Some people will still show up for work because it is interesting, or because they like eating above average food. Ultimately, there will still need to be some highly skilled, and paid, workers to keep the automated society running.
I believe we wil transition from 40 hour work weeks gradually to work optional, but here is the below average housing, food, and clothes that you get. Want better stuff? Get a job looking pretty or something like figuring out how to use limited resources more efficiently.
US wages have been stagnant while the rest of the world catches up. The U.S. will likely maintain a wage premium due to worker productivity and IP enforcement, but regulation and taxes will eventually put downward pressure on US wages relative to the rest of the world.
Please quote useful statistics. What is Asia's median wage / US median wage now vs in the past. An imbalance is being fixed by market forces. Get used to it.
Put $1B or so into whatever is required to get self driving cars working. This will triple the capacity of roads and reduce/eliminate problems with drunks. I want this done before my kid turns 16.
Now we just just need to get the government to stop stealing Fannie Mae and Freddie Mac.
TREASURY, THE CONSERVATORSHIPS AND MORTGAGE REFORM
By Timothy Howard
There are two competing approaches to setting up a secondary mortgage market mechanism to succeed the one in place prior to the 2008 financial crisis: (a) legislative reform that would replace Fannie Mae and Freddie Mac with a de novo system, such as the one proposed by Senators Johnson and Crapo, and (b) administrative reform that would make structural and regulatory changes to Fannie Mae and Freddie Mac but keep them as the centerpieces of conventional secondary mortgage market financing.
The main argument for legislative mortgage reform is that Fannie Mae and Freddie Mac are a “failed business model” that needs to be replaced with a more reliable mechanism. But many proponents of this alternative, in defending it, badly distort the history of the financial crisis. In this paper we briefly discuss three important issues that are widely misunderstood or mischaracterized in the reform debate:
Treasury’s actions to place Fannie Mae and Freddie Mac into conservatorship were fundamentally different from Treasury and Federal Reserve interventions in support of commercial and investment banks during the financial crisis. Intervention in support of banks was done in response to sudden and uncontrollable liquidity crises that required immediate government assistance to keep the companies from failing, and involved actions and tools intended to achieve that result (not always successfully). The act of placing Fannie Mae and Freddie Mac into conservatorship was not a response to any imminent threat of failure but rather a policy decision initiated at a time of Treasury’s choosing, and involved actions and tools intended to make and keep the companies insolvent.
Convincing evidence exists that the conservatorships of Fannie Mae and Freddie Mac were planned well in advance, and that they were intended to remove the companies permanently from private ownership. There also is clear prior history of OFHEO and its successor agency FHFA following the dictates of Treasury in its dealings with Fannie Mae and Freddie Mac.
The motive behind the third amendment to the Treasury-FHFA senior preferred stock agreement was made evident by its timing, coming as it did just ten days after Fannie Mae announced sufficient second quarter 2012 earnings not only to pay its $2.9 billion quarterly senior preferred stock dividend but also to add $2.5 billion to its capital. Coupled with strong and growing revenues, rising home prices in the first half of 2012 meant that the pessimistic assumptions that had driven earlier decisions to write down assets, add huge amounts to the loss reserve, and establish a valuation reserve for deferred taxes no longer were supportable. Treasury and FHFA entered into to the third amendment to ensure that when many of these write-downs were reversed it would be the government, and not Fannie Mae’s shareholders, that would benefit.
The Fannie Mae takeover was unlike any other financial institution rescue
All of the individual financial institution rescues (or failures) during the 2008 crisis—including that of AIG—had similar profiles: market perceptions of a sharp decline in the value of a company’s mortgage-related assets led to rapid outflows of consumer deposits or an inability to roll over maturing short-term obligations. Depressed asset prices made it impossible for these highly leveraged companies to replace lost deposits or maturing short-term debt by selling assets without taking losses that would have exhausted their capital. The Federal Reserve and Treasury were faced with the need either to take immediate steps to save them—whether through assisted mergers, massive provisions of liquidity, asset guarantees or other measures—or to allow them to fail.
