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On America's Short-Termist And Fraud-Provoking Culture
Two months ago we posted an excellent introduction from Dan Ariely on the truth about dishonesty. The focus on our ease of rationalizing dishonest acts struck quite a chord and as a follow-up the behavioral economist discussed several real-life examples with Capital Account's Lauren Lyster. Critically, firms are shifting their focus from long-term growth to maximizing 'shareholder-value' (since any short-term mis-step in a liquidity-fueled boom such as this is punished to the point of 'going-concern') and the increasingly short-term focused attitude not only hurts employees and taxpayers but serves to provoke a culture of dishonesty or fraud. Ariely also notes, rather interestingly, that new disclosure requirements for 'academic-based' reports merely creates a more exaggerated result - since report-preparers now know the result will be discounted further. Again, one could argue, that Bernanke's ZIRP world (and an under-the-surface reality known to all that we are on a precipice) creates an ever-decreasing time-horizon for every 'invisible-hand'-driven act we undertake: we have shifted from "Get Rich Quick" to "Get Rich Quicker...By Any Means."
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Dem legs.
That's all you want? Cause that's lookin' like a full meal deal to me.......
Hee hee. THAT was the only reason I opened the link. Shame on me.
As a wide-eyed emigree in 1995, I used to stay up late nights and lap up all the informercials on US TeeVee (not sure how many times I must have seen the shapghetti machine guy and thought, I MUST get this) and all those little ads at the back of Popular Mechanics (make toys/tubelights/stuff envelopes from home)..... and of course Carlton CHEATS and his No Money Down program... oh boy!
It's the same thing here in India and everywhere else. The Charlatan with a Get Rich Quick scheme draws the moths to the flame, without fail. It's took me a long time to come to terms with the fact that "THe faster it comes, the faster it leaves". Look at the million dollar salary sports stars who struggle in later life.
It's the system and culture and "Programming". Biggest change in my life was throwing away my TV, so no tits and ass woudl dis-tract me into doing something my natural inclination woudl tell me run away from.
Lauren Lyster a case in point ;-) No brains, nice legs. You'll eat out of her hands.
ori
/ps-2-cognitive-dissonance-and-the-flip-side-of-the-aplocalypse/
+1 TeeVeeFree
Good read at your link - glad to see you writing again.
+1 Singularity.
Gracias RCD. :-)
And yes, perhaps TeeVee= Singularity Accelerator? hmmmm...
ori
lauren lyster no brains? really?
are you just being a troll?
or perhaps you are just hating on her because you've never had a pretty girlfriend like her and you are envious?
i've seen a number of interviews she's done, and they have all been excellent - she has a good understanding of sound money principles, is quick witted, asks her interviewees incisive questions, just a great all around interviewer.
don't worry ORI, you'll find a girlfirend someday, there's someont in this world for everyone.
A common mis-take in the west is to conflate fast-answering/trained poodles with smarts. She is well "briefed" before any show. That is how it goes.
And then probably "De-briefed" too, if you get my drift.
Cardinal error, in my opinion.
Plus, in my book, she barely (hah!!!) makes the pretty cut. She matches the cut-out version of what you have been "trained" to find pretty.
If she was that smart, she would keep her pins and boobs well hidden and still make the cut (check out some razor sharp Press TV and BBC hosts if you want to understand what I'm talking about).
Program, programmer, programee.... all on display up and down this thread.
Cue Becky. Quick.
ori
your claim that her comments are on the basis of her being "briefed" are incorrect - it's clear to me that she thinks for herself, gets very intelligent guests, and can hold her own on most economic topics.
Pretty has been having children with successful for a long time; think about it.
ori - sorry that you feel that way. Lauren should be applauded and is one of the few out there reporting the news. She also has a much better idea on how the world works when compared to CNBS or other MSN. FYI - I do not watch CNBC anymore. And Yes, she is also very pretty.
I have a long-term growth for her.
Lauren's reports are the only contrarian reports the SEC folks examine thouroughly.
