JAMES HUGHES ~ WHY WE CAN’T AFFORD POVERTY ~ 2011

~ TCFPN-SWDPML ~ The Case For Paying Now – So We Don’t Pay More Later

~ TDASOSP ~ The Dollars And Sense Of Solving Poverty

~ WAFE-OSOCFIAFIN-AAEOTLRAEK-N-FPOEI ~ With A Few Exceptions – Our Systems Of Care For Individuals And Families In Need – Are Almost Exclusively Of The Last Resort And Emergency Kind – Not – For Prevention Or Early Intervention

~ WAKIOHTTSAITPN-WKITAUOPIDWAPOC-PCPFAITFP-OALTMEMOTP ~ We All Know In Our Hearts That The Smarter Approach Is To Pay Now – We Know Intuitively That An Ounce Of Prevention Is Definitely Worth A Pound Of Cure – Preventing Costly Problems From Arising In The First Place – Or At Least The Most Expensive Manifestations Of The Problem

~ TGBORAE-STITRPBE ~ The Growing Body Of Research And Experience – Shows That Investing To Reduce Poverty Benefits Everyone

~ TECOPANO-TDCOP-IF-TATOC-IC-HUOEWPCRE-A-SC-LOPCTSATSTPASIPOE ~ The Economic Costs Of Poverty Are Not Only – The Direct Costs Of Poverty – In Fact – There Are Two Other Categories – Indirect Costs – High Use Of Emergency Wards, Police, Courts, Remedial Education – And – Societal Costs – Loss Of Potential Contribution To Society And The Strain That Poverty And Steep Inequalities Place On Everyone

ALAN WHITEHORN ~ BASED ON WORK BY GREGORY STANTON ~ THE STEPS AND STAGES OF GENOCIDE

~ C-USDSTIVAOWEC ~ Classification ~ Using Simplistic, Dualistic Stereotypes That Ignore Variations And Overlaps Within Each Category

~ S-CSFDTJ ~ Symbolization ~ Classification Slips From Describing To Judging

~ D-TVGIPAFOTMCAPANB-TSFSA-A-EDABLTFH ~ Dehumanization ~ The Victim Group Is Portrayed As Falling Outside The Main Community And Perceived As Not Belonging – Then Scapegoated For Society’s Ills – And – Eventually Described As Being Less Than Fully Human

~ O-MBOMOVG-ASCBAOTVDPFA ~ Organization ~ Mobilization Begins Of Militia Or Vigilante Groups And State Censorship Blocks Accounts Of The Victims’ Desperate Pleas For Assistance

~ PAIE-TASFAMLI-STVGOICR-SOOPPTMRTVGAD ~ Polarization And Increased Inequality ~ The Authoritarian State Formalizes And Magnifies Legal Inequalities – Stripping The Victim Group Of Its Citizenship Rights – Social Organizations Or Political Parties That Might Represent The Vulnerable Group Are Disbanded

~ P-TIVNTBI-OFTWIS-L-SFTP-A-D-DLADUWNOPRLATT ~ Preparation ~ The Intended Victims Need To Be Identified – Often Forced To Wear Identifying Symbols – Located – Separated From The Public – And – Disarmed – Death Lists Are Drawn Up With Names Of Potential Resistance Leaders At The Top

~ E-TKMBDBFNFADCORHFSMGOWTABGWTV-BMO-TKIBFVGMOPSEU-FBTPATA ~ Extermination ~ The Killing May Be Done By Former Neighbours From A Different Clan Or Religion Hoping For Some Material Gain Or Wishing To Avoid Being Grouped With The Victims – But More Often – The Killing Is By Fanatical Vigilante Groups, Militias Or Paramilitary Special Extermination Units – Facilitated By The Police And The Army

~ D-TCDAMIOTEOSPAEASOSAC-TVTABFCTTTOTWBT ~ Denial ~ The Conspirators Deny Any Malevolent Intent Or The Existence Of Secret Plans And Employ A Screen Of Secrecy And Censorship – The Victims Themselves Are Blamed For Causing The Terrible Times Or Triggering What Befell Them

