Bonus Bananas Feb 3, 2012
Alright already. Y'all have been after me like a three-peckered billy goat to bring back Bonus Bananas, so here's a fresh batch. And none too soon, it appears, as this happens to be the 1-year anniversary of the first Bonus Bananas ever. How 'bout that? Let's get it on.
1) Incoming Deutsche CEO: 'Powerful Consolidation' Coming in Banking (Safe Haven) - Sort of a good news - bad news kind of deal. Incoming DB CEO Anshu Jain says the bad news is that the industry is going to continue contracting, but the good news is that the banks that survive will see increased margins. He also joins his fellow bank CEOs in reciting the mantra that you shouldn't be in banking for the comp.
2) Citi Joins The Cost-Cutting Ranks By Slashing Bonuses Up To 70% (Zero Hedge) - Okay, the news here isn't that Citi is slashing bonus pay - I mean, what bank isn't? The news here is how these huge cuts are affecting the local economy in NYC. Each Wall Street banker supports three non-finance people in New York with their bonus, and now those strippers, waiters, and limo drivers are hurtin' for certain.
3) Internet economy set to hit $4.2T in 2016, half of world’s population will be online (Venture Beat) - These numbers are just staggering. I'd be interested to see the statistics on adoption rates for the telephone after it was invented. I'm guessing half the world's population didn't have a phone a mere 20 years after its invention. And $4.2 TRILLION? Unreal.
4) The laws of economics for the drinker and banks (reszatonline) - The European crisis explained from the perspective of a bar owner and the drunks that keep him in business. If you're like me, people ask you to explain macro stuff in plain English all the time. Well, now you can point them to this when they ask what's going on in Europe. Everyone understands how a bar tab works.
5) Sauce Hollandaise (The Economist) - Great piece about the likely next President of France, socialist Francois Hollande. He hates bankers and he makes no bones about it. He thinks Dodd-Frank would be good for France, he thinks CDOs should be illegal, and he wants to ban stock options. Wait...what?
6) Is Facebook run by sociopaths? (CNET) - Facebook COO Sheryl Sandberg set European chins wagging when she pointed out that Facebook wasn't overly concerned about offending the delicate privacy sensibilities of a continent of people currently circling the economic drain. The most shocking thing about the article? The notion that Facebook might actually be in business to make money. Quelle horreur!
7) INCOME INEQUALITY IS BAD FOR SOCIETY. REALLY BAD. (Sociological Images) - Time for a little chart porn. We all know that the massive and growing divide in income inequality is probably not a good thing for the country long term. But just how bad is it? Take at look at these charts. They make Saw III look like Winnie the Pooh.
8) What Google's Larry Page Doesn't Understand (Harvard Business Review) - Unless you've been living under a rock, by now you're probably aware that Google is changing its privacy policy as of March 1. And the kicker? You can't opt-out. Yeah. Kind of a dick move. Google is selling it as a way to bring you better, more focused content, but it's really just another step along the way toward the total erosion of privacy online. At this point, I think it's inevitable and we all just need to get used to the idea.
9) Amazon's Hit Man (Business Week) - Amazon's takedown of the publishing business is almost complete, and they did it in a remarkably short period of time (less than 20 years versus the nearly five centuries publishers ruled with an iron fist since Gutenberg first got the presses rolling). This is a great piece about Amazon and Larry Kirshbaum who recently took over Amazon Publishing - the Maginot Line into print publishing that Amazon was thought to never cross.
10) The 10 Keys To Selling Anything (Altucher Confidential) - James has done it again. Another great post that'll make you a better person for having read it. Everyone needs to be a salesman today, and James lays out a solid game plan for being the best in your business. Great stuff.
Some of you might not like the Video of the Week this week. To that I say tough shit. It's a trailer for an upcoming movie written and directed by Bobcat Goldthwait. To many of you Bobcat is just a second-rate stand-up comedian with a speech impediment, but that's because you're unfamiliar with his work behind the camera. He creates movies that contain some of the darkest humor I've ever seen. And his next movie, God Bless America, looks like it might push the boundaries even further. Attacking all that is inane in America, this looks like a pretty righteous killing spree. I'm in:
And for those wondering what else Bobcat has made, Robin Williams was fantastic in World's Greatest Dad:
Let me know what you think of the Bananas, and have a great weekend guys!






Comments
ahh yes, welcome back.
ahh yes, welcome back.
Nice Eddie B, I missed BB's.
