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    • Rationality Is A Process, Not A Conclusion (Nuclear Weapons Edition)
      A lot of mistakes come from assuming rationality means “thinks the same way I do” rather than “reasons from premises I might not share.” Left than 1/1000 economists predicted the financial collapse, because they reasoned from assumptions like “the market is self-correcting” or “housing prices never go down.” (Sometimes both at the same time, which is rarely […]
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Twittering the Revolution, Day 2

AP photo/Vahid Salemi

AP photo/Vahid Salemi

I just discovered the power of Twitter a couple of weeks ago when we decided to add a Twitter feed to The Confluence front page. Little did I know how addictive it would be! I found I could learn about breaking news stories from reporters on the ground–before the stories were actually published or broadcast.

Back in the ’60s and ’70s we had underground newspapers that were passed out free on street corners. People had to find ways to bypass the status quo mainstream media and these newspapers gave outlets to new and exciting writers. In recent years, as the media has become even more corporate-controlled than it was in those days, people have used internet newsgroups and then the hunger for real news fueled the explosion of blogs that allowed direct communication of ideas among engaged citizens.

Last night at TC, we noted and dicussed the power of social media in the political process, as Iranians on the ground twittered news of the riots following the possibly rigged election by satellite, begging for attention and support from the West. Continue reading

Monday: Why doctors of thinkology don’t get it.

Paul Krugman is in despair. He simply cannot understand why Obama and his economics team are taking the country off a cliff in order to protect bankers and investors from absorbing their losses.  It’s a puzzlement why taxpayers are subsidizing the private investors who will gladly take bad assets off of the bankers hands for more money than they are actually worth.

Paul, Paul, Paul, where have you been?  This $@#%’s been going on for a couple of decades now.  If we weren’t in danger of being called “crude populists”  some of us would complain loudly and vociferously about a class war.

Remember Pittsburgh in the late 70’s?  Of course you do.  Back then, the Japanese dumped steel on the US market and drove prices down.  The US steel manufacturer’s used that as an opportunity to get rid of the pesky unions and diversify.  I used to wake up in the middle of the night to a bright orange sandblasted sky and the comforting sounds of clanging steel.  My uncles worked for US Steel and made pretty good money.  Then, they were suddenly out on their own.  The mills went silent.  The milltowns fell into disrepair.  Giardia crept into the water systems that municipal authorities couldn’t afford to fix.

Then there came PATCO.  Ah, yes, I remember it well.  It happened just before my first trip to the Bahamas.  Lucky for us there were just enough management to take over running the airports to get us safely off the ground and back again.  But it was OK.  We hired new air traffic controllers who were willing to work for less money and wouldn’t complain so much.  Probably laid off steelworkers.

The 80’s were full of stories about lockouts and Caterpillar workers on strikes and people living off of their union dues and sadness and heartbreak in reazlizing the only job they knew was gone, gone, gone.  These were not high-falutin’ doctors of thinkology.  They were just your average Joe’s who enjoyed a beer on their front stoops after work and spent the weekends tending to their gardens and their cars.  The people you want to spend Thanksgiving dinner with, eating pumpkin pie in front of a football game.  Little people who liked watching the sunset over the river on a summer evening and telling stories to their neighbors.

I was in college in the 80’s.  I saw the rise of the MBA lifestyle, the business majors, the resurrection of Greek culture, the beginnings of networking.  We G-d damned independents thought we were so much smarter than them, hunkered over our P-chem textbooks and sodium sand organometallic reactions.  There would always be a job out there for those of us who used our brains.  Money?  Well, yeah, we expected to be paid well.  Maybe not stellar salaries but enough to enjoy the American Dream.  Greed wasn’t what we were after.  And there weren’t that many of us anyway.  My college graduated exactly 8 Chemistry majors in 1986.  Besides, wasn’t a college degree the path to success?  That’s what everyone told us.

But we were wrong.  It’s the people who handle the money who have a path to success.  While we were busy thinking, they were busy rewriting the rules.  And we were so busy.  Those of us who are female had careers and husbands who didn’t help out as much as they should have and children and daycare and forty things to do before we fell into bed at night.  The pace of life picked up and went at lightspeed.  Who has time to manage the money?  We trusted people to do that for us.  Even when we got our first 401k’s, most of us were content to just “set it and forget it”.

And the college educated toiled away while the MBAs and the marketers and sales people flourished and gave themselves bonuses and promoted themselves over and over again.  And the investors bought stock and frowned when the quarterly earnings didn’t endlessly increase their dividends.  And they demanded cutbacks and the MBA’s obliged and reduced the number of people who actually did the work.  And the remaining workers cheered because their portfolios grew.

And here we are.  The college educated are now the new working class.  We are expendable.  I heard an HR person at my company slip recently and tell a bunch of high school students that a starting BS scientist could expect to make $35K at my company but people who came in with marketing degrees made the top salaries.  Well, we’ve suspected this for a while now.  They also get the attention of the CEO’s.  If a marketer can’t figure out a way to protect his own job, he should find a new career.  And the MBAs sit in their offices and move the chess pieces around and try to figure out which production units to cut in order to increase their bottom line. We are all expendable.

So, now Tim Geithner and Barack Obama are working on a plan to stick hard working, soon to be out of work taxpayers with the bill for the investors who are going to take on the massive bad assets that the bankers cooked up to make money for themselves.  We should not expect these bankers and shareholders to take a haircut because that would be “crude populism” and class warfare.  Why is it any surprise to you that Obama would go this route, Paul?  As long as those of you in the media say it’s OK to treat us like the wretched refuse of our teaming shores, why shouldn’t Tim, Larry and Barry do whatever the hell they want with our money?

In order to get the economy back on track, we workers have to reclaim our dignity and demand accountability.  So, Paul, if you can’t say anything nice about us “crude populists” out here, please, say nothing at all.