BRUCE SCHNEIER ~ RULES FOR SUCCESSFULLY MANAGING COMMONS ~ BASED ON WORK BY ELINOR OSTROM ~ LIARS AND OUTLIERS ~ 2012

~ EMUTGIAKWTGNI ~ Everyone Must Understand The Group Interest And Know What The Group Norm Is

~ TGMBATMTN ~ The Group Norm Must Be Something That The Group Actually Wants

~ The Group Must Be Able To Modify The Norm

~ AIDWETGNMBATTG-SIESR ~ Any Institution Delegated With Enforcing The Group Norm Must Be Accountable To The Group – So It’s Effectively Self-Regulated

~ TPFDMBCWTSOTD ~ The Penalties For Defecting Must Be Commensurate With The Seriousness Of The Defection

~ TSFAPMB-CFEARC ~ The System For Assessing Penalties Must Be – Consistent, Fair, Efficient, And Relatively Cheap

~ TGMBATDIOIPANHIIFOTG ~ The Group Must Be Able To Develop Its Own Institutional Pressure And Not Have It Imposed From Outside The Group

~ ITALGALGI-TTGNTBSPANIML-EOATSL ~ If There Are Larger Groups And Larger Group Interests – Then The Groups Need To Be Scaled Properly And Nested In Multiple Layers – Each Operating Along These Same Lines

BRUCE SCHNEIER ~ LIARS AND OUTLIERS ~ 2012

~ SOUAMCMHMAAF-ASOUALS-TIODSS-WHTFTSBDS ~ Some Of Us Are More Cooperative, More Honest, More Altruistic, And Fairer – And Some Of Us Are Less So – There Isn’t One Dominant Survival Strategy – We Have The Flexibility To Switch Between Different Strategies

~ TWABAGOPWWTTTWGB-TBWCHFITDWOBD-AWENED-KTPDTATL ~ There Will Always Be A Group Of People Who Will Try To Take Without Giving Back – The Best We Can Hope For Is To Do What Our Bodies Do – And What Every Natural Ecosystem Does – Keep Those Parasites Down To A Tolerable Level

~ WDKTAIATDBOIAM-KPAMLTR ~ We Do Know That Agreeableness Is A Trait Desired By Others In A Mate – Kind People Are More Likely To Reproduce

~ O-AHRDSB-NIIAPWPTHITBO-S-AISOLMHMT ~ Oxytocin – A Hormone Released During Social Bonding – Naturally Increases In A Person Who Perceives That He/Her Is Trusted By Others – Similarly – Artificially Increasing Someone’s Oxytocin Level Makes Her/Him More Trusting

~ MARCOPTOSP-TAIAOABCASLIOB-DTPO-WVAGD-THH-ATEAODWBD-TAMARSHWAW ~ Morals And Reputation Comprise Our Prehistoric Toolbox Of Societal Pressures – They Are Informal And Operate At Both Conscious And Subconscious Levels In Our Brains – Despite The Prevalence Of – War, Violence And General Deceptiveness – Throughout Human History – And The Enormous Amount Of Damage Wrought By Defectors – These Ancient Moral And Reputational Systems Have Worked Amazingly Well

~ MPWBISG ~ Moral Pressure Works Best In Small Groups

~ RPWWISAMSG ~ Reputational Pressure Works Well In Small- And Medium-Sized Groups

~ IPWBILSG ~ Institutional Pressure Works Best In Larger-Sized Groups

~ ‘DUOWYWHTDUY’-DGHTOUS-IBADTCWO-IRITCTTAUMPOSH ~ “Do Unto Others What You Would Have Them Do Unto You” – Different Groups Have Their Own Unique Spin – It’s Basically An Admonition To Cooperate With Others – It Really Is The Closest Thing To A Universal Moral Principle Our Species Has

~ WDNOAOMCADORAWFTG:TGATCACADAWIMTAIATM ~ We Not Only Absorb Our Moral Codes And Definitions Of Right And Wrong From The Group: The Group Also Transmits Cues About Cooperation And Defection And What It Means To Act In A Trustworthy Manner

~ PAMLTSTSIIFOTGI-ITFTOADSAW-ATLLTDSITFTOATAOT-OISOF ~ People Are More Likely To Suppress Their Self-Interest In Favor Of The Group Interest – If They Feel That Others Are Doing So As Well – And They’re Less Likely To Do So If They Feel That Others Are Taking Advantage Of Them – Our Innate Sense Of Fairness

