The original focus was 'oops (and related) as we see happen with creative efforts and the drive for new products of quality that provide value. That is, if you try to do something, you stand a chance to fail. For some, such expectations can lead to doing nothing. However, most reasonable people take actions with the hope for success. And, engineers learn the ways.
There was (and still is) a whole lot to discuss on that subject from the engineering view. However, engineers go up against nature and can converge to good solutions over time when using the proper resources. In a sense, engineers work on real things (stuff, if you would). Generally, it is management that screws up engineering by bringing in factors that are not real, in many senses. Oh yes, accounting might try to put numbers in order, yet has it not become well-known that many try to book cook (despite regulations, auditing, etc. -- by the way, the main issue is determining value)
So, as a way to go forward a little, let's re-look at some of the bullets of that older post and update the information with what we have learned.
- * Fraud power -- Finance does not work with real things. Do you think that you could go to the Fed's vaults and actually get your hand on something tangible? Oh, I know, we pass around paper and coin. You do know that such is a small part of the total under the control of the Fed (too, Ben has diluted the value quite a bit the past few years, sacking the saver, using his buddies like Jamie). Now, if finance was directed (first and second derivative) to only doing something real, some of the problems would disappear. Minsky's arguments were along that line. Speculation, in essence, is not needed, in many cases.
- Yet, finance has gone after this type of thing as if it were necessary. In short, finance for the sake of finance, as if we could eat money, wear it, sleep on it, etc. Get the drift? Unfortunately, there is no easy answer. The troubles in Europe may bring forth some insight, as we are in much bigger debt than we think (we sit fat due to the dollar being the prime means of establishing value).
- Over the past three years, there have emerged new laws; the OWS came about and is letting us know that people can make their displeasure known; in fact, three years ago, it was as if the fat cats ruled (next bullet). Yet, people like Jamie argue for us to get back to their insane leveraging (which led to silly games).
- So, are we any better off? No, the chimera runs every business day. Oodles continue to be raked off. At least, some are talking about how extraction is on the fat cat side (nope, has nothing to do with the 'entitlement' issues that the libertarians like to bring up). There has been a lot of talk; the questions related to actually cleaning things up lag severely.
- * Captains of industry -- The new kings reign over virtual realms that have no solid basis within any geographic, or political, sense. How do we change that? Well, a Magna Charta for these ones which will be enforceable (actually, these folks are worse than old King John). Much to look at here, in time. And, it would be different for the finance, versus those dealing with real stuff, industry.
- * Best and brightest -- If one goes back to the mid-90s, one would see that computer science had an upswing in interest. However, that was before the more mature web, so things must have seemed very boring in compsci. So, the flux went toward finance. I wondered about the motivations, from time to time, until the crap hit the fan. Then, I wondered how was the idiocy left go on for so long. With the downturn, many in the finance world lost jobs. Now, many of those still in the game are making more than they ought. Too, we're hearing complaints about constraints on bonuses, from time to time.
- Just lately, there was a report that compsci is of interest again. Why? Those with that type of mindset, and knowledge set, are being offered jobs. Of course, my wonder now is what we'll see in 10 years that is completely messed up. Oh, could the web be any more screwed up? Well, yes (a whole other subject to address, at some point).
- One thing that we know is that there is a shortage of jobs. In some cases, they've been pushed off shore. Why? It's easier to screw someone who is distant than the guy down the street. Too, some things, in this country, are still bound with moral characteristics. Elsewhere, not so much. We all know that training is key, in many senses. But, too, that labor is of value and needs respect has to get some consideration. Yes, those who are numerant have overlaid upon the rest of the populace a smelly cloud (noxious to it core). Why? We'll get more into that, but it has to do with misuse of technology.
Now, the blog deals with oops. As discussions progress in the other blogs, there will be posts here when necessary (as in, it's pertinent, there is a need to look at the oops issues).
08/01/2013 -- Ben cannot unwind or taper down; he has too many Doves. We'll have to get back to the king thing (yes, the divine rights of the CEO, new royalty, in other words) and dampening of these types by a new outlook (Magna-Carta'ísh).
05/29/2012 -- Jamie's bank in the news, again.
02/05/2012 -- Time to update the theme of the best and brightest.
02/04/2012 -- A little mathematics can be dangerous. Andrey is an example of being mis-used.