In their respective books, On the Brink and Stress Test, then-Treasury secretary P
It doesn't really have anything to do with anything, it is just an interesting comparison to understand scope. It is like, "the U.S. spend so much money on X per year that if you stacked dollar bills on each other, the stack would reach the moon." What do dollar bills and the moon have to do with each other? Nothing. It is just an amusing comparison for people who have a hard time grasping numbers and their true meaning.
I would say that needing to swear because someone uses the percentage of gays in the US in a comparison probably indicates a problem. Are you unhappy with how many gays there are, or how many soldiers there are.
For the record, I think we have just the right amount of each. Otherwise the market forces would cause more to be created.
Hmm. Now I'll have to go consider what market forces could cause the creation of addition gays...
But it is so much more fun putting new stuff together and seeing what happens. Besides, it makes your boss think you are doing something and are valuable. This assumes your boss isn't smart enough to understand the value of quality, and that each phase gate you go through makes mistakes cost 10x more to fix.
Sadly the American people are like an ignorant boss, the vast majority only understand "doing something to help me now" instead of understanding the wider ramifications of a particular idea.
As a semi-off topic example, both parties appear to fail to understand the wide ranging ramifications of failing to protect property rights of shareholders in FNMA and FMCC.
Getting a vast majority of the vote doesn't prove them to be competent. It just proves there hasn't been a better option for a long while.
I'm a FNMA investor. The government's treatment of private shareholders is atrocious. This is coming out of both parties, but for separate, and opposite direction political reasons.
I wish the libertarian party could be taken seriously. That is what I would like to vote for.
Consider this: At the two extremes, you have can a government that tells you exactly what you can do, but also takes care of you, or you can have a government that lets you do whatever you want and lets you reap the rewards and consequences of your actions. Republicans and Democrats are both fascist in what they tell people they can and can't do. The Democrats have additional socialism mixed in. We need the libertarians to step up so we can have our liberty back.
Captcha ideas: 1. I am who I say I am. 2. I am a registered voter. 3. I have not, and will not vote twice. 4. I understand what I'm voting on.
This may not be very thorough, but it would at least get some of the complete moron votes removed. Ideally there would be enough captcha questions that you couldn't give a complete moron a list of what to vote for and be able to provide the answer to the captcha also.
Let me guess, you don't have very much money and you aren't sure why. But the cause of your lack of money couldn't be because you believe everything about economics is a fraud.
Check out the difference between Republican and Democrat convictions for fraud or similar problems by politicians. This controls for many more variables than a comparison between E and W Germany, but gets you a similar outcome in terms of a correlation between believing in socialism and being willing to cheat to get what you think is right.
Correlation isn't causation, but it is at least a better study.
So I really want to be a male prostitute. The problem is that most males want to be having sex most of the time. This means that there isn't much market for the services I want to provide. Not only can I not give my product away, I have to pay people to take it.
The technology we've created has democratized the creation of art, writing and music, in this case. People who want to can. It may be sad that your favorite writer isn't getting rich, but it is great that any idiot who want to try can publish an album or book, even if it never ends up being profitable.
They are like real estate agents. There are more of them chasing the same pie. Markets forces will win eventually and we'll get fewer new books because that is what the market is asking for.
I love this idea. The problem is programming/CS is too much of a mess to be able to engineer anything to a PE level. I suppose one could argue that NASA can do it. A PE quality programmer could do it on an extremely simple processor and tool chain, but having PE quality software isn't where the market is at.
Sometime back someone stole the formula for the electolytic and sold s bunch of it. Sadly the didn't get the formula right. The world is still suffering the consequences. Replacing the barrel caps is usually the right answer. You could open a service store and only know how to solder and order caps and probably do OK.
Slashdot Mirror
Some people will still show up for work because it is interesting, or because they like eating above average food. Ultimately, there will still need to be some highly skilled, and paid, workers to keep the automated society running.
I believe we wil transition from 40 hour work weeks gradually to work optional, but here is the below average housing, food, and clothes that you get. Want better stuff? Get a job looking pretty or something like figuring out how to use limited resources more efficiently.
How about stop having sex with dumb people. They won't be able to earn enough to feed children.
Lower minimum wage so that anyone can get a job. Then learn enough to qualify for a better job.
Fresh out of school I didnt know shit. I felt smart, but I wasnt. Having a real job fixed both problems.
