Thursday, October 3, 2013

Best and brightest of what?

Context: See Tru'eng anewfocus going forwardmathematics.


Basis for the below? See the post on Fed-aerated.


Earlier (say 2008), I became aware of the pending downturn. Well, I was late waking up; but, hey, down to the end, Ben was saying that things were okay.

From whence came the idiocy (I even characterized, at the time, it as silly games) behind the financial turmoil? You see, I had spent my time working engineering technology, as in, things related to products (full life cycle, as well, I was working real algorithms). I remember hearing discussion about an influx in engineering, even computer science, sometime around the release of TCP/IP by DOD. But, then, later, there was talk of people going into finance.

"Why was this?" was the thought, then. However, it didn't attract my attention beyond the awareness. There were too many other things to look at. Besides, about this time, the tech downturn had hit, creating havoc for many people. Some friends lost bundles. In the case of one guy: he lost an inordinate amount in the crashes; subsequent changes to the company that we were with (motivated by the thinking of the likes of golden sacks) broke his heart (literally - turns out that golden sacks, and those of that ilk, got their rewards, but other investors took a bath - still, that didn't get my attention, since I knew better than to let the likes of the ca-pital-sino drain me dry); he's been dead now for several years (nevertheless, he never enjoyed the well-earned rewards - sheesh, Duffy - see the Fed-aerated post -- ever talk to real people?).

So, after all of that, my attention was not drawn until after I had retired. Yet, it took a couple of years. You see, I was enjoying the rewards. Too, due to the same circumstances that broke the back of many (see above), I had to take the retirement choice. Oh, there were offers, many of which were enticing. In fact, post the retirement, since it was early, I toyed with various roles. I even put my foot in the door, but, then, I decided to not opt that way (it's a long story that will be told - you see, employment with a corporation is only one step above serfdom for many - and, I'm saying that as a highly paid employee).

WSJ op-ed
I started this blog when a company rolled out something that has been compared to the potemkin event (Russia, yes). The questions of engineering with respect to planning and knowing status are formidable. Having improved software, and systems, does not alleviate the need to be careful and watchful. That whole set of points will continue to be topics of concern.

But, after thinking of why engineering goes so far awry (when management interferes, I might add), the financial thing started to impinge on my awareness. For one, I kept hearing of actions that were known to be problematic (and still are, such as? the whole idea of borrowing (without collateral - or, as these idiots did, with collateral that is already spoken for many time over) in order to play the ca-pital-sino that went out (as in, ruled out from what I learned decades ago) and was not allowed - hah!). Too, the talking heads were on all sides. Ben, as said above, was doing his coo-coo-ing (essentially, telling those who play with our economy (financially) that he'll support them - they're too big to fail).

My reaction was, say what? Toxic (Jerk or not, Sep 18, 2013) does not begin to describe the state of things  (best and brightest gone wild) ; a lot of this has not unwound due to Ben's interference. As said, the bankers froze their activity. Why? Well, they were crooks, they knew. So, how could they trust the others, who were most likely crooks, too? We went for years with things frozen; Ben kept upping his support (more and more things way beyond training wheels - gosh, thanks, guy).

So, fast forward to now. Seeing the Duffy bit brings forth a dichotomous state for me. It is nice, on the one hand, to see someone of the Wall Street ilk use the words and express the concepts related to being mature. Integrity? Wall Street? And, trust? Would it not be nice if this were to turn out to be a sincerely (know the concept?) offered viewpoint? Yet, on the other hand, haven't we heard this all before? Happy talk, and such? In fact, talk has been cheap the past 5 years. Once it appeared that the ca-pital-sino was going to push upward to new heights, would not a reasonable mindset draw the parallel with Ben's largess?

As say before, the likes of Harvard, in a very public manner, folks, needs to lead that realm toward a more sustainable future. Will the WASPers, augmented with the newer entrants who were not allowed before, ever step up to the role? That is my challenge to them. Let's go back to Winthrop, and such, and re-look at the issues. Given Harvard's mix of students, perhaps, even those of other cultures (and nations) would enjoy such an exercise.

Remarks:  Modified: 01/06/2015

10/03/2013 -- Oh, yes, two posts (Fed-aerated and 7oops7), but no mention of savers being slapped silly. Notice in the savers post that an image says no bullets left. Ah, yes, Ben panicked and used up his ammo. But, has he not shown all of us (and the world) that there was a whole lot of other maneuvering possible? But, too, does he not know that he has cowboy'ed (explainable) us into a corner?

10/27/2013 -- See Remarks, this day, at Best and Brightest of what? Yes, high-class pawns; why? Banks are not being banks as we would think of them. No, they're playgrounds for the like of the Jamies of the world. Now that they've had their crookery discovered, they're like the reformed whatever (holier than thou-ism) and are too stringent with the money. Actually, why would they lend (too mundane) when the ca-pital-sino is there for their take (raking off the top-ism)? King Alan now touts savings (in part); wonder what he thinks of Ben's breaking the buck (yes, where someone gets less than a dollar for saving 100 bucks and letting the crooks - as in, bankers -- keep it safe, supposedly); what of Ben's thought processes that lead him to continue to slap the savers silly (silly guy - is Janet any better?).

12/31/2013 -- A popular post.

01/08/2014 -- We're patiently waiting for Janet to get her feet wet. At some point, she'll get out of Ben's shadow. Hopefully, it will be soon for the savers who are being slapped silly by the day.

06/12/2014 -- One way to look at these things: cognitive elitism.

01/06/2015 -- Renewal of TE, see Context line.

01/06/2015 --  Best and brightest3rd most read (7'oops7),  1st most read (Tru'eng)7th most read (FEDaerated).

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