GEORGE TYLER ~ MARKET REGULATION ~ WHAT WENT WRONG ~ 2013

~ P-BI-FCTC-EM ~ Prevents – Business Interests – From Combining To Create – Exploitative Monopolies

~ E-T-E-SA-P-A-M ~ Ensures – That – Externalities – Such As – Pollution – Are – Managed

~ C-MWSFE ~ Creates – Minimum Worksite Standards For Employees

~ A-TPO-FS-B-B-APESCWCCA ~ Avoids – The Problem Of – Financial Speculation – By – Banks – A Problem Ever Since Credit Was Conceived Centuries Ago

~ E-ABLO-HAI-OTPO-BI ~ Enforces – A Basic Level Of – Honesty And Integrity – On The Part Of – Business Interests

GEORGE TYLER ~ THE ALTERNATIVE: FAMILY CAPITALISM ~ WHAT WENT WRONG ~ 2013

~ U-TIOSGR-PITFS ~ Understands – The Importance Of Selective Government Regulation – Particularly In The Financial Sector

~ PAPO-L-TPG ~ Puts A Premium On – Long-Term Productivity Growth

~ RAM-TDOCIOG ~ Recognizes And Modulates – The Dangers Of Corporate Influence On Government

~ PAPO-L-TGIWATKTFP ~ Puts A Priority On – Long-Term Growth In Wages As The Key To Family Prosperity

GEORGE TYLER ~ WHAT WENT WRONG ~ 2013

~ TA:FC ~ The Alternative: Family Capitalism

~ P-TATDOG-A-TMIBCS ~ Policies – To Ameliorate The Dangers Of Globalization – And – To Maximize Its Benefits Can Succeed

~ WTIO-OJIPO-EFBTV ~ When The Impact Of – Offshoring Jobs Is Pointed Out – Executives Frequently Blame The Victims

~ D-F-JW-ARAOHAND ~ Debt-Free Corporations – Juxtaposed With – A Record Amount Of Household And National Debt

~ RC-SOTTOGBSI ~ Regulatory Capture – Seizure Of The Tools Of Government By Special Interests

~ TOGS-G-WNLSTBACOTPOBB-I-IWSTGOOTW-O-EB-F ~ The Tone Of Government Shifted – Government – Was No Longer Supposed To Be A Check On The Power Of Big Business – Instead – It Was Supposed To Get Out Of The Way – Or – Even Better – Facilitate

~ SGO-WJIWT-RI-BIDFTRO-I-I-WPTRWTSIGWC-TCWRWCOI ~ Senior Government Officials – Whose Job It Was To – Regulate Industry – Became Increasingly Drawn From The Ranks Of – Industry – Itself – With Plans To Return When Their Stint In Government Was Complete – These Circumstances Were Rife With Conflicts Of Interest

~ WCG ~ Weak Corporate Governance

~ TCC ~ Tax Cut Cultists

~ ‘DDM’ ~ “Deficits Don’t Matter”

~ IP-RCD-RHD-RND ~ Illusory Prosperity – Rising Corporate Debt – Rising Household Debt – Rising National Debt

~ RID ~ Rising Income Disparity

~ EM ~ Economic Mythmaking

~ TS:SC-R-SC ~ The Shift: Shareholder Capitalism – Replaced – Stakeholder Capitalism

~ TRDORC:IO-MI-WO-ATI-L-O-BI-IO-T-PG-BSI-FFSTBCFR ~ The Revolving Door Of Regulatory Capture: Industry Officials – Morphing Into – Washington Officials – And Then Into – Lobbyists – Or – Back Into – Industry Officials – Their – Personal Gain – Blending Seamlessly Into – Fervor For Shielding The Business Community From Regulation

~ TGORIT-CMG-PAMCL-SA-THI-AA-PC-TCITFAB:TPMOOTP-ERT-W-P-RC ~ The Goal Of Regulation Is To – Corral Mankind’s Greed – Protect Against Mankind’s Cognitive Limitations – Such As – The Herd Instinct – And Also – Prevent Collusion – The Challenge Is To Find A Balance: The Proper Measure Of Oversight That Promotes – Entrepreneurial Risk Taking – While – Preventing – Regulatory Capture

~ AS”TFP-RC-BIFPITGOE-‘TIOT-P-OTBAT-OSFAIMBNF-PTOT-C’ ~ Adam Smith: The Father Of – Regulated Capitalism – Broadly Improving Family Prosperity Is The Goal Of Economics – “The Interest Of The – Producer – Ought To Be Attended To – Only So Far As It May Be Necessary For – Promoting That Of The – Consumer” (Wealth Of Nations)

~ SC ~ Stakeholder Capitalism

~ SC-CW-W-TE-P-AWA-P ~ Stakeholder Capitalism – Concerned With – Wages – The Environment – Poverty – As Well As – Profit

~ SC ~ Shareholder Capitalism

~ SC-TOIAILM-WMAWTLDC-IAM-EBETUAAMMSINGOHW ~ Shareholder Capitalism – The Outcome Is An Insecure Labor Market – With Mean And Women Treated Like Disposable Commodities – It Also Means – Efforts By Employees To Upskill And Acquire More Marketable Skills Is No Guarantee Of Higher Wages

