Andrew Ross
Andrew Ross
agency room
There's always room to do better. We're going to use these recommendations to make our agency even more effective.
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The smallest bookstore still contains more ideas of worth than have beenpresented in the entire history of television."Andrew Ross
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In truth, in the fairy-tale version of bailing out Lehman, the next domino, A.I.G., would have fallen even harder. If the politics of bailing out Lehman were bad, the politics of bailing out A.I.G. would have been worse. And the systemic risk that a failure of A.I.G. posed was orders of magnitude greater than Lehman's collapse.
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I was always one of those people who would watch the Super Bowl as much for the sports as I did for the ads. I was always just sort of fascinated by the fact that when you turn on the TV, there was motion, there was moving pictures on it.
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When you can't lend or trade - and you can't invest with the leverage that juiced returns to support seven- and eight-figure bonuses - how exactly are you going to make money?
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Tiptoeing on a tightrope past insider trading laws may be deft and clever, but it doesn't make it right.
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The moment a large investor doesn't believe a government will pay back its debt when it says it will, a crisis of confidence could develop. Investors have scant patience for the years of good governance - politically fraught fiscal restructuring, austerity and debt rescheduling - it takes to defuse a sovereign-debt crisis.
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Debt, we've learned, is the match that lights the fire of every crisis. Every crisis has its own set of villains - pick your favorite: bankers, regulators, central bankers, politicians, overzealous consumers, credit rating agencies - but all require one similar ingredient to create a true crisis: too much leverage.
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Corporate tax reform is nice in theory but tough in practice. It most likely requires lower tax rates and the closing of loopholes, which many companies are sure to fight. And whatever new, lower tax rate is determined, there will probably be another country willing to lower its rate further, creating a sad race to zero.
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There is a long list of psychology research demonstrating that appearances matter more than most us would care to admit. As shallow as it may be, better-looking people have been shown in various studies to have higher self-esteem and more charisma, are considered more trustworthy and are better negotiators.
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In many ways, education is a lousy business. Teachers are not normal economic actors; almost all of them work for less money than they might fetch in some other industry, given their skills and advanced degrees.
people
It's the people who have an incentive to find the problem who usually find the problem.
people
We talk about institutions that are too big to fail - I think the story is as much about people who think they are too big to fail.
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Bitcoin, in the short or even long term, may turn out be a good investment in the same way that anything that is rare can be considered valuable. Like baseball cards. Or a Picasso.