~ WGDMSFTG-ALAWASF ~ We Generally Don’t Mind Sacrificing For The Group – As Long As We’re All Sacrificing Fairly

~ MSB-TFASBLATMTTBTMW ~ Morals Scale Badly – They Fail As Societies Become Larger And The Moral Ties That Bind Their Members Weaken

~ TALORODD-HSNTBVGAI-TAEAPCLTBBAI-BIG-WCTLFTT ~ There’s A Lot Of Research On Detecting Deception – Humans Seem Not To Be Very Good At It – There Are Exceptions And People Can Learn To Be Better At It – But In General – We Can’t Tell Liars From Truth-Tellers

~ WRNIAPMV-WMD-AFALTPI-ISTKWWDIMITKWTT ~ We Remember Negative Information About People More Vividly – With More Detail – And For A Longer Time – Than Positive Information – It Seems That Knowing Who Will Defect Is More Important Than Knowing Whom To Trust

~ NODWGORAB-WATPTAOGR ~ Not Only Do We Guard Our Reputation Against Blemishes – We Also Take Pains To Advertise Our Good Reputation

~ TMOH-CWALP-RMIW-ARWL ~ Throughout Most Of History – Commerce Was A Local Phenomenon – Reputation Made It Work – And Reputation Was Local

~ OOTWTSRITGBOGM ~ One Of The Ways To Scale Reputation Is To Generalize Based On Group Membership

~ NEITWAMLTTPWLLU-AWNCOPOSABLTMTAU-UTTFITG ~ Numerous Experiments Indicate That We Are More Likely To Trust People Who Look Like Us – And We Naturally Change Our Patterns Of Speech And Body Language To Mimic Those Around Us – Unconsciously Trying To Fit Into The Group

~ TAASORWSIABSFJIP-AFTRSHSTGBOMBI ~ There Are All Sorts Of Reasons Why Stereotyping Is A Bad System For Judging Individual People – And For Those Reasons We Should Strive To Get Beyond Our More Base Instincts

~ RIAESPSUIHC-RCAPD ~ Reputation Isn’t An Effective Societal Pressure System Unless It Has Consequences – Reward Cooperators And Punish Defectors

~ HAASS-WR-BAOTPITG-WAPD-EITCP ~ Humans Are A Social Species – We Reward – By Allowing Others To Participate In The Group – We Also Punish Defectors – Exclusion Is The Corresponding Punishment

~ SIACRP-A-AAR-AISE ~ Shame Is A Common Reputational Punishment – And – As A Result – An Important Social Emotion

~ IPASCWCMTIWNPA ~ Informal Punishments Are So Common We Can Miss Them If We’re Not Paying Attention

~ CTSALOTMRS-TEASO-PFAOA-S-TCTVTTHAGRB-AA-BC-A-ET ~ Confidence Tricksters Spend A Lot Of Time Manipulating Reputation Signals – They Employ All Sorts Of – Props, Facades, And Other Actors – Shills – To Convince Their Victims That They Have A Good Reputation By – Appearing Authentic – Building Confidence – And – Encouraging Trust

~ SPSDCAR ~ Some People Simply Don’t Care About Reputation

~ SPEUWTWR ~ Some People End Up With The Wrong Reputation

~ TMIRRPSTFIT-GGTL ~ The Most Important Reason Reputational Pressure Starts To Fail Is That – Groups Get Too Large

~ WWKA-CCAPIFP-DAMR ~ What We Know About – Celebrities, Corporations And People In Faraway Places – Doesn’t Always Match Reality

~ LCBAI-ILA-OCAUA-TASAU ~ Laws Can Be Applied Inconsistently – If Laws Aren’t – Objective, Common, And Universally Applied – They Are Seen As Unfair

~ OLATRTSACBOBT ~ Our Learned Abilities To Read Trust Signals Are Continually Being Overtaken By Technology

~ UIDS-CMIFMP-BASSIDCBUIMMP-S-A-HTF-IDIER-BIITMMPTF ~ Universal ID Systems – Can Make Impersonation Fraud More Profitable – Because A Single Stolen ID Can Be Used In Many More Places – Sometimes – A – Harder-To-Forge ID Is Even Riskier – Because It Is That Much More Profitable To Forge

