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Comment: Re:Big data, spying? (Score 1) 78

by blahplusplus (#46776555) Attached to: Steam's Most Popular Games

"The points is SO WHAT? Where's the Evil part?"

NSA and other government agencies taking advantage of security holes in steam or infiltrating valve to spy on you and collect data (aka conversations, etc, etc). Anything chained to online DRM naturally leaves you open to being spied on.

Not only that, should valve store sensitive data on their servers about you (studies/etc). This could be stolen by hackers. Online just opens a huge can of worms. You're not thinking about what being exposed to the online world really means. This is why DRM is such a pain in the ass.

Comment: The courts are a different branch and not elected. (Score 1) 689

by Ungrounded Lightning (#46776465) Attached to: Study Finds US Is an Oligarchy, Not a Democracy

then why the recent decision ... that allowed individuals to contribute directly to *all* candidates, with no overall cap on contributions?

Because it'a a SUPREME COURT decision. We have three branches of government and only two are elected.

The supremes are appointed, for life (subject only to impeachment for high crimes, like the president). They have no re-election issues and can vote their mind without affecting their own tenure.

The court has repeatedly struck down campaign spending restrictions, because they're limits, not just on free speech, but on the POLITICAL speech that is the reason it is an enumerated right in the first place.

But it takes a while for a law to produce enough damage to give someone standing to challenge it, and to bring it to the supremes, and then they rule narrowly. Then, once a piece is struck down, Congress just turns around and does another version of it to evade the details of that decision, and the cycle starts over.

There are under 700 people that hit the max last time around, do you seriously think that decision will benefit the grass roots? Sounds to me like it's aimed squarely at giving the oligarchs more influence.

Of course it's the rich are the first who are bit and who have the resources to bring the suit. That's part of why the limits end up off the rich (like Soros) first, while they're still hobbling everybody else.

It isn't just the limits themselves that are an issue. There's all the reporting requirements, publication requirements, time limits, and maze of details that make compliance hard.

It's hard for candidates: They need a substantial political machine right off the bat. Getting dinged for campaign finance violations is costly, may involve jail time, DOES involve court time, and produces publicity that tarnishes the candidate's image and hurts his chances in future elections. This gives the professional politicians, especially incumbents with the machine in place, a massive advantage over any grass-roots upstarts trying to replace them.

And it can bring on reprisals against donors - including carreer-killing or physical retaliation. Who contributed to what political campaigns is public record and searchable online. This is an invitation to people with opposing views to exert social pressure or take revenge. (Within the last couple weeks we saw the CEO of Netscape forced to resign by just such pressure, as a result of the McCain-Feingold reporting of a past political contribution to a "politically-incorrect" campaign.)

It's the exact opposite of a secret ballot, which is secret to prevent such reprisals so the vote can be cast in safety. Why should financial support be any different? Why would publishing the amount and beneficiary of each contributor's political contributions be any less of a bias on the political system than publishing the way each voter voted?

Further, risking a job is far more of a hardship for a little guy living hand-to-mouth than a rich executive with millions in the bank and a golden parachute. So it's another force to suppress grass-roots opinion in favor of those who are independently wealthy or well-off.

Comment: Sounds like a rigorous study (Score 1) 157

So if they say technology "is making" things worse, I assume they have videos from 10 or 20 years ago to compare to this new footage?

I've lived near and worked in SF and have plenty of experience ignoring the homeless. You just have to. As a friend of mine -- who has a degree in theology -- once said, "If I sold everything I owned and gave all the money to the homeless, the end result would be that there's one more homeless person in the world." I've given money to some and ignored others.

Homelessness is a very complex issue with many sides. Some people are homeless by choice, some due to losing a job/house/etc., some due to mental issues or addictions. Some are benign, some are dangerous. And the #1 issue for anyone who thinks homelessness can be easily "solved": Some would work if given the chance, some wouldn't.

Comment: Re:The Economist is British . . . (Score 0) 181

by blahplusplus (#46774483) Attached to: Ask Slashdot: What Good Print Media Is Left?

. . . the last time I checked, the Economist was not a US publication. Does the BBC World News have a, "US centric perspective," too?

Yes.

