''My Speech to the Finance Graduates'' - Shiller

Abdel's picture
Rank: Neanderthal | banana points 2,091
Project-Syndicate:

At this time of year, at graduation ceremonies in America and elsewhere, those about to leave university often hear some final words of advice before receiving their diplomas. To those interested in pursuing careers in finance - or related careers in insurance, accounting, auditing, law, or corporate management - I submit the following address:

http://www.project-syndicate.org/commentary/my-spe...

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Comments (9)

May 23, 2012

This "speech" made me vomit on my own butthole and steered me further towards anarchism.

May 23, 2012
swagon:

This "speech" made me vomit on my own butthole and steered me further towards anarchism.

Keep in mind that he teaches at Yale Univ. These kids are paying fortunes to listen to this guy.

May 23, 2012
swagon:

This "speech" made me vomit on my own butthole and steered me further towards anarchism.

What's wrong with it?

"One should recognize reality even when one doesn't like it, indeed, especially when one doesn't like it." - Charlie Munger

May 23, 2012
cplpayne:
swagon:

This "speech" made me vomit on my own butthole and steered me further towards anarchism.

What's wrong with it?

It disregards perhaps THE key principle of Microeconomics 101 - Incentives matter. Such an utterly basic principle, yet so vitally important. Therefore, the speech is definitely not gucci IMO.

May 23, 2012

Generally not so bad, but I think he might be gets carried away at some points:

Shiller:

Young investment bankers, for their part, have a great opportunity to devise more participatory forms of venture capital - embodied in the new crowd-funding Web sites - to spur the growth of innovative new small businesses.

Morgan Stanley is not Kickstarter. Banks like large clients because large clients can pay.

Shiller:

Setting the rules of the game for a robust, socially useful financial sector has never been more important. Recent graduates are needed in legislative and administrative agencies to analyze the legal infrastructure of finance, and regulate it so that it produces the greatest results for society.

No, just no. The road to hell is paved with "social justice"...I am sure everyone thought encouraging home ownership was a good thing.

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May 24, 2012
West Coast rainmaker:

The road to hell is paved with "social justice"...I am sure everyone thought encouraging home ownership was a good thing.

Actually, those two points of view were at odds with each other. Social justice simply means that everyone has equal access to the system, and has its roots in the oppressive plantations of South American revolution. "Owership Society" was a concept cooked up to justify keeping the interest rates low so the last retard (see: Bush & co.) could juice the paper economy while fucking up the infrastructure and burning out the military and financial reserves while pushing off the cleanup onto the next generation.

May 24, 2012
swagon:
cplpayne:
swagon:

This "speech" made me vomit on my own butthole and steered me further towards anarchism.

What's wrong with it?

It disregards perhaps THE key principle of Microeconomics 101 - Incentives matter. Such an utterly basic principle, yet so vitally important. Therefore, the speech is definitely not gucci IMO.

The speech is louis V indeed berooo

May 23, 2012

Yeah, I lol'ed at this speech. But this guy is no idiot - he did predict the dotcom AND the real estate bubbles. This is a good speech, for what it's intended - it expresses populist sentiment about the finance industry and its purpose, and avoids saying anything too factual or accurate, which would offend the ignorant masses. A good speaker knows his audience.

May 23, 2012

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