~ TSMIAO-AS-HIT-TBOCBEFATG-HGWTD-TBSPFCBBP ~ The Single Most Important Aspect Of – Adam Smith – He Intended That – The Beneficiaries Of Capitalism Be Every Family Across The Globe – His Goal Was To Divine – The Best Scheme Possible For Creating Broadly Based Prosperity

~ SC-TRGOMIMEC-BOMATCI-MC-W-E-NMPNMSR-M-NS-HBTBW-EALBTCARHAOEIHT ~ Shareholder Capitalism – The Real Goal Of Management Is Maximizing Executive Compensation – Because Of Management’s Ability To Control Information – Managerial Capitalism – Where – Enterprises – Neither Maximize Profits Nor Maximize Shareholder Returns – Management – Not Shareholders – Has Been The Big Winner – Executives Are Little Better Than Consumers At Resisting Herding And Other Economically Irrational Human Tendencies

~ MC ~ Managerial Capitalism

~ ‘TM’-B-‘NE’ ~ “Too Much” – Became – “Never Enough”

~ MFI-EP-SC-AVOC-EMTPECWDTPO-S-A-T-F-I ~ Market Failure In – Executive Pay – Shareholder Capitalism – A Version Of Capitalism – Enabling Management To Prioritize Executive Compensation While Deemphasizing The Prosperity Of – Shareholders – And – The – Firm – Itself

~ S-T ~ Short-Termism

~ S-THSTI ~ Short-Termism Has Spread To Investors

~ S-THHHCI ~ Short-Termism Has Hobbled Human Capital Investment

~ EFC-I-TAO-S ~ Evolved Family Capitalism – Is – The Antithesis Of – Socialism

~ C-IT-WOI-R-E-A-EG ~ Competition – Is The – Wellspring Of Invention – Rising – Efficiency – And – Economic Growth

~ ST-F-UI-O-W ~ Shifting Taxes – From – Unearned Income – Onto – Wages

~ DOC-A-E-F-AEB-I-J-WD ~ Deregulation Of Commerce – And – Especially – Finance – Always Ends Badly – Instability – Joblessness – Wealth Destruction

~ ‘STB’ ~ “Starve The Beast”

~ TM:TTAEG ~ The Myth: That Taxes Affect Economic Growth

~ TM:TPIEREE ~ The Myth: That Promoting Income Equality Reduces Economic Efficiency

~ TM:TEAUCSWS ~ The Myth: That Education And Upskilling Can Solve Wage Stagnation

~ FC:TDOTMAA-OGAYTTHPONSAF ~ Family Capitalism: The Dictates Of The Marketplace And Age-Old Greed Are Yoked To The Higher Priority Of Nurturing Society And Families

~ THAS-ST-S-DAAD-D-MN-AWYOWTD ~ Tax Havens Are State-Sponsored Thieves – Serving – Drugs And Arms Dealers – Despots – MultiNationals – Along With Your Ordinary Wealthy Tax Dodgers

~ GCBABOAB ~ Globalization Can Be A Boon Or A Bane

~ VHD-EAU-AW-I-U-A-R-SN-TAB-CDITCDP ~ Voters Have Demanded – Education And Upskilling – Along With – Income – Unemployment – And – Retirement – Safety Nets – To Avoid Becoming – Collateral Damage In The Creative Destruction Process

~ SAUFTJ ~ Support And Upskilling For The Jobless

~ HMWIPG ~ Higher Minimum Wages Incentivize Productivity Growth

~ MWAAEAM ~ Minimum Wages Are An Effective Antipoverty Mechanism

~ DMWCJ?-NEOAUEE-HARMWCWJCAFU ~ Do Minimum Wages Cost Jobs? – No Evidence Of An Unemployment Effect Exists – High And Rising Minimum Wages Coexist With Job Creation And Falling Unemployment

~ AEFSSG ~ An Enlarged Financial Sector Slows Growth

~ EPEPG ~ Employee Protections Enhance Productivity Growth

~ T-FCC-HDT-STRFES-ANO-TPTS ~ The – Family Capitalism Countries – Have Demonstrated That – Steps To Reassert Family Economic Sovereignty – Are Not On – The Path To Serfdom

~ CIG-CBR-B-BCOIIPO ~ Confidence In Government – Can Be Rebuilt – By – Banning Conflicts Of Interest Involving Public Officials

~ M/SC-EECATS-T-O-RTS-I-R&D-O-FPAS ~ Managerial / Shareholder Capitalism – Exalts Executive Compensation And The Short-Term – Over – Returns To Shareholders – Investment – R&D – Or – Firm Property And Survivability

~ RRW ~ Raise Real Wages

~ IEMWEAAP ~ Improve Economic Mobility With Education And Apprenticeship Programs

~ TR-I-CTH ~ Tax Reform – Including – Closing Tax Havens

~ TFPC-B-ATBB ~ Time For Political Courage – Bootstrap – At The Ballot Box

DAVID BOLLIER ~ BRAND NAME BULLIES ~ 2005

~ TQTOACC ~ The Quest To Own And Control Culture

~ WWOCPOT-CC-AFATU-IIB-PALU-TSOTPIR ~ What Was Once Considered Part Of The – Cultural Commons – Available For All To Use – Is Increasingly Being – Privatized And Locked Up – The Scope Of This Plunder Is Remarkable

~ T-OOC-NET-LOTA-DSAC-AE-S ~ The – Ownership Of Culture – Now Extends To – Letters Of The Alphabet – Distinctive Sounds And Colors – And Even – Scents

~ TTU-EW-IA-NC-EIA-F-T-W-EF-PANP-A-YEA-SCU-AZOT-II ~ Try To Use – Existing Works – In A – New Creation – Even In A – Fleeting – Partial – Way – Even For – Personal And Noncommercial Purposes – And – You Enter A – Shadowy Cultural Underground – A Zone Of The Illegal Imagination

~ WWGD? ~ What Would Groucho Do?

