The Routine Daily News: March 2011

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"The guys who know a whole lot about how banks work work in banks. So, you might disco on down to Goldman Sachs, where they scrupulously seek to accumulate evidence of the production of social value in great quantities, and try to hire yourself some staffers. And when they are done laughing at you, you can head down to some lower-tier, south-on-the-food-chain bank, where you'll find some guys who got their MBAs at Eastern Michigan and who might want to spend a few years in government work. There's job security, for one thing, and the pensions and benefits are great. Also, they know that Goldman Sachs cares a lot about how the bank regulations are written for the same reasons that McDonald's cares a lot about how the all-beef-patty regulations are written, and so a third-tier banker who becomes a government regulator might in five or ten years be a pretty good candidate for a job at Goldman Sachs, which will shunt great fresh roaring streams of social value at people who can help it outcompete its rivals in the regulatory arena, Eastern Michigan grads or no. That's because the most efficient form of regulatory competition known to man and Goldman Sachs is to make sure that the regulations are written the way you want them to be written in the first place. Lloyd Blankfein does not much care whether there is a new regulation; he cares whether there is a new regulation that puts Goldman Sachs at a disadvantage vis-à-vis J. P. Morgan or whomever. Which is to say, Lloyd gets his Underoos backward only if there's a regulation that costs Lloyd money, because Lloyd is big on competition among firms, and will compete just murderously in whatever regulatory arena he finds himself in, like a gladiator with a smokin' hot date the next night. You don't really know what the public interest is, and neither does Lloyd—but Lloyd is the world's leading Ph.D.-level expert in Lloyd's interest. He also knows a little bit about banking. Advantage: Lloyd." Kevin Williamson


 

"Hitler and his acolytes were firmly convinced that the development of the German standard of living had been held back since 1918 by an unholy alliance formed between selfish bourgeois liberals and primitivist socialists. This conspiracy of low expectations had benefited only the German bourgeoisie, whilst robbing the majority of the German population of the full benefits of the new technologies of mass-production. Ford had had the entrepreneurial vision to break with the past and to turn what had once been a luxury product into a popular commodity. In Germany, what was required to break the deadlock was an act of decisive political will. The Third Reich made it its mission to use the authority of the state to coordinate efforts within industry to devise standardized and simplified versions of key consumer commodities. These would then be produced at the lowest possible price, enabling the German population to achieve an immediate breakthrough to a higher standard of living. The epithet which was generally attached to these products was Volk: the Volksempfaenger (radio), Volkswohnung (apartments), Volkswagen, Volkskuehlschrank (refrigerator), Volkstraktor (tractor). This list contains only those products that enjoyed the official backing of one or more agencies in the Third Reich. Private producers, however, had long appreciated that the term 'Volk' had good marketing potential, and they, too, joined the bandwagon. Amongst the various products they touted were Volksgramophone (people's gramophone), Volksmotorraeder (people's motorbikes) and Volksnaehmaschinen (people's sewing machines). In effect, by 1933 the use of the term 'Volk' had become so inflationary that the newly established German advertising council was forced to ban the unlicensed use of the term." Adam Tooze