~ WMALOOIWOP-FESS-IDCSTS ~ We’re Moving A Lot Of Our Interactions With Other People – From Evolved Social Systems – Into Deliberately Created Socio-Technical Systems

~ WASTLWGACWWT-ATWACBMAM-PMUTGMAAFOR ~ We Are Starting To Learn Which Genes Are Correlated With Which Traits – And This Will Almost Certainly Be Misreported And Misunderstood – People May Use These Genetic Markers As A Form Of Reputation

~ CSDRTNSOA-RITRWSTATIASSDFEE-GIAOIC-ACIONDIA ~ Competing Societal Dilemmas Represent The Normal State Of Affairs – Rarely Is The Real World So Tidy As To Isolate A Single Societal Dilemma From Everything Else – Group Interests Are Often In Conflict – And Cooperating In One Necessitates Defecting In Another

DAVID HOROWITZ ~ THE ART OF POLITICAL WAR AND OTHER RADICAL PURSUITS

~ PIWCBOM ~ Politics Is War Conducted By Other Means

~ IPWYDNFJTPIAA-BTDTEFA ~ In Political Warfare You Do Not Fight Just To Prevail In An Argument – But To Destroy The Enemy’s Fighting Ability

~ YHOTSTMYP ~ You Have Only Thirty Seconds To Make Your Point

~ PIAWOP-YTITDYATFOALACAPCWYP-WDYOATEWYC-CTTTMTFAEFYAP ~ Politics Is A War Of Position – Your Task Is To Define Yourself As The Friend Of As Large A Constituency As Possible Compatible With Your Principles – While Defining Your Opponent As The Enemy Whenever You Can – Choose The Terrain That Makes The Fight As Easy For You As Possible

~ IPW-TAUP-AIABPIAWOP-WIDBITS ~ In Political Warfare – The Aggressor Usually Prevails – Aggression Is Advantageous Because Politics Is A War Of Position – Which Is Defined By Images That Stick

~ BSF-YCDTIAWAYA-DTOITDMIAPW ~ By Striking First – You Can Define The Issues As Well As Your Adversary – Defining The Opposition Is The Decisive Move In All Political War

~ TWPPWHBTF-TWIFBE-OTT-HITBC ~ Position Is Defined By Fear And Hope – Those Who Provide People With Hope Become Their Friends – Those Who Inspire Fear Become Enemies – Of The Two – Hope Is The Better Choice

~ TWOPASEFAH-TMISITC ~ The Weapons Of Politics Are Symbols Evoking Fear And Hope – The Most Important Symbol Is The Candidate

~ PWNCAWYHTS-UTBYCAT-TAOPIPP-WDNKY-AWWNKY ~ People Will Not Care About What You Have To Say – Unless They Believe You Care About Them

~ TAOPIPP-WWNKYETSASB-TYCAT ~ The Art Of Politics Is Persuading People – Who Will Never Know You Except Through Symbols And Sound Bites – That You Care About Them

~ VLOTSOTP-YMDYIWTPU-YMGPHIYV-AMTFTVOYO ~ Victory Lies On The Side Of The People – You Must Define Yourself In Ways That People Understand – You Must Give People Hope In Your Victory – And Make Them Fear The Victory Of Your Opponent

~ OOTPSOHMIATTEIAOUTTFGWWAGATFTAWWH ~ One Of The Principal Sources Of Human Misery Is A Tendency That Exists In All Of Us To Take For Granted What We Are Given And To Fail To Appreciate What We Have

~ ALGIHDITPFRTK ~ A Lie Grounded In Human Desire Is Too Powerful For Reason To Kill

JAMES KWAK ~ ECONOMISM

~ BEATROI ~ Bad Economics And The Rise Of Inequality

~ E-ROTPT-PCAM-BAT-TA-TDIOAE101T-ETTABTDVNHTITRW ~ Economism – Rests On The Premise That – People, Companies, And Markets – Behave According To – The Abstract – Two-Dimensional Illustrations Of An Economics 101 Textbook – Even Though The Assumptions Behind Those Diagrams Virtually Never Hold True In The Real World

