Archive for the ‘reihan salam’ tag
I liked Reihan Salam’s argument in favor of private equity firms like the arm of Bain Capital Mitt Romney spent many years running. I certainly don’t agree with everything he says, but given the amount of aggressively negative things that are likely to be heard about that field until November, I think it’s important to actually listen to a competent defense. I liked this point:
Private-equity firms have taken the process of turning around failing businesses and made it into an industrial process. The hostile reaction to this industrialization of corporate cost-cutting evokes the revolt of the Luddites, the 19th-century textile artisans who sabotaged the mechanical looms that threatened their familiar way of life.
(via The Browser)
I apologize heartily for the cringe-worthy title. I bear no responsibility for it’s creation, merely it’s prorogation. But Reihan Salam, among others, thinks that men and machoness are unlikely to emerge from this recession unscathed. While part of me is screaming “bogus trend story,” I can’t condemn it as meritless:
As behavioral finance economists Brad Barber and Terrance Odean memorably demonstrated in 2001, of all the factors that might correlate with overconfident investment in financial markets—age, marital status, and the like—the most obvious culprit was having a Y chromosome. And now it turns out that not only did the macho men of the heavily male-dominated global finance sector create the conditions for global economic collapse, but they were aided and abetted by their mostly male counterparts in government whose policies, whether consciously or not, acted to artificially prop up macho.
(via Idea of the Day)