~ M-P/M/W-BWTWA-‘Q’-ETIIEIAFSTBATQT ~ Many – Painters / Musicians / Writers – Balk When Their Works Are – “Quoted” – Even Though It Is Essential In A Free Society To Be Able To Quote Them

~ O-LC ~ Over-Lawyered Corporation

~ TRQ-H-IW-FSAC-BT-E-OCT-CI ~ The Real Question – However – Is Whether – Free Speech And Culture – Belong To – Everyone – Or Chiefly To – Commercial Interests

~ CATL-IOGNTBR-ICNTBEMTE-TVAFFOIACNTBP-TPROAAUMBH ~ Copyright And Trademark Law – Its Original Goals Need To Be Restored – Individual Creators Need To Be Empowered More Than Ever – The Volume And Free Flow Of Information And Creativity Need To Be Protected – The Public’s Rights Of Access And Use Must Be Honored

~ WMSANBOPAPITTAOTSDOTIADT ~ We Must Strike A New Balance Of Private And Public Interests That Takes Account Of The Special Dynamics Of The Internet And Digital Technology

~ AAC:UOAD ~ Art And Culture: Use Only As Directed

~ CC-SIT-‘VA’-W-TDF-TUSOCW ~ Copyright Champions – Systematically Ignore The – “Value Added” – Wealth – That Derives From – The Unmetered Sharing Of Creative Works

~ ACDUACC-F-I-I-A-D ~ All Creators Depend Upon A Cultural Commons – For – Inspiration – Imitation – And – Derivation

~ F-AWWIRBAA-DW-CB-G-AMA-T-FTCAL-NC-GEI ~ For – Artists Whose Work Is Reused By Another Artist – Derivative Works – Can Be – Gifts – As Much As – Theft

~ A-ACSFCTVASOMC ~ Appropriation – A Crucial Strategy For Critiquing The Values And Sensibilities Of Mainstream Culture

~ CL-HLRA-PD’-B-IAPI-TSOS-FT-JE-IILTBC-P-N-A-G-TMCTIHMOTOWTPU ~ Copyright Law – Has Long Recognized A – “Parody Defense” – But – If A Parody Is – Too Sly Or Subtle – For The – Judicial Eye – It Is Likely To Be Considered – Piracy – Not – Art – Generally – The Most Critical Test Is How Much Of The Original Work The Parody Uses

~ SAOLADTPA-T-‘D’-O-‘T’ ~ Small Armies Of Lawyers Are Dedicated To Protecting Against – Trademark – “Dilution” – Or – “Tarnishment”

~ ACO-EPCIKAC-ICO-TPI ~ A Crush Of – Expansive Property Claims In Knowledge And Creativity – Is Crowding Out – The Public Interest

~ TVO-FA-SFT-‘GE’-O-TFC;CISAAFTMBATFCAMOTC ~ The Vitality Of – Folk Art – Stems From The – “Gift Economy” – Of – The Folk Community; Creativity Is Seen As A Gift That Must Be Allowed To Freely Circulate Among Members Of The Community

~ SCCAETTAN-‘PI’-F-CL-TEI ~ Stunning Creativity Can Arise Even Though There Are No – “Property Incentives” – From – Copyright Law – To Encourage It

~ SCBATOOICBU ~ Should Companies Be Allowed To Own Online Identities Created By Users?

~ OC-HB-VS ~ Online Citizens – Have Become – Virtual Serfs

~ TPL ~ Trademarking Public Life

~ TPOBE ~ The Power Of Public Exposure

~ P-IACGOHS-EWTFPARS-SSAA-FU-W-OAN ~ Parody – Is A Classic Genre Of Human Societies – Even When The Factual Patterns Are Remarkably Similar – Some Spoofs Are Adjudged – Fair Use – While – Others Are Not

~ I-10%-OY-A-DGT-P-IMBI ~ If – 10 Percent – Of Your – Audience – Doesn’t Get The – Parody – It May Be Illegal

~ TD ~ Trademark Dilution

~ TIT-TL-AA-ANM-O-AGWOP-IANO ~ The Idea That – Trademark Law – Allows An – Absolute National Monopoly – On – A Given Word Or Phrase – Is A New One

~ TRP-OC-IT-LCDLTBCOAPSABATW ~ The Real Point – Of Course – Is That – Large Corporations Don’t Like To Be Criticized On A Public Stage As Big As The Web

~ YEWTROPNIOCP-TIAODT-TLOMC-CTIUCTCO-‘A’-M ~ Yet Even With The Rise Of Powerful New Instruments Of Cultural Pluralism – The Internet And Other Digital Technologies – The Leviathans Of Mass Culture – Continue To Insist Upon Controlling The Circulation Of – “Authorized” – Meanings

~ CL-SNBATIW-CDP ~ Copyright Law – Should Not Be Allowed To Interfere With – Core Democratic Principles