Nice Eddie B, I missed BB's.
i'm skeptical about chart 6
i'm skeptical about chart 6 (social mobility) on the income inequality page. Maybe I'm just ignorant but I thought the US stood pretty high relative to other countries as far as mobility comparisons.
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That social inequality chart
That social inequality chart is bullshit. We allow millions of uneducated and non English speaking people into this country, illegal or otherwise. That will skew the data.
Nothing like comparing the USA to largely xenophobic European nations.
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Point #1 is why I came to
Point #1 is why I came to finance. There is tremdous chaos and disruption of the old ways, and change = opportunity. "This is the way we've always done it" doesn't fly anymore and that's fine by me.
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I don't know why the social
I don't know why the social mobility chart is so hard to believe. Look at it this way:
Let's say lower class in America is any family earning under $25,000 a year all-in. This is a smallish segment of the population and reports of generational poverty bear out that the majority of Americans raised at or below this income level stay there.
Now let's look at the wealthy. For argument's sake, let's say that's any family making over $250,000 a year. This segment of the population is far smaller than even the very poor. Odds are if you're born into this environment you're going to stay there - if for no other reason than the safety nets put in place by your parents (see: Paris Hilton). So not a lot of downward mobility there.
Finally we come to the middle class. Basically anything from $25,000 a year to $250,000 a year. This represents the vast majority of Americans (think 85%+), and while a family making $40,000 a year might spawn a generation averaging $80,000 a year, that generation is still solidly middle class. There is also a lot of downward potential in the middle class. This recession has shown us plenty of $150,000 families struggling to get by on their "new normal" $50,000 salary.
All the chart in question is pointing out is that it's highly unusual for someone to change social classes in the US, and I would say the numbers make that pretty obvious.
Or am I reading it wrong?
ah thanks for this!
ah thanks for this!
"If you survive to my age and you rack up a CV like mine, you can look at HR and say, "Fuck you. I don't try out."- Eddie
Its statistically intuitive
Its statistically intuitive that someone in the majority would stay in the majority a high percentage of the time.
If I had asked people what they wanted, they would have said faster horses - Henry Ford
If you are rich it is
If you are rich it is obviously easier to stay that way, but when you compare social mobility of the lower class you dilute any gains they make by continually allowing unskilled workers into this country. Mobility in the US also takes longer because you have a continual influx of this unskilled labor.
We have free k-12 education, affirmative action, community colleges and an ever increasing hand out system. Plus mobility freedom, the sole reserve currency and no threat of outside invasion. If you cannot improve your life I don't know what to say to you.
Charts like that do nothing be drum up class warfare as if it is the governments job to make things more "fair". Fair being defined by whoever is in power.
Succeed or fail, up to you.
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The thing I find funny about
The thing I find funny about that chart is that the countries with the lowest income inequality boast the highest social mobility. What the fuck does social mobility even mean if it can't be quantified by making more money than everybody else?
ANT wrote: when you compare
when you compare social mobility of the lower class you dilute any gains they make by continually allowing unskilled workers into this country. Mobility in the US also takes longer because you have a continual influx of this unskilled labor.
This is compounded by the fact that so much of it officially "doesn't exist". It is very intentional, and has allowed the "official" statistics to say what the people in charge want it to say for a very long time. At this point, dealing with immigration [however that is, this is not the thread for that topic] will prove to be the equalizer. The details of what immigration policy is are irrelevant: the official numbers will start to match up with reality again.
It's impossible to know EVERYTHING, but when the official estimations show that 1/3 of the nation will be speaking another language and that population doesn't even have a strong voting bloc.....the disconnect betwee political rhetoric and reality can no longer be ignored. If I were a politician, I'd see it as an opportunity. If history is any indication, they're slated to be the the newest addition to the middle class.
YOU JUST GOT TROLLED
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annnnd it's back!!
annnnd it's back!!
I was also calling bullshit
I was also calling bullshit on the income disparity in my home state of Louisiana (one of the previous charts showed it to be one of the highest in the US) so I looked it up. Lo and behold, the chart is right. The top 5% of earners in Louisiana make 11.5x what the bottom 20% make (La was ranked 16th most income disparate state). Must be all the oil money, I guess.
UFOinsider wrote: ANT
when you compare social mobility of the lower class you dilute any gains they make by continually allowing unskilled workers into this country. Mobility in the US also takes longer because you have a continual influx of this unskilled labor.