Long term growth works best with unencumbered assets.
hey Lauren you're looking a bit melancholy lately. come over. i'll cheer you up.
MILF dat, yo.
High Integrity, Moral Decency Has Cost Idiot Man Millions
http://www.theonion.com/articles/high-integrity-moral-decency-has-cost-i...
What did he say? I was distracted...
Who?
That's my Daughter ya-know! And if you think her legs are great, you should see her tits!
Care to introduce a kindly old pervert?
Sure-thing!....: https://www.youtube.com/watch?v=xEMMrUQOaGo
I didn't mean introduce an old pervert to me!
That's like the time I asked the genie for a big black... onm...
R. I. G. H. T.....................
"There was one?"
I am not 'the' ZH Francis Sawyer - just quoting.
She sho iz purdy.
Wonder she be one o' them Ruski brides bein' sold awn the telly, now?
naw, none of the ones for sale look like that...
Ruski brides, now there is a real investment. Cha-ching. Nice, traditional, cooks, cleans, appreciative of shared time and resources vs. American women - Liberal, entitled, spoiled, hormonally unbalanced from YAZ, brainwashed, ambitious, naive, devoid of any domestic skills, unappreciative of shared time and resources.
My understanding was that the average laborer during pyramid construction worked all day for 4-6 pitchers of a very thick/nutritous beer. Why do I see mankind coming full circle?
They work harder, faster and are more likely to stick around if you supply them with methamphetamine instead.
As an added bonus they never live long enough to collect pensions.
Neither will anyone of working age today.
No matter how long they live.
Regardless of meth usage...
Especially with the added value of meth side effects..i.e. unlimited energy, and teeth loss. Emphasis on the later.
Just like today.
" That girl Crystal she ain't so sweet, she'll hit you in the nose boy,and knock out your teeth"
http://www.youtube.com/watch?v=UNDzHxIRATo
Speaking of a culture addicted to maximizing growth, at the store I photographed this real-life example of a typical American trying to "get rich quicker" at the Auto-Lotto-Machine.
A Quiniela!
The woman on the red rocket had just given Coinstar (CSTR) a 9.8% cut because she is too lazy to count her own change. I guess that is far better than giving the Lottery folks a 99% cut.
We are so screwed.
Yes we are.
All we can do is hunker down and show our fake ID when asked ;-)
Hi, my name is Barry.
Hangin out at the Willis Foodarama again Hedgeless?
Sexy Can I..
We can change rules on a fly, pretend to be the Elite, and complain when our EBT card service is down.
The pathetic mouth breathers are going to be surprised once the party bag lands in their lap.
200 people turned away by noon in this very small PA community.
http://nepalinks.com/blog/2012/11/16/access-card-outage-causes-problems-...
What are YOU doing at the Store?
I thought you grew your own soap and brass.
/sarc
I went to a "mart" on Weds and realized I was a minority.
I bought extra.
Wow, this is like something from a sci-fi movie. America is ripe for invasion by the barbarian hordes. I'm going to assume that's Canada for now.
I'm thinking the opposite...American hordes running to canada.
I see you're back to posting stealthy photos of people going about their business, posting them right here, with opinions.
another ZH poster left this earlier,
http://worldtruth.tv/just-before-hurricane-sandy-obama-signed-executive-...
you've posted another Fat Lady on her scooter here recently, a "neighbor" of yours you say, with details that disregard her personal privacy.
I downvoted you because I find that type of behaviour - trawling for attention here, targeting real humans for your lulz - unconscionable. people need to respect each others privacy, even as this nation monitors your every fucking breath.
Well said.
I was bothered by the other photo as well, on the Twinkie thread not posted by HH, though, that showed a large woman in a lawn chair eating her potato salad.
I don't see any reason to make fun of people for who they are...and, once again, don't give me any of that Fight Club crap. There was nothing of value in that photo exept to take a cheap shot of some poor woman, who may have had lymphedema, a severe thyroid problem or be my Aunt Mary.