~ EIAILTWPMSOR-BICTAO-‘E’-ECBAPRT ~ Economism Is An Interpretive Lens Through Which People Make Sense Of Reality – Because It Claims The Authority Of – “Economics” – Economism Can Be A Powerful Rhetorical Tool

~ WSEACSMP-ITWTMOJTESO-ATITIG-WETFOAATCI ~ While Superficial Economic Arguments Can Serve Multiple Purposes – In Today’s World They Most Often Justify The Existing Social Order – And The Inequality That It Generates – While Explaining The Futility Of Any Attempt To Change It

~ RARWQTSMAATITST-ITS-EILAI ~ Reducing All Real-World Questions To Simple Models And Answering Them In The Same Terms – In This Sense – Economism Is Like An Ideology

~ TCJFGDOW-INLTTSHWDBG-OTTSOTFIRFTPOTS-I-IIN-EC-BIITNOOAESTPTGGTTGN ~ The Common Justification For Great Disparities Of Wealth – Is No Longer That The Social Hierarchy Was Dictated By God – Or That The Survival Of The Fittest Is Required For The Progress Of The Species – Instead – Inequality Is Necessary – Even Celebrated – Because It Is The Natural Outcome Of An Economic System That Provides The Greatest Good To The Greatest Number

~ TAOETPAASRTRDIOSOIS ~ The Ability Of Economism To Pass As Abstract Science Rather Than Rhetorical Device Is One Source Of Its Strength

~ EIAIBOISEAEP-ACUPOTW-WCBCQAE-DWMAUF ~ Economism Is Also Influential Because Of Its Sedative Elegance And Explanatory Power – A Clean, Uncluttered Picture Of The World – Which Can Be Communicated Quickly And Easily – Dispensing With Messy And Uncooperative Facts

~ ASSOAC-BOAUA-HBSWICS ~ A Small Set Of Abstract Concepts – Based On Admittedly Unrealistic Assumptions – Has Become So Widespread In Contemporary Society

~ IALETMACITAWOSADC-TIIITRWOPAI ~ It’s A Lost Easier To Make A Case In The Abstract World Of Supply And Demand Curves – Than It Is In The Real World Of People And Institutions

~ IGPPWTBUTAISOS-WTSTIOTG-OPIWAFIOTW ~ Ideas Gain Power Precisely When They Become Useful To An Important Segment Of Society – When They Support The Interests Of That Group – Or Provide It With A Favorable Interpretation Of The World

~ EEBPAOSHTCUBEPTTA ~ Economism Exists Because People And Organizations Saw How They Could Use Basic Economic Principles To Their Advantage

~ AWFFBMEIP-MDCRTEI ~ As Wealthy Family Foundations Became More Engaged In Politics – Many Devoted Considerable Resources To Economic Ideas

~ BBTPO-PT-SI-AWP-TECTAJDUE-ASOTET-T-CCTBUWEFTPOPTO ~ Befuddled By The Popularity Of – Progressive Taxes – Social Insurance – And Welfare Programs – These Entrepreneurs Concluded That Americans Just Didn’t Understand Economics – And Set Out To Educate Them – Today – Commentators Continue To Blame Unfamiliarity With Economics For The Popularity Of Policies They Oppose

~ MICWDNSIEIARATVOE ~ Many Influential Commentators Who Do Not Specialize In Economic Issues Also Routinely Adopt The Vocabulary Of Economism

~ TMNEBMIASWOPADSAEI ~ The Media Normalize Economism By Making It A Standard Way Of Presenting And Discussing Social And Economic Issues

~ TFTCCWOUSBFE101-DTPVOE-IOTATSR ~ The Fact That Candidates Can Win Office Using Sound Bites From Economics 101 – Demonstrates The Political Viability Of Economism – Inspiring Others To Adopt The Same Rhetoric

~ EFBAAEDTAAAWODAFTRI ~ Economism Functions Both As An Effective Debating Tool And As A Way Of Distracting Attention From The Real Issues

