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Posts Tagged ‘New Yorker

The headline grabbed my attention right away!

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Bottom of Wall Street from FDR
Image by SheepGuardingLlama via Flickr

It was from an article in the New Yorker, that continues to offer me intriguing and generally useful information that I can believe, I hope!

It  said, “What good is Wall Street?” The essay is very good with person to person views of several Wall Street biggies. Here is an excerpt from the essay:

Think of all the profits produced by businesses operating in the U.S. as a cake. Twenty-five years ago, the slice taken by financial firms was about a seventh of the whole. Last year, it was more than a quarter. (In 2006, at the peak of the boom, it was about a third.) In other words, during a period in which American companies have created iPhones, Home Depot, and Lipitor, the best place to work has been in an industry that doesn’t design, build, or sell a single tangible thing

So you don’t have to wonder any more why the US economy is “underwater” so to speak! It’s focused on the “useless fruits of pure capitalism” and that’s what’s gone wrong,  I understand what John Cassidy is saying in his essay, at least in part.

Cassidy even found an apparent Wall Streeter, who seems to agree with the negative view of what happens on Wall Street now:

Paul Woolley, a seventy-one-year-old Englishman who has set up an institute at the London School of Economics called the Woolley Centre for the Study of Capital Market Dysfunctionality. “Why on earth should finance be the biggest and most highly paid industry when it’s just a utility, like sewage or gas?” Woolley said to me when I met with him in London. “It is like a cancer that is growing to infinite size, until it takes over the entire body.

Now that’s negative!

Later in the essay Wooley goes even further in commenting on market ups and downs:

Woolley had an epiphany: financial institutions that react to market incentives in a competitive setting often end up making a mess of things. “I realized we were acting rationally and optimally,” he said. “The clients were acting rationally and optimally. And the outcome was a complete Horlicks.” Financial markets, far from being efficient, as most economists and policymakers at the time believed, were grossly inefficient. “And once you recognize that markets are inefficient a lot of things change.

But I haven’t seen much CHANGE! Have you?

Read more http://www.newyorker.com/reporting/2010/11/29/101129fa_fact_cassidy#ixzz163fvyLS5

Read more http://www.newyorker.com/reporting/2010/11/29/101129fa_fact_cassidy#ixzz163esOHpD

Read more http://www.newyorker.com/reporting/2010/11/29/101129fa_fact_cassidy#ixzz163baclY1

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Written by BobG in Dalian & Vancouver

2010/11/22 at 16:40

Evan Osnos is a New Yorker staff writer who lives in Beijing

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Beijing Zhongguancun
Image via Wikipedia

I’ve seen his name before but don’t rightly remember where! Today I learned that he writes for the New Yorker, one of my faves and lives in Beijing. But what got my attention today was the quality of his analysis of the US political scene during this mid-term election period, to whit:

Bottom line: All in all, the Chinese have been left puzzled by the midterms, which appear, from afar, to be defined by a kind of cognitive dissonance. From the Chinese perspective, Americans appear to be thrashing against the realities of a new era: faced with a sudden sense of weakness and global changes in power, Americans look unable to summon the energy or unity to make even the simplest self-sustaining choices, and instead, are seeking refuge in the tinny appeals and false comfort of demagogues. “Americans are feeling quite contradictory,” as a piece in the Southern Daily put it recently. “[T]hey want to build more railroads, train stations and schools, they want to use clean energy, but they don’t want to pay higher taxes in order to do all of these. They are the offspring of immigrants and feel very proud of that, and yet they also oppose the idea of immigration.”

Read more http://www.newyorker.com/online/blogs/evanosnos/2010/10/the-chinese-view-of-the-midterms.html#ixzz144Yzh8K2

I especially liked the last point about being proud immigrants to the US but being against immigration! The US mood these days is truly a mess of contradictions!

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Written by BobG in Dalian & Vancouver

2010/11/01 at 15:38

Does the New Yorker know something about Stephen Harper that we Canadians should know!

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Happy Canada Day
Image by ecstaticist via Flickr

The collection of photos is titled “Portraits of Power” and features most of todays national leaders, but Harper ain’t there, nor is Canada included??????

Does that mean that Canada is powerless, leaderless, uninteresting? Take your pick but this is no complement to our country, whatever Harper or his staff say!

 

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Written by BobG in Dalian & Vancouver

2009/11/30 at 07:34

One of those small luxuries I miss, The New Yorker

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ObamaNYerCover

Image by robertodevido via Flickr

I used to buy them quite often, not every week but every other week or so.
And pasted in below is an example of what I miss, the inspired use of color and form to evoke a time in US history:

Interesting Times_ George Packer_ Online Only_ The New Yorker.jpg

And there is the writing, David Remnick, George Packer et al. A truly great magazine!

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Written by BobG in Dalian & Vancouver

2008/11/14 at 08:23

I posted this image the other day and didn’t know much about its provenance

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The Turning Torso in MalmöImage via Wikipedia

so its fitting that I found a collection, in the latest web version of New Yorker, of building projects architected by the Calatrava, who is described thus:

“In this issue of the magazine, Rebecca Mead writes about the Spanish architect Santiago Calatrava. “Calatrava has been trained both in architecture and in engineering, but he thinks of himself as an artist, and it is as such that he has been embraced by his most enthusiastic champions,” Mead writes. “His completed structures are instantly recognizable for their use of sculptural forms that draw upon motifs found in the natural world.””

Here is the image:

Birds in Flight_ Online Only_ The New Yorker-1.jpg

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Written by BobG in Dalian & Vancouver

2008/08/28 at 09:32