Everywhere you turn there's news on the economy.
Unemployment rising, markets crashing, credit shrinking, banks failing, stimuli pumping, fears growing...
And always an undercurrent of wanting to blame someone. Who is responsible for this mess? Whose degenerate greed and ambition destroyed a nation's wealth? Bring his head out on a platter!
But as far as I can tell, the problem is not with individuals, but with that elusive entity made up of many individuals and yet another thing entirely--the mob.
The mob is a dangerous beast, and no man can stop it once it has become unleashed. The might of collective action is like a great breaking wave, sweeping any mere individual that dares to stand up against it under its overpowering tow.
It was a mob on Main Streets everywhere that decided to mortgage their houses to the hilt and refinance like there would always be rising housing prices. It was a mob on Wall Street that decided to sell mortgage backed securities like there was no tomorrow. It was a mob of credit-rating agencies that decided CDOs should be rated AAA despite the dubious assumptions used in their formulae. And it was a mob of politicians that pressured agencies to make mortgages more available to low-income people.
Any one homeowner, one trader, one rating agent, one politician was utterly powerless against these mobs. If you didn't follow the tide, you would be swept under. If you don't make the trades, you would post below-market returns. If you didn't rate the CDOs AAA you wouldn't get the repeat business from sellers of the securities. If you didn't back the policy of making mortgages to low-income people who couldn't afford it, you were political chaff at best and a racist at worst.
The whole economic debacle then is not the result of any one person or group's moral failing. It is, instead the result of failing to account for human nature. The nature of man is to act in his best interest (right on, Adam Smith). When you have hordes of people acting in their natural interest, you have the mob at it's finest.
Each person does what only comes natural and before you know it, it becomes impossible to do otherwise. The disincentives are too great to buck the trend.
This economic meltdown, then, was caused by the perfect storm of bad collective incentives. And then it took on a life of its own.
The blame then falls on the systemic failure to cage the beast.
The incentives of our politicians, businessmen, agencies, and consumers were aligned in dastardly precision, each one abetting and supporting the other, until the bubble burst and the party finally ended--and the bill had to be paid.
In any social system, there must be proper checks and balances to make sure the beast of human self-interest does not run amuck, all off the cliff together.
Thursday, February 26, 2009
Sunday, February 22, 2009
When is a Cheapie not a Cheapie?
When it used to be 2-3 times more before major discounts. (Thank you recession).
After slaving like a dog for the last couple months, the first real lunch break I got was spent in a mad dash to the local SF mall where I fell in love with my new favorite store: Martin + Osa.
Having just opened last year, they try to fill a niche consisting of a Banana Republic vibe with a tinge of J.Crew casualness. Most of their pieces are classically cut and consists of mostly natural fibers like silk, cashmere, merino or a blend of those materials.
And with incredible sales on winter season items and early spring pieces, I couldn't help getting these:
These premium denim jeans are the perfect casual Friday pair. Previously $90.00, they are now on sale for $50.00 (as are all their jeans!) When you factor in the free hemming service, which I got, they were a steal!
Which made me go back and also get...
This hot white pair. Making a come back for another Spring/Summer season, white jeans are onces again, the color of the moment.
This picture does not do this silk/cashmere blend cardigan justice. It's actually a vibrant pomegranate red with gorgeous tortoise-shell buttons. On sale from $70.00 (in store) to $50.00 (I think).
These booties were previously $160.00, but are now on sale for a mere $50! Most sizes have sold out online, but your local store may still have that one special pair with your name (and size) on it. Tall boots are equally obscenely on sale.
This last item was a total splurge--I admit it. This picture once again does not do it justice. In real life, it is the cutest dark gray fleece bomber-style jacket there ever was. I could not justify paying $80.00 for it, unless it was a gift.
And so it was. Happy Valentine's to me!
Btw kids, that's what happens when you're an old farty couple--you buy gray fleece as V-day gifts for yourself and "charge" it to your spouse. Forget jewelry and anything lacy, trust me, gray fleece is what keeps a marriage going! Ha.
After slaving like a dog for the last couple months, the first real lunch break I got was spent in a mad dash to the local SF mall where I fell in love with my new favorite store: Martin + Osa.
Having just opened last year, they try to fill a niche consisting of a Banana Republic vibe with a tinge of J.Crew casualness. Most of their pieces are classically cut and consists of mostly natural fibers like silk, cashmere, merino or a blend of those materials.
And with incredible sales on winter season items and early spring pieces, I couldn't help getting these:
These premium denim jeans are the perfect casual Friday pair. Previously $90.00, they are now on sale for $50.00 (as are all their jeans!) When you factor in the free hemming service, which I got, they were a steal!
Which made me go back and also get...
This hot white pair. Making a come back for another Spring/Summer season, white jeans are onces again, the color of the moment.
This picture does not do this silk/cashmere blend cardigan justice. It's actually a vibrant pomegranate red with gorgeous tortoise-shell buttons. On sale from $70.00 (in store) to $50.00 (I think).
These booties were previously $160.00, but are now on sale for a mere $50! Most sizes have sold out online, but your local store may still have that one special pair with your name (and size) on it. Tall boots are equally obscenely on sale.