~ ATPOE-TPRITBBAWEP-R-LIBASIAM-YMWYD-EPTPJFT-W-T-A-RS-ALFTWPOV-H-WHRMMSTP-TDHTPTPLADBNP-NPP ~ According To The Principles Of Economism – The People Raking In The Big Bucks Are Worth Every Penny – Remember – Labor Is Bought And Sold In A Market – You Make What You Deserve – Economism Provides The Perfect Justification For The – Winner-Take-All – Reward Scale – At Least From The Winner’s Point Of View – However – Wages Have Risen Much More Slowly Than Productivity – This Divergence Highlights The Possibility That Pay Levels Are Determined By Negotiating Power – Not Pure Productivity

~ ECRPFS-AGTINJTWBAOPWRFAIITSM ~ Excessive Compensation Reduces Profits For Shareholders – A Group That Includes Not Just The Wealthy But Also Ordinary People Whose Retirement Funds Are Invested In The Stock Market

~ ALTSTT-TCBMBI-CCETMDTMTBBHTCITLR ~ Awards Linked To Short-Term Targets – That Can Be Manipulated By Insiders – Can Cause Executives To Make Decisions That Maximize Their Bonuses But Harm The Company In The Long Run

~ FC-WSGWHBACPQ-ERTQFTPSTTAROT-IWTCLMPTPIS ~ For Centuries – Who Should Get What Has Been A Central Political Question – Economism Removes The Question From The Political Sphere To The Abstract Realm Of Theory – In Which The Competitive Labor Market Provides The Perfect, Indisputable Solution

~ OOTCPOEITTA-VVB-AU-YCMTAEUAS-A-DD-TITHTDPFWATMSWOIPTSMDETOE ~ One Of The Core Principles Of Economism Is That Taxes Are – Very, Very Bad – As Usual – You Can Make The Argument Easily Using A Supply-And-Demand Diagram – The Idea That Higher Taxes Discourage People From Working And Therefore Make Society Worse Off Is Probably The Single Most Deeply Entrenched Tenet Of Economism

~ TOIIHFPITUSOTPSY-WNOIIESOG-TEEMRIT1950A1960-APWTTROMIIW70%OH ~ Taxes On Investment Income Have Fallen Precipitously In The United States Over The Past Seventy Years – With No Obvious Increase In Either Savings Or Growth – The Economy Expanded Most Rapidly In The 1950s and 1960s – A Period When The Tax Rates On Most Investment Income Were 70 Percent Or Higher

~ TROCGHHLIEOSOOEG ~ Tax Rates On Capital Gains Have Had Little Impact Either On Savings Or On Economic Growth

~ MPABUOTTR-MHBFDABNOSCIROR-BOPR-SA-‘SWILOAE’ ~ Many People Are Blissfully Unaware Of Their Tax Rates – Most Human Beings’ Financial Decisions Are Based Not On Sophisticated Calculations Involving Rates Of Return – But On Primitive Rules – Such As – “Save Whatever Is Left Over After Expenses”

~ LTRITAOMTTGHTB-RTCATTPS ~ Lower Tax Revenues Increase The Amount Of Money That The Government Has To Borrow – Reducing The Capital Available To The Private Sector

~ TSMSTLITWISAGDHUTS-LPKMOTSDNAMTTWM ~ The Simple Model Saying That Lower Investment Taxes Will Increase Savings And Growth Doesn’t Hold Up To Scrutiny – Letting People Keep More Of Their Salaries Does Not Always Motivate Them To Work More

~ AGISAMBWWOCAOSTWDNTTPSTLAE-ASTQOWTAWDOWFWEFOGAHWIFT ~ A Government Is Simply A Mechanism By Which We Organize Certain Aspects Of Society That We Do Not Trust The Private Sector To Look After Effectively – And So The Question Of Whether Taxes Are Worthwhile Depends On What Functions We Expect From Our Government And How Well It Fulfills Them

~ TGPOAWITSTBOWPBIEP ~ The Greatest Power Of A Worldview Is To Set The Boundaries Of What People Believe Is Even Possible

~ ERMFTPHBIACWBIAWOE-IFC ~ Economism’s Rosy Model Failed To Predict How Both Individuals And Companies Would Behave In A World Of Ever-Increasing Financial Complexity