Normally, I would junk it and move on but since you posted your thoughts, I thought I would chime in and agree with you completely. There's no need for cheap shots just for giggles. Let's try to keep a modicum of decency, please.
:D
yes, that was lizzy's post, and that picture has been used before to get the lulz & upvotes on a thread.
this shit needs to be called out - whatever one "thinks" about people, stealthy photos & personal details AT THIS TIME in amrkn history should be called out.
"see something, say something"
appreciate your post Orly.
It's worse in Britain where there is literally a camera on every lampost and the government encourages people to dial in and if they witness a "prosecutable crime," they are paid by the government for their "vigilance."
I don't see how that's okay and taking a (really, really bad...) snap of someone going about their business in a grocery store and posting it to the web is no different. What if someone recognised their Mom in those photos? How horrible would that be to see your mother pasted on a financial discussion site and being laughed at?
Y'all need to think about that. Because as my mother would say, "If you don't have anything nice (or of value...) to say, then don't say it."
your example of what Britain is doing should be understood as a testing ground for what will no doubt be implemented in amrka, in "targeted areas" first, but will definitely be planned. I remember a lot of the propaganda in the years following nine/eleven, and it's not going to be pretty - no doubt it's already in place and use here, and if posters at ZH think they're somehow immune, they should take into consideration how poverty, and hunger, will impact their "neighbours" - and just how easy and rewarding sharing their personal habits/information will be over the coming months. these huge new spy centers being built in Utah are a CLUE.
it makes me truly sad to think about Britain, and what's being done - I loved the years I spent there, particularly in Scotland, where folks were more mouthy, sarcastic & stubborn. a long time ago someone here posted a British website with pics of smashed street cameras, folks were uploading dates & times, monitoring how long to get them back up and SMASH, down again - it was genius, wish I could find the link for you, the commentary was so witty.
peace Orly.
It's become that kind of world/place.
Well called out CA and Orly. I passed it(HH's post) without rancour raised. Now I'm feeling rancourous.
Everyone is under the thumb/programmed/sickened by the environment (in toto).
ori
Get a fucking grip and come out from under your bed there Hero. When you watch a football game on tv do you think when the players on the field all huddle up that they are talking about you? I think you are going way overboard in your paranoid frenzy here Stalin. Our government sucks ass, and can be evil at times, but you are giving them far too much credit here considering their knack for incompetence.
Yes let 's all get the truth from RT..... Fail!
Heeey, they have a long history of telling the truth over the media... um, relatively speaking...
As long as it doesn't run contrary to Massa's interests.
Ditto for AJ, Fox, MSNBS, CNBS, ABC, XYZ...
There is no "truth" or unbiased media, the best you can do is read both sides and use one to try cut through another's BS.
+many
homework.
As opposed to which unbiased news source?
MSNBC
My Uber-Liberal buds out here in the Great Republic of Kalifornication sincerely believe that MSNBC is wholesomely unbiased, unvarnished truth, light, goodness and fresh unicorn innards.
Seriously.
Me, myself, find AlJazera, RT and a few others quite refreshing. Especially Lauren Lister since Liz Clayman offed to Fox. I couldn't hear a damned thing when she was on either.
(ya'll ever see the pic of her with her legs up at her desk? holy shit!)
Can you post the link where RT covered in depth the new Putin anti-treason law? I can't seem to find it, but sure an outlet as fair and balanced and unbiased as RT would have been all over that story.
You don't go to Russian MSM for the truth about Russia, just as you wouldn't go to US MSM for the truth about Merka.
Crystal Method....."that's the name of the game"
Good luck finding anything honest in the "investment sector"
Handle your 'bid-ness'....or get "clipped" by somebody looking to "handle" your biz
Double what? iPod pop up junk
Barstow, CA is looks like a photo from the Depression, exept for all the motorized walkers. I was there in the summer and all you would see moving was motorized wheelchairs criss-crossing the street
i would not do anything quick with Lauren ......and thats the truth !