This last item was a total splurge--I admit it. This picture once again does not do it justice. In real life, it is the cutest dark gray fleece bomber-style jacket there ever was. I could not justify paying $80.00 for it, unless it was a gift.
And so it was. Happy Valentine's to me!
Btw kids, that's what happens when you're an old farty couple--you buy gray fleece as V-day gifts for yourself and "charge" it to your spouse. Forget jewelry and anything lacy, trust me, gray fleece is what keeps a marriage going! Ha.
Monday, February 16, 2009
On-Call
I'm so tired of being on-call. Endlessly available.
I'm so tired of living in a bubble of independence so that at a moment's notice, as soon as my blackberry summons me forth, I'm ready. Ready to review that document, revise that draft, recirculate that agreement.
I literally have a 15-minute-mobility rule. I will not travel anywhere outside of a 15-minute radius of my work station. Which basically means I live like a hermit.
Making plans with friends is extremely psychologically painful. The entire time leading up to the hour of our meeting, I'm worried I'm going to get "that email."
Then the entire time during the hour of our meeting I'm thumbing my blackberry, still dreading the sight of "that email."
It is not until I'm safely back at home that I feel a tremendous sense of relief. But what's the point of going out with friends when you're so distracted by anxiety you can't even enjoy their company?!
I don't think this holding pattern can hold much longer. Something's gotta give. Either I will lose my mind in this 10 by 10 cell of a life, or I will lose my job.
Or I will learn to be okay with disappointing my coworkers and bosses and occasionally (or more than occasionally) my friends and family. Okay, knowing myself, this latter option is impossible.
I'm so tired of living in a bubble of independence so that at a moment's notice, as soon as my blackberry summons me forth, I'm ready. Ready to review that document, revise that draft, recirculate that agreement.
I literally have a 15-minute-mobility rule. I will not travel anywhere outside of a 15-minute radius of my work station. Which basically means I live like a hermit.
Making plans with friends is extremely psychologically painful. The entire time leading up to the hour of our meeting, I'm worried I'm going to get "that email."
Then the entire time during the hour of our meeting I'm thumbing my blackberry, still dreading the sight of "that email."
It is not until I'm safely back at home that I feel a tremendous sense of relief. But what's the point of going out with friends when you're so distracted by anxiety you can't even enjoy their company?!
I don't think this holding pattern can hold much longer. Something's gotta give. Either I will lose my mind in this 10 by 10 cell of a life, or I will lose my job.
Or I will learn to be okay with disappointing my coworkers and bosses and occasionally (or more than occasionally) my friends and family. Okay, knowing myself, this latter option is impossible.
Thursday, February 12, 2009
Killing Time at the 9 to 5
25 Random Things
1. I'm not tagging people cuz I'm antisocial like that.
2. I don't want to be pregnant, among other reasons, because it's like a giant billboard that tells the public you have...you know...you know! I'm a prude.
3. This list is hard. I'm already out of ideas.
4. I don't wear red. But I wear every shade of red known to man--coral, cerise, berry, fuschia, pink, papaya, watermelon, salmon, burgandy, etc.
5. I can't watch people crying on tv--can't stand snot noises.
6. I also can't watch ugly people make out on tv. Disgusting.
7. I'm shocked by how many ugly people there actually are on tv.
8. I love cop shows. A secret ambition of mine is to be a detective, homicide. The Shield is the single best cop show ever known to man.
9. Each additional item on this list is taking exponentially more time to think of then the previous.
10. I secretly think I'm too dumb to do my job properly. I do a lot of smiling and nodding with no idea what is being said. Shhh-don't tell the bosses.
11. The everyday physical pain I fear the most is a sore throat. Give me cramps, give me sinus blockage, give me bloating and headaches--just please, no sore throat!
12. No one in my family has ever died--that I know of.
13. A mutual friend tried to set my hubby and me up a year before we started dating on our own. Future hubby wasn't interested and gave me the rudest limp-fish obligatory handshake before totally dismissing me.
14. I hate attention--my wedding day was psychologically horrifying because of that.
15. I'm so pathetically the "typical" girl--love puppies, love babies, love rainbows, princesses, unicorns, and all things fashion-related.
16. I never met a female African American until age 25, at law school.
17. If I had one wish, it would be: make me a stand-up comic!
18. If I had a second wish, it would be: make me a singer!
19. Third wish: give me FU money!
20. There are sweet-tooth people and salty people. I'm a salty person--love chips, french fries, pizza, onion rings, sausages, all pork-products, and the best of all FIERY CHEETOS!
21. My parents thought I was actually and truly clinically retarded because my brother set the standard too high.
22. I'm soft as cheese. Very sensitive. Thin-skinned. Yes, the nonchalance is a total front.
23. I hate reading books, only do it cuz it makes me fall asleep!
24. The last comment honestly took me a full 5 minutes to think of. And this one is just filler, I know.
25. I secretly think 99% of Asian babies and toddlers are ugly. But not YOUR baby, yours is one of the cute ones! ;-)
1. I'm not tagging people cuz I'm antisocial like that.
2. I don't want to be pregnant, among other reasons, because it's like a giant billboard that tells the public you have...you know...you know! I'm a prude.