~ I2008-WRTLTACMDNMETCFTIMPU-I-P-SBLBPACTMTIGIWTDLDAWR-SOATMS ~ In 2008 – We Relearned The Lesson That A Competitive Market Does Not Magically Ensure That Capital Flows To Its Most Productive Uses – Instead – Profit-Seeking Behavior Leads Both People And Companies To Maximize Their Individual Gains In Ways That Distort Lending Decisions And Waste Resources – Sometimes On A Truly Monumental Scale

~ TMTNCALAMCTE-A-CRASTLTETTBWSTNCI ~ The Megabanks That Nearly Collapsed Are Larger And More Complex Than Ever – And – Capital Requirements Are Still Too Low To Ensure That Those Banks Will Survive The Next Crisis Intact

~ IARWLM-TADCCL ~ In A Real-World Labor Market – Trade Agreements Do Create Clear Losers

~ TGAOEHBT-RAPI-AAL-E-T-U-SN-FFSTW ~ The Great Achievement Of Economism Has Been To – Repackage A Political Ideology – As A Lightweight – Easy-To-Use – Seemingly Neutral – Framework For Seeing The World

~ BCTSOAT-EDTTIADAA-TWSITWII-IYDA-YMNUE101 ~ By Claiming The Status Of Absolute Truth – Economism Denies That There Is Any Debate At All – The World Simply Is The Way It Is – If You Don’t Agree – You Must Not Understand Economics 101

~ EPAIRIOCPI-PCTOAAA-WPOTTM ~ Economism Plays An Important Role In Our Contemporary Political Institutions – Prioritizing Certain Types Of Analyses And Arguments – While Pushing Others To The Margins

~ FASTBR-CMANE-TMAB-PDPI-TPEF-MP-SC-A-SAESOR ~ For A Society To Become Rich – Competitive Markets Are Not Enough – There Must Also Be – Pluralistic Democratic Political Institutions – That Prevent Elites From – Monopolizing Power – Suppressing Competitors – And – Seizing An Excessive Share Of Resources

~ U-IWTANWTDBWTO ~ Ultimately – It Will Take A New Worldview To Do Battle With The Old

GEORGE AKERLOF + ROBERT SHILLER ~ PHISHING FOR PHOOLS ~ 2015

~ P-GPTDTTAITIOTP-B-NITIOTT ~ Phish – Getting People To Do Things That Are In The Interests Of The Phisher – But – Not In The Interest Of The Target

~ P-SW-FWR-ISP ~ Phool – Someone Who – For Whatever Reasons – Is Successfully Phished

~ PFS-AFFOELHNMIITET-NOWTGTBANWATB-YMPD ~ Personal Financial Insecurity – A Fundamental Fact Of Economic Life Has Never Made It Into The Economics Textbooks – No One Wants To Go To Bed At Night Worried About The Bills – Yet Most People Do

~ BP-CSLTC-‘BP’-TMTCF-SSAF-YNOWTBO ~ Big Phood – Commissions Scientific Laboratories To Calculate – “Bliss Points’ – That Maximize The Craving For – Sugar, Salt, And Fat – Yet No One Wants To Be Obese

~ TPHTUOTCOMTAC-TPFMDTANITBI-TDNDWIRGFT-TDNCWTRW ~ The Psychologists Have Taught Us Over The Course Of More Than A Century – That People Frequently Make Decisions That Are Not In Their Best Interest – They Do Not Do What Is Really Good For Them – They Do Not Choose What They Really Want

~ WTACFM-TINOFTC-TIAFTP ~ When There Are Completely Free Markets – There Is Not Only Freedom To Choose – There Is Also Freedom To Phish

~ WAPB-WWTRGAF-WWTBNTPWL-WDNWTDA-WTTFOIDHTB-WWODTBIC-A-WAATTL ~ We Are Phisable Because – We Want To Reciprocate Gifts And Favors – We Want To Be Nice To People We Like – We Do Not Want To Disobey Authority – We Tend To Follow Others In Deciding How To Behave – We Want Our Decisions To Be Internally Consistent – And – We Are Averse To Taking Losses

~ NTDB-OITOORT-A-OITOOMOTST-MAGDTOL-IAMRWJLPB-FTC-LTSEP ~ Noticing The Difference Between – Optimality In Terms Of Our Real Tastes – And – Optimality In Terms Of Our Monkey-On-The-Shoulder Tastes – Makes A Great Difference To Our Lives – It’s A Major Reason Why Just Letting People Be – Free To Choose – Leads To Serious Economic Problems

