Showing posts from October, 2008

Will We Ever Learn?

I'm in the midst of reading a book about the depression. It seemed appropriate, given the recent financial turmoil. It is The Day the Bubble Burst by Gordon Thomas and Max Morgan-Witts, written in 1979. Here's a quote:

“The circle between Madison Avenue and Wall Street was complete; they were inexorably linked, in a relationship developed in ten short years, during which the ad men had created an ambience invaluable to the continuing popularity of stock speculation. The limitless, desirable, and expensive goods coming onto the market – often products of companies quoted on the stock exchange – could only be sold by determined advertising campaigns. If those campaigns failed, the market would slump.

To maintain his place in consumer society, a man was told he needed a car, radio, icebox, and refrigerator; his wife required a washing machine, automatic furnace, and one of the modish pastel-hued toilets. To complete their domestic bliss they would have the latest in bat…

MBAs - The Source of our Economic Problem

I think we need less smart people spending time dreaming up ways to make money by packaging other money in different configurations and more smart people spending time dreaming up more efficient ways to move things from one place to another, power our homes, feed ourselves and deliver the health care we need. We need less financial whiz-kids and more engineering whiz-kids.