This is compounded by the fact that so much of it officially "doesn't exist". It is very intentional, and has allowed the "official" statistics to say what the people in charge want it to say for a very long time. At this point, dealing with immigration [however that is, this is not the thread for that topic] will prove to be the equalizer. The details of what immigration policy is are irrelevant: the official numbers will start to match up with reality again.
It's impossible to know EVERYTHING, but when the official estimations show that 1/3 of the nation will be speaking another language and that population doesn't even have a strong voting bloc.....the disconnect betwee political rhetoric and reality can no longer be ignored. If I were a politician, I'd see it as an opportunity. If history is any indication, they're slated to be the the newest addition to the middle class.
Fortified southern boarder. Massive expansion of family planning clinics and birth control at the school level, expansion and privatization of the prison system, English only teaching, etc. All will reverse the course we are on.
But none of that will happen so just make money and watch it burn. The conservatives are the armed ones in this nation so whatever happens when it crumbles isn't going to be some left wing eutopia.
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ANT wrote: UFOinsider
when you compare social mobility of the lower class you dilute any gains they make by continually allowing unskilled workers into this country. Mobility in the US also takes longer because you have a continual influx of this unskilled labor.
This is compounded by the fact that so much of it officially "doesn't exist". It is very intentional, and has allowed the "official" statistics to say what the people in charge want it to say for a very long time. At this point, dealing with immigration [however that is, this is not the thread for that topic] will prove to be the equalizer. The details of what immigration policy is are irrelevant: the official numbers will start to match up with reality again.
It's impossible to know EVERYTHING, but when the official estimations show that 1/3 of the nation will be speaking another language and that population doesn't even have a strong voting bloc.....the disconnect betwee political rhetoric and reality can no longer be ignored. If I were a politician, I'd see it as an opportunity. If history is any indication, they're slated to be the the newest addition to the middle class.
Fortified southern boarder. Massive expansion of family planning clinics and birth control at the school level, expansion and privatization of the prison system, English only teaching, etc. All will reverse the course we are on.
But none of that will happen so just make money and watch it burn. The conservatives are the armed ones in this nation so whatever happens when it crumbles isn't going to be some left wing eutopia.
Maybe, but not the point: the point is that a significant portion of the country isn't officially accounted for. I don't care what the solution is and that conversation goes back and forth. The reality that is needed to move forward is: how can we even pretend to quantify the situation if so much of it doesn't officially exist.
Take this example: I personally know undocumented workers with steady cash jobs. They're very close, came here with nothing, and live in one room. They split rent, food, and utilities, and the rest of that cash is saved. These guys work 50-90 hour weeks at a decent rate....where is that money? It's totally unaccounted for. I know that every immigrant isn't building a small fortune (some workers go back to S. America and are the 'new lesser rich') but just the same.....how can we build social models with only 2/3 of the data?
I'm thinking that the current lack of solutions is directly tied to the current lack of any information.
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Once the boarder is fortified
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how do you only have 650
"Know what to do, know how to do it, and do it hard." - Juan Castillo
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ConanDBull wrote: how do you
650 isn't that bad. I think
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Edmundo Braverman wrote: 8)
1/2 of the WSO Bash Brothers
"Licensed to Ill It"
We all know Bro J did it...
What is the quote? When you
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LOL @ information rape.
ANT wrote: 650 isn't that
Awww, thanks Eddie. Ill
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1) and 2) -- If they are
|| But feeling good and enjoying life are prerequisites to success, not by products of it- Midas Mulligan Magoo ||
ANT wrote: If you are rich it
"Social cohesion and puritanical morality place roughly on my list of concerns between whether I'll pick up jock itch at the gym this week (not likely, since I don't go the gym) and whether it'll rain in Christchurch, New Zealand next Tuesday."
-Eddie
UFOinsider wrote: Point #1 is
relinquis... Killing the GMAT this December; Over/Under set at: 725 GMATs.
Relinquis wrote: UFOinsider
YOU JUST GOT TROLLED
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BOOOBBBCCAATT!!!! FTW
duffmt6 wrote: ANT wrote: If
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ANT wrote: Holy fuck kid, get
YOU JUST GOT TROLLED
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ANT wrote: duffmt6
"Social cohesion and puritanical morality place roughly on my list of concerns between whether I'll pick up jock itch at the gym this week (not likely, since I don't go the gym) and whether it'll rain in Christchurch, New Zealand next Tuesday."
-Eddie