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Book cover for Firefighting: The Financial Crisis and Its Lessons
Responding too quickly can encourage risk takers to believe they’ll never face consequences for their bad bets, creating “moral hazard” that can promote even more irresponsible speculation and set the stage for future crises. But once it’s ...more
Brian
How to ensure that individuals in particular are removed from moral hazard? Even if a banker’s firm blows up, he can probably end up somewhere else making millions (sure, even if he does lose a few billion here or there in the implosion)?
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“The rating agencies were not exceedingly competent”
Timothy Geithner, STRESS TEST

Reza Negarestani
“In Hidden Writing, a main plot is constructed to camouflage other plots (which can register themselves as plot holes) by overlapping them with the surface (superficially dynamic plot) or the grounded theme. In terms of such a writing, the main plot is the map or the concentration blueprint of plot holes (the other plots).”
Reza Negarestani, Cyclonopedia: Complicity with Anonymous Materials

Ariel Levy
“But I would be happier if my daughter and her friends were crashing through the glass ceiling instead of the sexual ceiling,' Jong continued. 'Being able to have an orgasm with a man you don't love or having Sex and the City on television, that is not liberation. If you start to think about women as if we're all Carrie on Sex and the City, well, the problem is: You're not going to elect Carrie to the Senate or to run your company. Let's see the Senate fifty percent female; let's see women in decision-making positions--that's power. Sexual freedom can be a smokescreen for how far we haven't come.”
Ariel Levy, Female Chauvinist Pigs: Women and the Rise of Raunch Culture

Michael Chabon
“Sooner or later, you will discover which kind of father you are, and at that moment you will, with perfect horror, recognize the type. You are the kind of father who fakes it, who yells, who measures his children with greatest accuracy only against one another, who evades the uncomfortable and glosses over the painful and pads the historic records of his sorrows and accomplishments alike. You are the kind who teases and deceives and toys with his children and subjects them to displays of rich and manifold sarcasm when--as is always the case--sarcasm is the last thing they need. You are the kind of father who pretends knowledge he doesn't possess, and imposes information with implacable gratuitousness, and teaches lessons at the moment when none can be absorbed, and is right, and has always been right, and always will be right until the end of time, and never more than immediately after he has been wrong. And when your daughter's body begins to betray her, and her sky flickers in the distance with the heat lightning of sex, you clear your throat and stroke your chin whiskers and tell her to go ask her mother. You can't help it--you're a walking cliché.”
Michael Chabon, Manhood for Amateurs

Barbara Kingsolver
“I've always found people love you best if you can laugh at your own foolish misfortunes and keep mum about everyone else's”
Barbara Kingsolver, Prodigal Summer

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