~ F-D-A-O-COI-AA-SR-A-PG:TIEWEHATH;DIVWTAC ~ Facts – Data – And – Other – Compilations Of Information – Are A – Shared Resource – A – Public Good: That Is Enriched When Everyone Has Access To Them; Diminished In Value When They Are Tightly Controlled

~ CM ~ Copyright Maximalists

~ YMNTYRDNT ~ You May Not Teach Your Robot Dog New Tricks

~ TFCAPAWT-AFOIPL-MSCW-P-TIINITTTD ~ There Finally Comes A Point At Which The – Absurd Frontiers Of Intellectual Property Law – Merge So Completely With – Parody – That It Is Nearly Impossible To Tell The Difference

~ DTSACOTW-CM-TTIT-AACI-O-Q-S-CC-A-TUO-PW ~ Determined To Secure Absolute Control Over Their Works – Copyright Maximalists – Tend To Ignore The – Artistic And Civic Importance – Of – Quotation – Sharing – Creative Collaboration – And – Transformation Uses Of – Prior Works

~ TGCL ~ The Great Cultural Lockdown

~ N-TBNWO-SCC-HSSIFAODS-PT-R-S-R-C-A-C-AB-CF ~ Naturally – This – Brave New World – Of – Strictly Controlled Content – Has Some Serious Implications For An Open Democratic Society – Permission To – Read – Share – Reuse – Collaborate – And – Create – All Become – Conditional Freedoms

~ ALD ~ Aggressive Litigation Dragnets

~ L-POAO-FIT-E-F-CA-T-PM-IAGWTE-L-E-A-DC-NTM-STMFB-B ~ Libraries – Part Of An Old-Fashioned Idea That – Easy – Free – Citizen Access – To – Printed Material – Is A Great Way To Encourage – Literacy – Education – And – Democratic Culture – Not To Mention – Seed The Market For Book-Buying

~ TMTAPRTEIIIAS ~ The Mania To Assign Property Rights To Every Imaginable Intangible Is A Sickness

~ OTSOFCG ~ Owning The Smell Of Freshly Cut Grass

~ T-NFITCOL-I-SE ~ The – Next Frontier In The Commodification Of Life – Is – Sensory Experience

~ PL-HTRTA-NI-B-NAN-IOTQF-PP-B-APBPNJ-PI-B-II-A-BM-TSHER-EITCSFAGPID-ICNBUTISI

~ Patent Law – Has Traditionally Required That Any – New Invention – Be – Novel And Nonobvious – In Order To Qualify For – Patent Protection – But – As Patents Began Protecting Not Just – Physical Inventions – But – Intangible Ideas – And – Business Methods – Their Scope Has Expanded Radically – Even If The Claimed Scope For A Given Patent Is Dubious – It Can Nonetheless Be Used To Intimidate Supposed Infringers

~ BO-SSFGP-TBWDNNRTAIOGIA-TPVOP-IMI-IA-LT-A-BC-IDWC ~ Because Of – Slacker Standards For Granting Patents – The Business World Does Not Necessarily Regard Them As Indicative Of Genuine Innovation Anymore – The Practical Value Of Patents – In Many Instances – Is A – Legal Threat – And – Bargaining Chip – In Dealings With Competitors

~ AWORO-CP-IT-POCACAL-F-WMCIUCRA’BP’ ~ A Whole Other Realm Of – Controversial Patents – Involves The – Patenting Of Common Agricultural Crops And Life-Forms – Which Many Critics In Underdeveloped Countries Regard As – “Biopiracy”

~ A-W-EG-CBA-I-AA-DLRA ~ A – Well-Executed Gag – Can Be As – Illuminating – As A – Dozen Law Review Articles

~ DT-TTTIPLHTOTPG-ANMT-ATPI-I-STTSAGM ~ Despite The – Troubling Trajectory That Intellectual Property Law Has Taken Over The Past Generation – A New Movement To – Assert The Public Interest – Is – Starting To Take Shape And Gain Momentum

~ WNTDA-NL-TEWT-PD-ISIT-C-C-D-A-C ~ We Need To Develop A – New Language – That Explains Why The – Public Domain – Is So Indispensable To – Creativity – Culture – Democracy – And – Commerce

~ RTATAVRF-‘IO’-WNA-EAPPL-TUTVO-‘PK’-A-AST-PARI ~ Rather Than Assume That All Value Results From – “Individual Originality” – We Need An – Economics And Public Policy Language – That Understands The Value Of – “Public Knowledge” – And – Affirmatively Seeks To – Protect And Replenish It

JUSTIN FOX ~ THE MYTH OF THE RATIONAL MARKET ~ 2009

~ ECF-TCAJOMP-CWC-DOR ~ Early Claims For – The Correctness And Justness Of Market Prices – Came With Caveats – Doses Of Realism

~ T-MOTRM-IIAMOGP-OT-MOTT-ERPW-BIIN-AM-AO-T-WTTL-CLTASOT ~ The – Myth Of The Rational Market – It Is A Myth Of Great Power – One That – Much Of The Time – Explains Reality Pretty Well – But It Is Nonetheless – A Myth – An Oversimplification – That – When Taken Too Literally – Can Lead To All Sorts Of Trouble

