The fundamental problem with banks is what it’s always been: they’re in the business of banking, and banking, whether plain vanilla or incredibly sophisticated, is inherently risky.
James Surowiecki Quotes
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The financial crisis of 2008 was not caused by investment banks betting against the housing market in 2007. It was caused by the fact that too few investors – including all of the big investment banks – bet too heavily on the housing market in the years before 2007.
Topics in UncategorizedTags in Investment, Betting -
The essence of procrastination lies in not doing what you think you should be doing, a mental contortion that surely accounts for the great psychic toll the habit takes on people. This is the perplexing thing about procrastination: although it seems to involve avoiding unpleasant tasks, indulging in it generally doesn’t make people happy.
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Self-dealing, essentially, occurs when managers run companies to line their own pockets instead of those of the companies’ owners. It’s been a perennial problem in American capitalism and became a real dilemma when America moved toward a model in which corporations would be run by professional managers who had only small ownership stakes.
Topics in UncategorizedTags in Corporations, Dilemma -
On the simplest level, telecommuting makes it harder for people to have the kinds of informal interactions that are crucial to the way knowledge moves through an organization. The role that hallway chat plays in driving new ideas has become a cliche of business writing, but that doesn’t make it less true.
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Markets work best when there’s lots of information available and a historical track record to go on; they excel at predicting things like horse races, election outcomes, and box-office results. But they’re bad at predicting things like who will be the next Supreme Court nominee, as that depends on the whim of the president.
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Making loans and fighting poverty are normally two of the least glamorous pursuits around, but put the two together and you have an economic innovation that has become not just popular but downright chic. The innovation – microfinance – involves making small loans to poor entrepreneurs, usually in developing countries.
Topics in UncategorizedTags in Innovation, Loans
Birth: | 30th April, 1967 |
Nationality: | American |
Profession: | Journalist |
James Michael Surowiecki was born in Meriden, Connecticut, USA. He is an American journalist. He was a staff writer at The New Yorker, where he wrote a regular column on business and finance called "The Financial Page". He studied at Southwestern Educational Society, Choate Rosemary Hall, the University of North Carolina at Chapel Hill, and Yale University. He is married to Slate culture editor Meghan O'Rourke. His writing has appeared in a wide range of publications, including The New York Times, the Wall Street Journal, The Motley Fool, Foreign Affairs, Artforum, Wired, and Slate. Before joining The New Yorker, he wrote “The Bottom Line” column for New York magazine and was a contributing editor at Fortune. He is the author of book, entitled The Wisdom of Crowds.
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Today's Anniversary - 10th April
Births
- 1952 - Steven Seagal
- 1915 - Leo Vroman
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Deaths
- 1992 - Peter D. Mitchell
- 1975 - Walker Evans
- 2010 - Dixie Carter
- 1876 - Alexander Turney Stewart
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