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Showing posts from December 4, 2011

Jamie Dimon actually thinks he is successful

James Dimon, CEO of JP Morgan Chase, said in a speech to stockholders yesterday, "Acting like everyone who's been successful is badand that everyone who is rich is bad,” he said. “I just don't get it."    It is hard to know what to respond to first: the fact that he is clueless, or the fact that he thinks he is successful. Rich, yes he is rich. But rich is not the same as successful. Often, rich is the opposite of successful. Rich is the symptom of a system that has allocated its resources illogically, responding to the kind of power differentials that are at the heart of rentseeking and monopoly. On Dimon's scale, Idi Amin was successful. Even in the narrow field of bank management, Dimon has been anything but successful. As the head of JP Morgan Chase in 2008, Dimon's leadership essentially led the bank to the brink of bankruptcy, and it would have gone over if  if the Fed hadn't thoughtfully chosen to 'loan' it emergency money to the amo

The Forest Books

“All European culture – intellectual not less than material – came out of the woods.” Werner Sombart, Moderne Kapitalismus, Vol. 2 The symbolic key to Rousseau’s Discourse on the Origin of inequality is found in the circumstances of its writing, as Rousseau described them in the Confessions: “In order to meditate at my ease on this great subject, I made a trip of seven or eight days to Saint-Germain with Therese, and our hostess, who was a good woman, and one of her friends. I count this excursion among the most agreeable ones of my life. The weather was beautiful. The good women took upon themselves the trip’s expenses and organization. Thérèse enjoyed herself with them, and I, without a care, I spent happy hours at mealtime, and for the rest of the day, plunged into the forest, I searched, I discovered there images of the first time, of which I proudly traced the history. I put my hands on the little lies of men, I dared to strip their nature naked, follow the progress of ti