~ L-P-I-FIBTMOTW-E-BMAMCW-IWRRO-HB-IOT-BBMO-I ~ Like – Physicists – Ignoring – Friction – In Building Their Models Of The World – Economists – Became More And More Comfortable With – Ignoring Widely Recognized Realities Of – Human Behavior – In Order To – Build Better Models Of – It

~ E-WMAPO-TAW-AF-TR-WDAWTFWT-WF-TIFOTSOEHDC-AAAOTY-MY-JAOO-WFTNLATFWWGO-BABS-E ~ Equations – Were Memorized And Passed On – The Accompanying Words – And Often – The Real-World Data Against Which The Formulas Were Tested – Were Forgotten – This Increasing Focus On The Mathematical Side Of Economics Has Been Decried – Again And Again Over The Years – Mostly By – Journalists And Other Outsiders – Who Found Themselves No Longer Able To Follow What Was Going On – But Also By Some – Economists

~ TWSLOP-IID-WFMHASRV ~ There Were Still Lots Of People – Interested In Debating – Whether Financial Markets Had Any Socially Redeeming Value

~ W-WTS-RWIED-AT-WD ~ We – Want To See – Regular Waves In Economic Data – And Thus – We Do

~ A-NP-HBA-A-TWDWTWWI-WNLW-NLC-NLC-E-BGWTQ-POS-TBTA-RS ~ A – New Paradigm – Had Been Accepted – And – Those Who Didn’t Want To Work Within It – Were No Longer Welcome – No Longer Could – Economists – Be Grouped With Those Quarrelsome – Psychologists Or Sociologists – They Belonged To A – Real Science

~ TS-FS-WCT-YCP-FSPM-BLA-PSPM-WETIT-FSV-CBPBLA-PSV ~ The Same – Finance Scholars – Who Claimed That – You Couldn’t Predict – Future Stock Price Movements – By Looking At – Past Stock Price Movements – Were Embracing The Idea That – Future Stock Volatility – Could Be Predicted By Looking At – Past Stock Volatility

~ ES-TGD-TDRATTFRHD-TRWFIAIWATD-TRTNOFBTCBM ~ Ever Since – The Great Depression – The Dominant Regulatory Approach To Taming Financial Risk Had Been – To Restrict What Financial Institutions And Investors Were Allowed To Do – To Reduce The Number Of Financial Bets That Could Be Made ~ Arguing For – The Freedom To Create Infinite Varieties Of New Financial Instruments – Because – Equilibrium Theory – Said – It Would Bring The Economic World Closer To Perfection

~ D-B-OOTGFSOTNQC-CIAWRABOIO ~ Derivatives – Became – One Of The Great Financial Stories Of The Next Quarter Century – Chronicling It Adequately Would Require A Book Of Its Own

~ IWC-PI-AIWAAT-HA-TROTSM ~ It Was Called – Portfolio Insurance – And It Was An Attempt To – Hedge Away – The Risk Of The Stock Market

~ NN-BTFIWBI-E-IT-1970S-A-EBTSHMSF ~ Human Nature – Begins To Find Its Way Back Into – Economics – In The – 1970s – And – Economists Begin To Study How Markets Sometimes Fail

~ I-IWI-TW-IAMORI-BANT-SAIWHATTSI-A-TCTTSC-W-E-T-UI-O-I-O-B-MCNE ~ If – Information Were Inexpensive – There Would – In A Market Of Rational Investors – Be Almost No Trading – Since All Investors Would Have Access To The Same Information – And – Thus Come To The Same Conclusions – Without – Expensive-To-Unearth Information – Or – Irrationality – Or – Both – Markets Could Not Exist

~ WAOOTM-OTIDSN-A-ATRWPAFR ~ We Are Often Of Two Minds – One That Impatiently Demands Satisfaction Now – And – Another That Rationally Weighs Present And Future Rewards

~ BE ~ Behavioral Economics

~ RWRB-NDM-PCCWTPG-PWMC-EMPC-E-M-PPD-ISOIPAT-ABT-TR-CBMA-MQ-S-R-C-ITO-SCN ~ Regulations Were Rolled Back – New Derivatives Markets – Provided Countless Cheap Ways To Place Bets – Paradise Was Moving Closer – Ever More Powerful Computers – Ever-More-Plentiful Price Data – In Search Of Identifiable Patterns And Trends – A Belief That – The Risks – Could Be Managed – And – Managed Quantitatively – Some – Risks – Could – It Turned Out – Some Could Not

~ TCO-1987-EBFITRFVOR-B-ARB-TFR-AAFR-1987-WT-FAD-O-TIIOMR-MMIF-IWNTBTL ~ The Crash Of – 1987 – Exposes Big Flaws In The Rational Finance View Of Risk – But – A Rescue By – The Federal Reserve – Averts A Full Reexamination – 1987 – Was The – First Alarming Demonstration – Of – The Inherent Instability Of Mathematical Risk-Management Models In Finance – It Was Not To Be The Last

~ IT-WLMADFTS-TTW-TBSB-RO-B-TCWBJF ~ Irrational Traders – Would Lose Money And Disappear From The Scene – The Thinking Went – To Be Supplanted By – Rational Ones – But – This Claim Was Basically Just Folklore

~ G-RLTMEAWS-HI-BFSR-DN ~ Growth – Reached Levels That Many Economists Assumed Would Spark – Higher Inflation – But For Some Reason – Did Not

