Morning Reading
The big story of the morning is the government’s response to Detroit’s carmakers. I’ll have something on that shortly. In the meantime, here are some of the other columns and stories that caught my attention:
GE sees first ‘glimmers of hope’ in economy (Financial Times)
Mr Beccalli said: “The first glimmers of hope are there. This is the inversion of trends, which for a long period have been going down. The glimmers weren’t there two months ago”.
Americans Say, Free the Job Creators (Real Clear Markets)
“There is wisdom in crowds, and that is surely true of the American people on this subject. Since 1980, all net job growth in this country has been driven by firms less than five years old - that is, by the brash young start-ups that become the behemoths of tomorrow.”
Fannie And Freddie To Get Even More Responsibilities (Clusterstock)
“Frankly, we think it’s a prima facie bad idea to give a greater role to these organizations, which have proven to be inept at what they do. It’s also worth wondering why it’s the policy of the government to undermine Bank of America and Wells Fargo.”
How I helped build the bomb that blew up Wall Street (New York Magazine)
“I have been called the devil by strangers and “the Facilitator” by friends. It’s not uncommon for people, when I tell them what I used to do, to ask if I feel guilty. I do, somewhat, and it nags at me…. I wrote the software that turned mortgages into bonds.”
Times Nukes Itself On Google (Gawker)
“The Times’ longtime online chief, Martin Niesenholtz, recently whined that a Google search on the word “Gaza” didn’t include any of his content on the first results page. And yet he just nuked 121,000 of his own articles containing that keyword.”
Skype Announces Service for iPhone, BlackBerry (Reuters)
“Whether you’re Twitter, MySpace or Facebook you want to be embedded in the address book,” said Wood. “This puts Skype firmly into the game.”
Is Facebook Growing Up Too Fast? (DealBook)
“As Facebook expands, it’s also struggling to match the momentum of hot new start-ups like Twitter, the micro-blogging service, while managing the expectations of young, tech-savvy early adopters, attracting mainstream moms and dads, and justifying its hype-carbonated valuation.”
- Mar 30, 2009 7:10 AM — Scott Jagow
- 2 comments
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Comments (2)
March 31, 2009 10:44 AM PT
Your last blog was entitled “Happy Poor People” and ended with a comment about getting beyond class war fare. Yet, the article I was drawn to was “My Manhatten Project” and it blew me away. I hope you get a chance to read and comment on it.
Through all I have read about Wall Street; my question has always been “how can they live with themselves?” This article suggests if you are removed enough and isolated enough and rich enough, you really don’t need to care about anybody or anything else. Marketing 16% interest rates to people with poor credit because in the short run, you will profit separates those who steal with overt weapons from those who steal with covert weapons, but isn’t the result the same?
It’s about values and I know I sleep better and hopefully will live longer because I chose not to get ahead by stepping on or over someone else.
What has this economy done for me and to me? I go to Church more. I am grateful for what I have and pray for those who have less.
March 31, 2009 11:43 AM PT
Mary, yes, I did read it, and it’s amazing. It’s the same article I linked to above - “How I helped build the bomb that blew up Wall Street.” It’s a perfect example of how people learn the hard way that, as you say, it’s about values.