Allow workers to opt for 4 day workweeks. Not everyone will take that, but enough will to reduce to amount of people with nothing to do.
I'd be willing to work 4 days now instead of 5, but most employers frown on that.
US wages have been stagnant while the rest of the world catches up. The U.S. will likely maintain a wage premium due to worker productivity and IP enforcement, but regulation and taxes will eventually put downward pressure on US wages relative to the rest of the world.
Please quote useful statistics. What is Asia's median wage / US median wage now vs in the past. An imbalance is being fixed by market forces. Get used to it.
In common core, is a failing grade called a BSOD?
Let me be the first to point out... the Onion?
Put $1B or so into whatever is required to get self driving cars working. This will triple the capacity of roads and reduce/eliminate problems with drunks. I want this done before my kid turns 16.
How much would I be willing to pay? That depends. Is TSA going to be there groping or nuking me?
Now we just just need to get the government to stop stealing Fannie Mae and Freddie Mac.
TREASURY, THE CONSERVATORSHIPS AND MORTGAGE REFORM
By Timothy Howard
There are two competing approaches to setting up a secondary mortgage market mechanism to succeed the one in place prior to the 2008 financial crisis: (a) legislative reform that would replace Fannie Mae and Freddie Mac with a de novo system, such as the one proposed by Senators Johnson and Crapo, and (b) administrative reform that would make structural and regulatory changes to Fannie Mae and Freddie Mac but keep them as the centerpieces of conventional secondary mortgage market financing.
The main argument for legislative mortgage reform is that Fannie Mae and Freddie Mac are a “failed business model” that needs to be replaced with a more reliable mechanism. But many proponents of this alternative, in defending it, badly distort the history of the financial crisis. In this paper we briefly discuss three important issues that are widely misunderstood or mischaracterized in the reform debate:
Treasury’s actions to place Fannie Mae and Freddie Mac into conservatorship were fundamentally different from Treasury and Federal Reserve interventions in support of commercial and investment banks during the financial crisis. Intervention in support of banks was done in response to sudden and uncontrollable liquidity crises that required immediate government assistance to keep the companies from failing, and involved actions and tools intended to achieve that result (not always successfully). The act of placing Fannie Mae and Freddie Mac into conservatorship was not a response to any imminent threat of failure but rather a policy decision initiated at a time of Treasury’s choosing, and involved actions and tools intended to make and keep the companies insolvent.
Convincing evidence exists that the conservatorships of Fannie Mae and Freddie Mac were planned well in advance, and that they were intended to remove the companies permanently from private ownership. There also is clear prior history of OFHEO and its successor agency FHFA following the dictates of Treasury in its dealings with Fannie Mae and Freddie Mac.
The motive behind the third amendment to the Treasury-FHFA senior preferred stock agreement was made evident by its timing, coming as it did just ten days after Fannie Mae announced sufficient second quarter 2012 earnings not only to pay its $2.9 billion quarterly senior preferred stock dividend but also to add $2.5 billion to its capital. Coupled with strong and growing revenues, rising home prices in the first half of 2012 meant that the pessimistic assumptions that had driven earlier decisions to write down assets, add huge amounts to the loss reserve, and establish a valuation reserve for deferred taxes no longer were supportable. Treasury and FHFA entered into to the third amendment to ensure that when many of these write-downs were reversed it would be the government, and not Fannie Mae’s shareholders, that would benefit.
The Fannie Mae takeover was unlike any other financial institution rescue
All of the individual financial institution rescues (or failures) during the 2008 crisis—including that of AIG—had similar profiles: market perceptions of a sharp decline in the value of a company’s mortgage-related assets led to rapid outflows of consumer deposits or an inability to roll over maturing short-term obligations. Depressed asset prices made it impossible for these highly leveraged companies to replace lost deposits or maturing short-term debt by selling assets without taking losses that would have exhausted their capital. The Federal Reserve and Treasury were faced with the need either to take immediate steps to save them—whether through assisted mergers, massive provisions of liquidity, asset guarantees or other measures—or to allow them to fail.
In their respective books, On the Brink and Stress Test, then-Treasury secretary P
Soldiers happen, but they are rare.