~ KYCAPOT-A-CUAMYC-IARA-IWE-IFPFTFAPN-M-DF-I-MWW-TMCGI ~ Keep Your Commitments And Promises On Time – And – Clean Up Any Mess You Created – It’s A Reasonable Argument – Incentives Weren’t Enough – If Market Participants Failed To Follow A Particular Non-Market-Determined Norm – Integrity – Markets Wouldn’t Work – The Market Couldn’t Govern Itself

~ AE-GFMBAC-TH-HI-SNFPOT-TMP-WETCO-VUTRO ~ Almost Every – Great Financial Market Bubble And Crash – Through History – Has Involved – Some New Financial Product Or Technology – That Market Participants – Without Experience To Call On – Vastly Underestimate The Risk Of

~ ILUWTNTFWT-TSE-WATWWNBATDSEFAESB-FR-WBPOT-ARO-EAI-WPART-OH-SW-M ~ It Leaves Us With The Need To Find Ways To – Temper Speculative Excess – While Acknowledging That We Won’t Necessarily Be Able To Distinguish Speculative Excess From An Entirely Sustainable Boom – Financial Regulation – Will Be Part Of That – A Rediscovery Of – Ethics And Integrity – Will Play A Role Too – One Hopes – So Will – Memory

CHRISTIAN RUDDER ~ DATACLYSM ~ 2014

~ YGTBTG ~ You Got To Be The Glue

~ M-A-TIRT-DTTFG-E ~ Measurements – Are – Tracked In Real Time – Down To The Finest Grain – Everywhere

~ O-YCAGWYW-B-WYN-TAMHTTF ~ Online – You Can Always Get What You Want – But – What You Need – That’s A Much Harder Thing To Find

~ YOGTFTPJDWTK ~ You Often Get The Feeling That People Just Don’t Want To Know

~ ‘WD…’-AUTAUQ-OTHOPPJITW-ITSANA-BB-BA-OB-GY-MC ~ “Why Do…” – A User Types An Unrelated Question – Only To Have Other People’s Prejudices Jump In The Way – It’s The Site Acting Not As – Big Brother – But As – Older Brother – Giving You – Mental Cigarettes

~ SCSFTWST-EWTCII-B-IAPPIAFOPI ~ Stories Create Status For Those Who Share Them – Especially When They Concern Important Individuals – Because – Information About Powerful People Is A Form Of Power Itself

~ TGHTGVII-TN-AIIOPBUU-WIIOP-EC-T-SM ~ The Government Has The Greatest Vested Interest In – Tracking Negativity – Armed Insurgency Is Often Preceded By Unarmed Unrest – Which Itself Is Often Propagated – Even Coordinated – Through – Social Media

~ PSAEOO-TTAOTE ~ People Scream At Each Other Over – The True Age Of The Earth

~ WSTDOAMBWWHABWWL ~ We Seem To Define Ourselves As Much By What We Hate As By What We Love

~ BEDSHIQ-RMOBTFS ~ Because Each Data Set Has Its Quirks – Researchers Must Often Build Tools From Scratch

~ CD-EITOL-MTWARP ~ Cultural Differences – Even If They’re Occasionally Laughable – Make The World A Richer Place

~ B-WOBIF ~ Brands – Were Originally Burned Into Flesh

~ THPIGATL ~ The Hardest Part Is Getting Anyone To Listen

~ IY-HALOF-YAIF-MMLT-SLAC ~ If You – Have A Lot Of Followers – You Are In Fact – Much More Likely To – Speak Like A Corporation

~ OC-TA-TF-AR ~ Of Course – That Assumes – The Followers – Are Real

~ FFH-TMPSSTB-TMPTB ~ Followers-For-Hire – The More Popular Someone Seems To Be – The More Popular They Become

~ STIWT-SAB-CLT:CEM ~ So This Is What The – Self As Brand – Can Led To: Chasing Empty Metrics

~ IOTTRYTAN-WSERY-IFU ~ It’s One Thing To Reduce Yourself To A Number – When Someone Else Reduces You – It Feels Ugly

~ INNTWDUOH:ITCDTSBH ~ It’s Not Numbers That Will Deny Us Our Humanity: It’s The Calculated Decision To Stop Being Human

~ TFQIADOPI-TT-O-WYGFLI ~ The Fundamental Question In Any Discussion Of Privacy Is – The Trade-Off – What You Get For Losing It

~ IHTBIICTYOA-‘NTKB’-FAETDTYNTKA-WTIW-JN-W-W-O-H ~ It’s Hard To Believe In Information Coming To You On A – “Need To Know Basis” – From An Entity That Doesn’t Think You Need To Know Anything – We’re Told It Works – Just Not – When – Where – Or – How

~ Q-FTCTSDP-IHCPUIS ~ Quixotically – For Those Crimes Total Surveillance Didn’t Prevent – It Has Certainly Proved Useful In Solving

~ B-TPSOU-A-E-E-S-WCHTT-AATTTWWAFH-WTAWOIIP ~ But – The People Spying On Us – Are – Extremely – Extremely – Smart – We Can Hope That They – Are Able To Temper Their Work With A Farsighted Humanity – What They Are Working On Is Inhumanly Powerful

~ M-TIOC-PLSABFAIIFT ~ Metadata – The Incidentals Of Communication – People Leave Some Amazing Breadcrumbs For Anyone Interested In Following Them