Of course not, because she would never give you the opportunity..........but keep on dreamin', can't blame you......
no need to hit play
Fraud provoking culture? Isn't that what they cultivate in business school?
You're certainly not going to find academia stepping up to change the moral depravity enveloping society. In fact you could make a strong case that they are exactly why we are where we are. I know if I'm looking for answers as to what we need to change the last person I'm going to ask is an academic.
talmudish...
This post is better than watching some skits of SNL!
As soon as I saw the tiny thumbnail pic and could make out a short skirt, great legs, tight v-neck top, and long hair I KNEW it was this chick. And this is on a laptop, no less!
For a bunch of ex-commies, those Russians sure do market well . . .
They always did. They certainly convinced large segemnts of the U.S. society.
Unintentional Satire again, Tyler?
"America" doesn't have a "short termist" orientation.
But Zero Hedge certainly does.
(What IS still up for debate is if people start practicing a Short Short Short and Short Some More Market and Business style and then turn into misanthropic, nasty, and malicious little buggers . . .
(Or if those who are misanthropic, nasty, and malicious little buggers to begin with are naturally attracted to a Short Short Short and Short Some More Market and Business outlook and practice.
(Which came first, the Fear-Monger or the Fear-Mongering?)
You don't get to the good stuff until 2:04 into the video - full screen is best to optimize the profound effect of whatever in the hell they were talking about.
It isn't propaganda if you don't listen, right?
When a majority of young people think that money comes from a cash machine, what do you expect?
(Couldnt find that survey link anymore, but this one is just as good)
http://www.dailymail.co.uk/news/article-2159174/LEAF-survey-One-young-ad...
Lying and dishonesty has simply become an autonomic function, just like breathing, in the vast majority of the population.
It's always good to see Lauren's legs when she asks questions :P
Get rich quicker .... by any means, sums up the state of capitalism virtually worldwide. Sorry to all you "free" market diehards but nothing, NOTHING, is "free" especially the markets.
The last part of the interview is particuiarly interesting when Ariely postulates that it is short term thinking that motivates the commmission of fraud-- when the actors see it all around them daily-- but only an occasional perp walk or punishment. It's too bad behavioral psychologist Ariely doesn't use his own data to conclude that if actors saw perp walks (and punishment meted out) every single day/week/month ongoing-- they would damn well be very likely to take notice. The absence of the enforcement of legal sanctions for criminal activities only yield more criminal activity-- and a general disollution of the rule of law. That is exactly what we are now experiencing here in America thanks to the general corruption of the entire system by big money, All those who think Obama (or any establishment pol) have been out there working for the people-- need to understand that the failure to enforce American securities and basic contract laws against acts of massive criminality-- are the root cause of the worlds' worsening financial crisis-- and of all the gruesome in-our-faces crises guaranteed to ensue therefrom.The main reason those laws have gone unenforced is that the enforcer-in-chief for the past 20 yrs has not seen it his duty to protect the economic security and well being of the American people (and treasury) by demanding enforcement of those laws. Period. End of story. If the buck doesn't stop somewhere, its open season on the buck-- which is exactly what we have now-- and can only lead to disaster.
"The main reason those laws have gone unenforced is that the enforcer-in-chief for the past 20 yrs has not seen it his duty to protect the economic security and well being of the American people (and treasury) by demanding enforcement of those laws."
Or...
The enforcer-in-chief is a big part of the scam.
"Hmmm, Is she Sharon Stoneing?" Oh, the article, yeah the article, ah, I totally agree.... "Hmm, I wonder?".....
This 'short term focus' is rampant in some areas of the country in RE. Flippers do not care about the community, only a quick profit. Same with neighborhoods where corporations have bought up houses for rental investments. These neighborhoods quickly deteriorate since renters are not as involved with long term concerns of the neighborhood as a home owner is. The renter has no stake in the house or the community.