~ TMG-TBWTPFMITLTPT-B-JBWCSTMDNMIT ~ The Mantra Goes – The Best Way To Police Financial Markets Is To Let Them Police Themselves – But – Just Because We Can Say The Mantra Does Not Make It True

~ RM-TM-O-LDDDFP-OW-WRFI ~ Reputation Mining – The More-Or-Less Deliberate Drawing Down For Profit – Of Hard-Won Reputation For Integrity

~ TEO-‘RB’-WTWE ~ The Era Of – “Relational Banking” – Where Trust Was Essential

~ HDIATIBC-STTWNLTFOTB? ~ How Did Incentives At The Investment Banks Change – So That Trust Was No Longer The Foundation Of Their Business?

~ TEO-‘PTCIF’-CNLBTFG ~ The Ethic Of – “Placing The Client’s Interest First” – Can No Longer Be Taken For Granted

~ TCOIFRPFBIOSR ~ The Conflict Of Interest From Ratings Paid For By Issuers Of Securities Remains

~ RSOTLFPCBHRITFS ~ Relatively Small Opportunities To Loot For Profit Can Bring Huge Risks Into The Financial System

~ ORTPIR ~ One Response To Phishing Is Regulation

~ NIATIDNIYEP-SOT-I-GNWTPFP ~ New Ideas And Technical Innovation Do No Invariably Yield Economic Progress – Some Of Them – Instead – Give New Ways To Phish For Phools

~ TAI-WDATP-SSM-A-SIMCF ~ There Are Idealists – Who Draw Attention To Phishing – Start Social Movements – And – Set In Motion Corrective Forces

~ THMNTITON-MOOTFAPSTAC-MACBVAGSOIOOTMNIOM ~ The Human Mind Naturally Thinks In Terms Of Narratives – Much Of Our Thought Follows A Pattern Similar To A Conversation – Most Advertising Can Be Viewed As Grafting Stories Of Its Own Onto The Mental Narratives In Our Minds

~ MSTNTMAA-BPAP-WAHTP ~ Modern Statistical Techniques Now Tell Marketers And Advertisers – Both Private And Political – Where And How To Phish

~ TWOAAMISAGTRMACTRS ~ The World Of Advertising And Marketing Is Still About Getting The Right Message And Creating The Right Story

~ BAOTBOFMSNABUTTD ~ Being Aware Of The Benefits Of Free Markets Should Not Also Blind Us To Their Defects

~ RE-PAAATR ~ Rankings Everywhere – People Are Addictively Attracted To Rankings

~ CTCR-AEAARAB ~ Compared To Cancer Research – Alcohol Epidemiology And Alcohol Research Are Backwaters

~ BFP ~ Bankruptcy For Profit

~ TCWKDTR ~ The Can Was Kicked Down The Road

~ TROMFR ~ The Role Of Misleading Financial Ratings

~ SE-PNCS-B-IF-WLIACOP ~ Standard Economics – Presumes No Civil Society – But – In Fact – We Live In A Community Of People

~ MP-ISWOO-COGNBOTO-‘S’-PATT-S-TAISTOSWANO ~ Most Phishing – In Some Way Or Other – Consists Of Grafting New Branches Onto The Old – “Stories” – People Are Telling Themselves – Sometimes – It Also Involves Supplanting The Old Story With A New One

~ MEIFTGWDAT-PNASTDHBSUTR ~ Modern Economics Inherently Fails To Grapple With Deception And Trickery – Peoples Naiveté And Susceptibility To Deception Have Been Swept Under The Rug

~ TPHTLOTDM ~ The Psychologists Have Their Lists Of These Dysfunctional Motivations

~ SODAUBOTSWATOAOS-TGUATCOM-TAUTUHMPFPH-TSAQM-JCPFAOCCTDTM ~ Since Our Decisions Are Usually Based On The Stories We Are Telling Ourselves About Our Situation – This Give Us A Transparent Characterization Of Motivation – That Allows Us To Understand How Most Phishing For Phools Happens – These Stories Are Quite Manipulable – Just Change People’s Focus And One Can Change The Decisions They Make