~ CAG-D-P-D ~ Cultures And Generations – Define – Privacy – Differently

~ TWDCSBAA ~ This Whole Debate Could Soon Be An Anachronism

~ MS-G-A-R-A-H-OO-TD ~ Make Something – Good – And – Real – And – Human – Out Of – The Data

~ T-EOD-IH-WANR ~ The – Era Of Data – Is Here – We Are Now Recorded

~ EAMSMCTTHAPOTD-TBOIHS-O-LTTLW ~ Even As Most Social Media Companies Trumpet The Hugeness And Potential Of Their Data – The Bulk Of It Has Stayed – Off-Limits To The Larger World

KURT ANDERSEN ~ FANTASYLAND ~ 2017

~ WHPTTLGADTRH ~ We Have Passed Through The Looking Glass And Down The Rabbit Hole

~ BI-AAA-CFTOFFWSTB-WCO-F-A-‘F’-TBTU ~ Believers In – Anything And Everything – Can Find Thousands Of Fellow Fantasists Who Share Their Beliefs – With Collages Of – Facts – And – “Facts” – To Back Them Up

~ BTI-C-WMI-A-SHAHTRCOTAR-N-TDBOAAOTAATW-JLAN ~ Before The Internet – Crackpots – Were Mostly Isolated – And – Surely Had A Harder Time Remaining Convinced Of Their Alternate Realities – Now – Their Devoutly Believed Opinions Are All Over The Airwaves And The Web

~ NATFLR-RAF-A-WAD-BAC ~ Now All The Fantasies Look Real – Reality And Fantasy – Are – Weirdly And Dangerously – Blurred And Commingled

~ CE-S-GSEATAOMOETPAW ~ Conspiracies Exist – Sometimes – Groups Secretly Execute Agendas To Achieve Or Maintain Or Expand Their Power And Wealth

~ CEOTW-TT-CASOD-RAI-DLTIIADAPE-ITGGPO-RAH ~ Conspiratorial Explanations Of The World – Tend To – Connect All Sort Of Dots – Real And Imaginary – Drawing Lines To Impute Intention And Design And Purpose Everywhere – Ignoring The Generally Greater Power Of – Randomness And Happenstance

~ T-19502-W-FAF-ATO-WH-W-TV-NAN-HMP-SMT-C-TAA-A-NISA-CQ-HS ~ The – 1950s – Were – Freaky And Fantastic – A Third Of – Waking Hours – Watching – TV – Nowhere And Never – Had More People – Spent More Time – Consuming – Fictions And Advertising – And – Never In Such A – Continuous Quasi-Hypnotic State

~ DU-WBPOT-FT ~ Drug Use – Would Become Part Of The – Fantasyland Transformation

~ I-TAOA-MB-B-B-C ~ In – The Age Of Aquarius – Make-Believe – Became – Blue-Chip

~ NSHBAOI-B-LFO-TEL-A-TPR-HBWDUOTST-TFT-OA-DFT-TA ~ Neither Side Has Been Aware Of It – But – Large Factions Of – The Elite Left – And – The Populist Right – Have Been Wearing Different Uniforms On The Same Team – The Fantasyland Team – Operating As – De Facto Tag-Team Allies

~ S-CFF-P-COF-T-EF ~ Self-Conscious Fan Fiction – Permitted – Consumers Of Fiction – To – Enter Fictions

~ G-DTJT-F-IC-B-O-L ~ Government – Decided To Join The – Fantasy-Industrial Complex – By – Operating – Lotteries

~ TP-EB-1965-W-S-BFLC-ICBL-‘R-A-ML-EF ~ The Pill – Everywhere By 1965 – When – Sex Became Far Less Consequential – It Could Become Less – “Real” – And More Like – Exciting Fiction

~ CS-AN-F-0-PY-KI ~ Cosmetic Surgery – A New – Fantasy – Of – Permanent Youthfulness – Kicked In

~ OIC ~ Our Inner Child

~ R-TITNIAMCOTTAE-BEI-A ~ Relativism – The Idea That Nothing Is Any More Correct Or True Than Anything Else – Became Entrenched In – Academia

~ AT-1960-TWR-A-CBETV-A-ILA-AEWPTBODWTW-TDBOAFWCOMF ~ After The – 1960s – Truth Was Relative – And – Criticizing Became Equal To Victimizing – And – Individual Liberty Absolute – And – Everyone Was Permitted To Believe Or Disbelieve Whatever They Wished – The Distinction Between Opinion And Fact Was Crumbling On Many Fronts

~ TNUI ~ The New UltraIndividualism

~ BI-GSC-T-RFTHITTI-AMF-TCP-T-TM ~ Belief In – Gigantic Secret Conspiracies – Thrived – Ranging From The Highly Improbable To The Impossible – And – Moved From – The Crackpot Periphery – To – The Mainstream

~ CWSU ~ Casinos Were Suddenly Ubiquitous

~ C-ONMS ~ Celebrity-Obsessed News Media Sprawled

~ FTVEC-MMRLMFP-RTCAITNOT-STWP-B-MWPWWABOF ~ Feeding This Vastly Expanded Celebrity-Media Maw Required Lots More Famous People – Reality Television Came Along In The Nick Of Time – Sometimes There Were Prizes – But – Mainly What People Won Was A Bit Of Fame

