February 2012
13 posts
“It’s almost the opposite of what is taught in business school.”
—Steve Jobs Solved the Innovator’s Dilemma - James Allworth - Harvard Business Review
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Let's stop blaming the victims of predatory lending
This is important.
The primary cause of the subprime collapse—which heralded in the Great Recession was bad loans not bad borrowers. At the peak of the subprime boom lenders structured loans in a way that virtually guaranteed that those loans would fail because it was profitable. Borrowers—particularly minority borrowers—were steered toward these designed-to-fail loans even when they would have qualified for a prime loan. It doesn’t matter how good your credit is or how high your income is. I can write you a loan with terms so bad that I know you won’t be able to pay it back. I’m afraid this post may require tossing around some numbers—but please bear with me. Even if correcting the banks efforts to shift blame isn’t sufficient, this stuff is worth knowing if you plan on someday getting a home loan.
“The future of our economy really does depend on the rebels succeeding. At every point in the last forty years, wealth, health, and happiness in our economy have been built on the freedom to disrupt the entrenched powers, not the preservation of their rent-seeking monopolies.”
—I have a bad feeling about this - raganwald’s posterous
“Skinner and Pavlov proved that primary reinforcers are extremely powerful motivators. After sex and sleep, bacon is one of nature’s most powerful primary reinforcers, partly due to its high fat and protein content in comparison to other meats. Bacon has become known as the “gateway meat”: the smell triggers intense cravings, even in vegetarians. But in our modern world, our instinctual craving for bacon and other fatty foods can cause significant health problems.”
—The Zynga Abyss - Technology - The Atlantic
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