They choose to be that way.
It doesn't really have anything to do with anything, it is just an interesting comparison to understand scope. It is like, "the U.S. spend so much money on X per year that if you stacked dollar bills on each other, the stack would reach the moon." What do dollar bills and the moon have to do with each other? Nothing. It is just an amusing comparison for people who have a hard time grasping numbers and their true meaning.
I would say that needing to swear because someone uses the percentage of gays in the US in a comparison probably indicates a problem. Are you unhappy with how many gays there are, or how many soldiers there are.
For the record, I think we have just the right amount of each. Otherwise the market forces would cause more to be created.
Hmm. Now I'll have to go consider what market forces could cause the creation of addition gays...
But it is so much more fun putting new stuff together and seeing what happens. Besides, it makes your boss think you are doing something and are valuable. This assumes your boss isn't smart enough to understand the value of quality, and that each phase gate you go through makes mistakes cost 10x more to fix.
Sadly the American people are like an ignorant boss, the vast majority only understand "doing something to help me now" instead of understanding the wider ramifications of a particular idea.
As a semi-off topic example, both parties appear to fail to understand the wide ranging ramifications of failing to protect property rights of shareholders in FNMA and FMCC.
Getting a vast majority of the vote doesn't prove them to be competent. It just proves there hasn't been a better option for a long while.
I'm a FNMA investor. The government's treatment of private shareholders is atrocious. This is coming out of both parties, but for separate, and opposite direction political reasons.
I wish the libertarian party could be taken seriously. That is what I would like to vote for.
Consider this:
At the two extremes, you have can a government that tells you exactly what you can do, but also takes care of you, or you can have a government that lets you do whatever you want and lets you reap the rewards and consequences of your actions. Republicans and Democrats are both fascist in what they tell people they can and can't do. The Democrats have additional socialism mixed in. We need the libertarians to step up so we can have our liberty back.
How about a voting captcha?
Captcha ideas:
1. I am who I say I am.
2. I am a registered voter.
3. I have not, and will not vote twice.
4. I understand what I'm voting on.
This may not be very thorough, but it would at least get some of the complete moron votes removed. Ideally there would be enough captcha questions that you couldn't give a complete moron a list of what to vote for and be able to provide the answer to the captcha also.
How serious can they be when they've forgot about the 3rd dimension?
This is like not opening email attachments to emails with spelling or grammatical errors but for engineers.
"Anonymous coward is where I draw the line."
A good portion of the world's (well the US's) religions aren't ready for Evolution. Of course they are not ready for ET.
Let me guess, you don't have very much money and you aren't sure why. But the cause of your lack of money couldn't be because you believe everything about economics is a fraud.
Check out the difference between Republican and Democrat convictions for fraud or similar problems by politicians. This controls for many more variables than a comparison between E and W Germany, but gets you a similar outcome in terms of a correlation between believing in socialism and being willing to cheat to get what you think is right.
Correlation isn't causation, but it is at least a better study.
So I really want to be a male prostitute. The problem is that most males want to be having sex most of the time. This means that there isn't much market for the services I want to provide. Not only can I not give my product away, I have to pay people to take it.
The technology we've created has democratized the creation of art, writing and music, in this case. People who want to can. It may be sad that your favorite writer isn't getting rich, but it is great that any idiot who want to try can publish an album or book, even if it never ends up being profitable.
We are heading in the right direction.
They are like real estate agents. There are more of them chasing the same pie. Markets forces will win eventually and we'll get fewer new books because that is what the market is asking for.
Don't blame this on Amazon.
I love this idea. The problem is programming/CS is too much of a mess to be able to engineer anything to a PE level. I suppose one could argue that NASA can do it. A PE quality programmer could do it on an extremely simple processor and tool chain, but having PE quality software isn't where the market is at.
Sometime back someone stole the formula for the electolytic and sold s bunch of it. Sadly the didn't get the formula right. The world is still suffering the consequences. Replacing the barrel caps is usually the right answer. You could open a service store and only know how to solder and order caps and probably do OK.
Yup, but I want to borrow one. Additionally, that video looks nice, but isn't easy to navigate. There are some UI issues with 3D navigation.