~ RT-H-R-ITN-B-FTB-RSCO-H-CS-CC-AINSS-A-D-P ~ Reality Television – Has – Reality – In The Name – But – From The Beginning – Reality Shows Consisted Of – High-Concept Stunts – Carefully Cast – Authored If Not Strictly Scripted – And – Definitely – Performed

~ T-O-MT-P-I-C-BA-TG-ATA-IS-CEIOSCTUT-TB-CABUA-SB ~ Transforming – Ordinary – Mostly Talentless – People – Into – Celebrities – Became A – Television Genre – And Then An – Industrial Sector – Canny Executives In Other Sectors Came To Understand That – Their Businesses – Could Also Be Understood As – Show Businesses

~ LARP-TO-APTBCAOSITRW-SFDAAT ~ Live Action Role-Playing – Took Off – Allowing People To Become Characters Acting Out Stories In The Real World – Sometimes For Days At A Time

~ FY:K’R’US ~ Forever Young: Kids “R” Us Syndrome

~ PHOT;IWA-TV-S ~ Politics Happened On Television; It Was A – TV – Series

~ ATI ~ And The Internet

~ BTW-CIAOF-CNSNAFOW-SIWMEF-RAR-TP ~ Before The Web – Cockamamie Ideas And Outright Falsehoods – Could Not Spread Nearly As Fast Or Widely – So It Was Much Easier For – Reason And Reasonableness – To Prevail

~ ITDA-ETAFAPARO-F-SHAUWT-IARUAMB-ATRM ~ In The Digital Age – Every Tribe And Fiefdom And Principality And Region Of – Fantasyland – Suddenly Had An Unprecedented Way To – Instruct And Rile Up And Mobilize Believers – And To Recruit More

~ OTI-TPGTA-FAOBOT-DEOTPOBOIS-ECOAL-IEAVPTVOTTTTTOTP ~ On The Internet – The Prominence Granted To Any – Factual Assertion Or Belief Or Theory – Depends Entirely On The Preferences Of Billions Of Individual Searchers – Each Click On A Link – Is Effectively A Vote Pushing That Version Of The Truth Toward The Top Of The Pile

~ BIOYOFTTLTBIO ~ Believing In One Type Of Fantasy Tends To Lead To Believing In Others

~ BTW-IRWETFOSA-FOCITWCPIOAT ~ Before The Web – It Really Wasn’t Easy To Find Or Stumble Across – False Or Crazy Information That Was Convincingly Passing Itself Off As True

~ P-IIS-IW-AAC-WDMB-EOODD-H-TFAA-I-C-BS-S-A-B-B-T-GAG-AMT-K-TWH-OOOM ~ Pre-Internet Information Systems – In Which – Accuracy And Credibility – Were Determined Mainly By – Experts Or Otherwise Designated Deciders – Had – Terrible Flaws And Annoyances – Including – Complacency– Blind Spots – Snobbishness – And – Bigotry – But – Those – Gates And Gatekeepers – Also Managed To – Keep – The Worst Hogwash – Out Of Our Mainstream

~ AG-UIPMPOBML ~ Anything Goes – Unless It Picks My Pocket Or Breaks My Leg

~ T-SMOON-A-SSMLTN-IDU-RI-MAM-ILOW-T-H-ST-POPABOL ~ That – So Many Of Our Neighbors – Are – Saying So Many Loony Things Now – Is Doing Us – Real Injury – More And More – In Lots Of Ways – Fantasyland – Has – Started To – Pick Our Pockets And Break Our Legs

~ ANOC ~ A Natural OmniConspiracist

~ T-S-S-EO-AC-MIT-I-TEADT-RRO-AT-FN-O-T-OS ~ The – Sudden – Shocking – Exposure Of – Actual Conspiracies – Make It Harder – Ironically – To Expose And Dismantle The – Rare Real Ones – All The – Fantastical Noise – Obscures – The – Occasional Signal

~ IF-IHFPTK-WAWTDLOIL ~ In Fantasyland – It’s Hard For People To Know – Where And When To Draw Lines Or Impose Limits

~ T-GD-HCP-B-TWT-WW-RAHTBI-FAE-F-A-WDT-MG-A-C-ASMF-WSMTYRWOL-T-SP-D-OR-DA-OUVOMITETRHF ~ The – Great Depression – Had Chastened People – But – That Was Then – We Were – Ready And Hungry To Believe In – Financial And Economic – Fantasies – Again – We Decided That – Mardi Gras – And – Christmas – Are So Much Fun – We Should Make Them Year-Round Ways Of Life – The – Smart People – Decided – Old Rules – Didn’t Apply – One Undeniable Virtue Of Markets Is That Eventually They Reflect Hard Facts

~ UR-MOUWUOT-N-GCITKCAPFNS-EOTB-C-S-A-V ~ Until Recently – Most Of Us Were Unaware Of The – New – Global Cottage Industry That Knowingly Concocts And Publishes False News Stories – Each Optimized To Be – Clicked – Shared – And – Viralized

~ A-S-E-A ~ A – Stupendous – Exhibit – A

~ WNTA-AGP-YETYOOAYOF-B-NYOF-E-IYFFHP ~ We Need To Adopt – A Guiding Principle – You’re Entitled To Your Own Opinions And Your Own Fantasies – But – Not Your Own Facts – Especially – If Your Fantastical Facts Hurt People

~ PF-WCH ~ Peak Fantasyland – We Can Hope