Reform Hillary Clinton Howard Dean Joe Biden John Edwards John McCain Jon Corzine Karl Rove Keith Olbermann Matt Taibbi Media medicare Michelle Obama Michigan misogyny Mitt Romney Morning Edition Morning News Links Nancy Pelosi New Jersey news NO WE WON'T Obama Obamacare occupy wall street OccupyWallStreet Open thread Paul Krugman Politics Presidential Election 2008 PUMA racism Republicans Sarah Palin sexism Single Payer snark Social Security Supreme Court Terry Gross Texas Tim Geithner unemployment Wall Street WikiLeaks women
  • Archives

  • History

    October 2014
    S M T W T F S
    « Sep    
     1234
    567891011
    12131415161718
    19202122232425
    262728293031  
  • RSS Paul Krugman: Conscience of a Liberal

  • The Confluence

    The Confluence

  • RSS Suburban Guerrilla

  • RSS Ian Welsh

    • The Attack In Ottawa will be used to justify losing more rights
      Prime Minister Harper pretty much confirmed it: ‘Our laws and police powers need to be strengthened’ Yup.  Never let a crisis go to waste. I’m very sad that MPs and their staff were scared, and I’m sadder that a soldier lost his life.  But one attack does not justify increasing the police state.  However, if [...]
  • Top Posts

Wall Street, your corporation and baseball

I’m about 60% through Karen Ho’s book Liquidated- An Ethnography of Wall Street and I think I’ve finally figured out what it is we can’t understand about what Wall Street has been doing to American corporations.  Think baseball.

*WE*, clueless American workers think Wall Street is playing a game of rotisserie baseball where they look at the stats of the teams and their players and they trade and swap the players in order to make up a better line up.  In this ordinary, everyday, American working stiff view of the world, what the players can do is important.  The productivity of the team has value.  Most Americans want to maximize the productivity in homeruns per game because that makes sense.  Teams with more homeruns per game than the other team have winning seasons and lots more fans turn out and they sell more tickets and hot dogs and beers and souvenirs and the team makes the playoffs and everyone benefits.

No.  No, no, no.  That’s not they way Wall Street sees it at all.

Wall Street isn’t trying to optimize the line up.  They are swapping baseball *cards*.  They want the original Honus Wagner and Pie Traynors.  They put an artificial value on the card and swap the cards with each other.  In this scenario, the team doesn’t matter.  The productivity of the team going forward doesn’t matter.  All that matters is that the card still has the shine and gloss on it and that the corners aren’t frayed and the sucker hasn’t got any creases in it.  Your job as a corporate manager is not to make the team more productive.  Your job is to make the card look as attractive as possible to the card swapper.  The reason why you cut and dismantle is not to make the company more efficient and productive.  It’s to package up a product that can be sold to another buyer for the highest possible price.  The value of the product doesn’t have anything to do with the actual productivity of the team.

Now, I’m getting into the nitty-gritty of *why* American corporations are valued less for their productivity and more for their gloss.  It has to do with the temporal nature of the banker’s job on Wall Street.  And at this point in time, it looks like Wall Street workers are the Americans most in need of a union.  At the very least they need an intervention and about 6 months at a spa where they can destress and gain some perspective.

No, I am not kidding.  It’s a mixed up, jumbled up shook up world.

Follow

Get every new post delivered to your Inbox.

Join 468 other followers