One solution is a 15% tax on houses sold within one year of purchase. Another is to tax rental property higher then own-occupied houses. This would help stabilize house prices long term.
Until the crooks are prosecuted... which is unlikely given the corrupt scumbags Holder, Shapiro, Gensler, Obungo... OR the scum are dragged from their offices and hung from the lamp posts... this will be an ongoing adventure. I do not condone violence, but am quick to forgive those that give in to it!
http://www.youtube.com/watch?feature=player_embedded&v=7OU9AGUv4lk#!
Global Banking Cartel - Overview - Connecting the dots.
Also found here:
http://www.veteranstoday.com/2012/11/16/the-international-banking-cartel-on-press-tv/?utm_source=rss&utm_medium=rss&utm_campaign=the-international-banking-cartel-on-press-tv
Dean Henderson
I have concluded that it doesn't matter whether the preferred Investment flavor is short or long term.
No matter what you do, the conmen will incorporate it into their routine and continue conducting business as usual.
The truth is Wall Street as always been a magnet for highly skilled swindlers. I wouldn't say high IQ, since this current debacle has demonstrated that idiots can make a fortune merely by aping others.
What does this have to do with the hottie? Oh, you're referring to the article.
my bad.
This has been going on for years. It's all about code and formulas. United Healthcare is one example as for 15 years they paid doctors and hospitals short..15 years..and then the other insurers, Blue Cross, Heatlhet and most of the rest of them licensed their formulas so they made money both ways around. The AMA settled the lawsuit and Andrew Cuomo gets the credit here for finally calling them on their Killer Algorithms as nobody back then had enough technology to dispute and prove what was happening. They made a ton of money this way and doctors, hospitals and patients were short changed. There's still a bunch of lawsuits out there in addition to the big grand daddy one mentioned here. Again 15 years...that's how long it went on. This is a great example of creating "shareholder value" at the expense of others. Now they are so huge and just bought the biggest HMO in Brazil you can't keep track of all thier subsidiaires and yes they own a bank too. This has to be one of the most glaring examples that gets over looked. Their IT company, Ingenix ended up changing it's name over this as that what they did was analyze and cut costs.
http://ducknetweb.blogspot.com/2011/10/united-healthcare-in-new-york-to....
Allscripts too was interesting in the fact that they over sold the marketing and there was too much code and not enough time to do it all, as I keep telling everyone "the short order code kitchen burned down a few years ago". They are back getting help from Microsoft on the code who knows maybe the new GE/Microsoft company, Caradigm might have an interest. At any rate it would be thier best shot for using the technologies but I understand other things have to come in here too. It's very complex out there so things don't get built wiht code overnight anymore. In the early days, it was easier as you had nothing for a product and created one, no so today with aggregation of data and all being on the web instead of private silos.
http://ducknetweb.blogspot.com/2012/11/allscripts-states-they-are-consid...
So those are a couple examples but you end up with Algo Duping 101 with formulas created for "desired" results and where accuracy kind of takes the back seat. $videos here tell the story on this and they each offer their sectors here.
http://www.ducknet.net/attack-of-the-killer-algorithms/
Now if you want to delve deeper here, and I found this interesting, PLOS One, the journal just published a complete study on how the public's fear of math makes them hurt..yup you read this correctly and it was all scientifically measured with MRIs, etc. Of course the folks on Wall Street have never felt this pain or got over it many years ago while everyone else got duped with the "math virus" causing such pain...but it sure looks that way. Writing code made me learn to like math so it's not inherited all the time either, but it's what's happening out there.
http://ducknetweb.blogspot.com/2012/10/algo-duping-plos-one-journal.html
There's also another study on PLOS One where they talk about jerking around the "P Factor" so spin it and make something that doesn't meet the values, all of a sudden carrry a P Factor value too, so it's been going on for such a very very long time. People cheat with code and algorithms when there's billiosn to be made.
Mass delusion or self delusion or is thinking just to much work?