If you think about the whole financial crisis, we’ve taken people and we’ve put them in situations which basically are guaranteed to blind or, at least, to distort their vision. And we expect people to overcome that.
We all have a tendency to think of people as good or bad. And, we say, as long as we kick the bad people, everything would be fine. But the reality is that we all have the capacity to be quite bad, under the right circumstances, and I think in banking we’ve created the right circumstances for everybody to misbehave. And, because of that, it’s not such a matter of kicking some people and getting new people in — it’s about changing the incentive structure. Because, unless we change that, we’re not going to get forward."
— Behavioral economist Dan Ariely on the truth about dishonesty, animated
(Source: , via explore-blog)
Robert Reich: The Man Who Invented "Too Big to Fail" Banks Finally Recants. Will Obama or Romney Follow? »
I’m in Alaska, amid moose and bear, trying to steal some time away from the absurdities of American politics and economics. But even at this remote distance I caught wind of Sanford Weill’s proposal this morning on CNBC that big banks be broken up in order to shield taxpayers from the…
the #occupywallstreet movement needs to move to the District of Columbia and the National Mall, where all the money flows; Corporatism has corrupted politics, and only in Washington will that get changed.
Capitalism is not the problem; Corporatism is…
In the heart of New York’s financial district, the marble and concrete floor of lower Manhattan’s Zuccotti Park was strewn with untidy clumps of people, gathered in small groups amid a jumble of sleeping bags, mattresses and home-made banners, protesting against the banks and institutions that towered over them.
One student, who gave name as Romeo C, said he was typical of the #occupywallst protesters. Romeo, 26, said: “We have a president who tells us to do the right thing, to go to school, to get a better life, but I’m not getting a better life. I am a new college graduate and I have $50,000 of college debt built up while studying business management at Berkeley. I can’t find a job to pay it off.”
“On the 17th of September, we want to see 20,000 people to flood into lower Manhattan, set up beds, kitchens, peaceful barricades and occupy Wall Street for a few months,” one statement says. “Like our brothers and sisters in Egypt, Greece, Spain, and Iceland, we plan to use the revolutionary Arab Spring tactic of mass occupation to restore democracy in America. We also encourage the use of nonviolence to achieve our ends and maximize the safety of all participants.”
Amazed that this is receiving almost zero media attention. If I was in NYC I would be there right now. Could lead to something amazing and revolutionary.
For more info, check out: https://occupywallst.org/
Spread the word Y’all!
So folks, the debt ceiling has not been raised. But don’t panic, investors, we’re not gonna default: before the vote, Republican leaders called Wall Street executives to assure them the vote was ‘just for show.’ Yeah, it’s ‘just for show’ like the sneeze guard on the salad bar. …This bill was genius, you see: the Republicans could show their Tea Party base that they’re against raising the debt ceiling, while reassuring their worry-wart Wall Street base that this was just political theater!
…And now, Republicans can say one thing to Wall Street, and the complete opposite to the Tea Party at the exact same time! Because to one of those groups, they are talking out their ass. But don’t tell me which one — I’m TiVo’ing the end of the economy."
— STEPHEN COLBERT, on the GOP’s political stunt calling for a vote on (not) raising the debt ceiling, on The Colbert Report. (via inothernews)