3. This list is hard. I'm already out of ideas.
4. I don't wear red. But I wear every shade of red known to man--coral, cerise, berry, fuschia, pink, papaya, watermelon, salmon, burgandy, etc.
5. I can't watch people crying on tv--can't stand snot noises.
6. I also can't watch ugly people make out on tv. Disgusting.
7. I'm shocked by how many ugly people there actually are on tv.
8. I love cop shows. A secret ambition of mine is to be a detective, homicide. The Shield is the single best cop show ever known to man.
9. Each additional item on this list is taking exponentially more time to think of then the previous.
10. I secretly think I'm too dumb to do my job properly. I do a lot of smiling and nodding with no idea what is being said. Shhh-don't tell the bosses.
11. The everyday physical pain I fear the most is a sore throat. Give me cramps, give me sinus blockage, give me bloating and headaches--just please, no sore throat!
12. No one in my family has ever died--that I know of.
13. A mutual friend tried to set my hubby and me up a year before we started dating on our own. Future hubby wasn't interested and gave me the rudest limp-fish obligatory handshake before totally dismissing me.
14. I hate attention--my wedding day was psychologically horrifying because of that.
15. I'm so pathetically the "typical" girl--love puppies, love babies, love rainbows, princesses, unicorns, and all things fashion-related.
16. I never met a female African American until age 25, at law school.
17. If I had one wish, it would be: make me a stand-up comic!
18. If I had a second wish, it would be: make me a singer!
19. Third wish: give me FU money!
20. There are sweet-tooth people and salty people. I'm a salty person--love chips, french fries, pizza, onion rings, sausages, all pork-products, and the best of all FIERY CHEETOS!
21. My parents thought I was actually and truly clinically retarded because my brother set the standard too high.
22. I'm soft as cheese. Very sensitive. Thin-skinned. Yes, the nonchalance is a total front.
23. I hate reading books, only do it cuz it makes me fall asleep!
24. The last comment honestly took me a full 5 minutes to think of. And this one is just filler, I know.
25. I secretly think 99% of Asian babies and toddlers are ugly. But not YOUR baby, yours is one of the cute ones! ;-)
Tuesday, February 10, 2009
La Vida NYC
Ever since everyone returned from the Holidays, I've been busier than a bumble-bee on crack. Two deals heated up simultaneously which meant I worked on one during the day and one at night. And both on the weekends!
But I wouldn't trade those 12-14 hour days for the dry periods ever. Better to work slavishly and be tethered to my blackberry than to read copious amounts of nytimes.com under the cloud of fear and impending doom, wondering when a partner is going to come and give me "the talk."
The crazy hecticness crested during a very badly timed trip to NYC I took last weekend--my firm had their corporate training retreat in their NY office. I had wanted to see lots of friends and hit the city like a serious Asian tourist--rabbit-earing all over, but I knew work would probably overtake every attempt of mine to have a life. So I didn't make many plans.
In fact I begged my partners to not make me go to NYC. They all said, "Take your laptop with you. Learn to work remotely." And work remotely I did!
But at least in the midst of all the busy-ness I still got to hang out with some very understanding friends (who didn't mind me thumbing my blackberry every 5 minutes and having me change our plans almost every day!)
Met with Tiffany at Le Pain. I wondered briefly if they called it "Le Pain" cuz of the twinge you feel when your wallet is robbed of $12 for a quiche the size of your palm.
It's NY--you have to tip everyone, even the tin man.
Did the whole touristy thing with native New Yorker and friend extraordinaire--Alaberi! Wish we had longer together, but that gives me an excuse to come back real soon.
Time Square-not nearly as fun without the flashy night-lights.
Feeding our sweet tooths visually.
But I wouldn't trade those 12-14 hour days for the dry periods ever. Better to work slavishly and be tethered to my blackberry than to read copious amounts of nytimes.com under the cloud of fear and impending doom, wondering when a partner is going to come and give me "the talk."
The crazy hecticness crested during a very badly timed trip to NYC I took last weekend--my firm had their corporate training retreat in their NY office. I had wanted to see lots of friends and hit the city like a serious Asian tourist--rabbit-earing all over, but I knew work would probably overtake every attempt of mine to have a life. So I didn't make many plans.
In fact I begged my partners to not make me go to NYC. They all said, "Take your laptop with you. Learn to work remotely." And work remotely I did!
But at least in the midst of all the busy-ness I still got to hang out with some very understanding friends (who didn't mind me thumbing my blackberry every 5 minutes and having me change our plans almost every day!)
Met with Tiffany at Le Pain. I wondered briefly if they called it "Le Pain" cuz of the twinge you feel when your wallet is robbed of $12 for a quiche the size of your palm.
It's NY--you have to tip everyone, even the tin man.
Did the whole touristy thing with native New Yorker and friend extraordinaire--Alaberi! Wish we had longer together, but that gives me an excuse to come back real soon.
Time Square-not nearly as fun without the flashy night-lights.
Feeding our sweet tooths visually.
I <3 NY!
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