(from citigroup memo download below)

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At the beginning of the first memo "Plutonomy: Buying Luxury, Explaining Global Imbalances", the analysts introduce the subject:

Little of this note should tally with conventional thinking. Indeed, traditional thinking is likely to have issues with most of it. We will posit that:

1) the world is dividing into two blocs - the plutonomies, where economic growth is powered by and largely consumed by the wealthy few, and the rest.

Plutonomies have occurred before in sixteenth century Spain, in seventeenth century Holland, the Gilded Age and the Roaring Twenties in the U.S. What are the common drivers of Plutonomy?

Disruptive technology-driven productivity gains, creative financial innovation, capitalist- friendly cooperative governments, an international dimension of immigrants and overseas conquests invigorating wealth creation, the rule of law, and patenting inventions. Often these wealth waves involve great complexity, exploited best by the rich and educated of the time.

2) We project that the plutonomies (the U.S., UK, and Canada) will likely see even more income inequality, disproportionately feeding off a further rise in the profit share in their economies, capitalist-friendly governments, more technology-driven productivity, and globalization.

Citigroup explains how the "non-rich" consumers become increasingly irrelevant within the "plutonomies":

4) In a plutonomy there is no such animal as “the U.S. consumer” or “the UK consumer”, or indeed the “Russian consumer”. There are rich consumers, few in
number, but disproportionate in the gigantic slice of income and consumption they take.

There are the rest, the “non-rich”, the multitudinous many, but only accounting for surprisingly small bites of the national pie. Consensus analyses that do not tease out the profound impact of the plutonomy on spending power, debt loads, savings rates (and hence current account deficits), oil price impacts etc, i.e., focus on the “average”consumer are flawed from the start. It is easy to drown in a lake with an average depth of 4 feet, if one steps into its deeper extremes. Since consumption accounts for 65% of the world economy, and consumer staples and discretionary sectors for 19.8% of the MSCI AC World Index, understanding how the plutonomy impacts consumption is key for equity market participants.

The analysts of Citigroup then invent a new term - "The New Managerial Aristocracy":

THE UNITED STATES PLUTONOMY - THE GILDED AGE, THE ROARING TWENTIES, AND THE NEW MANAGERIAL ARISTOCRACY

Let’s dive into some of the details. As Figure 1 shows the top 1% of households in the U.S., (about 1 million households) accounted for about 20% of overall U.S. income in 2000, slightly smaller than the share of income of the bottom 60% of households put together. That’s about 1 million households compared with 60 million households, both with similar slices of the income pie!

Clearly, the analysis of the top 1% of U.S. households is paramount. The usual analysis of the “average” U.S. consumer is flawed from the start. To continue with the U.S., the top 1% of households also account for 33% of net worth, greater than the bottom 90% of households put together. It gets better(or worse, depending on your political stripe) - the top 1% of households account for 40% of financial net worth, more than the bottom 95% of households put together.

This is data for 2000, from the Survey of Consumer Finances (and adjusted by academic Edward Wolff). Since 2000 was the peak year in equities, and the top 1% of households have a lot more equities in their net worth than the rest of the population who tend to have more real estate, these data might exaggerate the U.S. plutonomy a wee bit.

Was the U.S. always a plutonomy - powered by the wealthy, who aggrandized larger chunks of the economy to themselves? Not really.

Citigroup also makes clear what the CEO's of the world need: More money.

Society and governments need to be amenable to disproportionately allow/encourage the few to retain that fatter profit share. The Managerial Aristocracy, like in the Gilded Age, the Roaring Twenties, and the thriving nineties, needs to commandeer a vast chunk of that rising profit share, either through capital income, or simply paying itself a lot. We think that despite the post-bubble angst against celebrity CEOs, the trend of cost-cutting balance sheet-improving CEOs might just give way to risk-seeking CEOs, re-leveraging, going for growth and expecting disproportionate compensation for it. It sounds quite unlikely, but that’s why we think it is quite possible. Meanwhile Private Equity and LBO funds are filling the risk-seeking and re-leveraging void, expecting and realizing disproportionate remuneration for their skills.

More:

IS THERE A BACKLASH BUILDING?

Plutonomy, we suspect is elastic. Concentration of wealth and spending in the hands of a few, probably has its limits. What might cause the elastic to snap back? We can see a number of potential challenges to plutonomy.

The first, and probably most potent, is through a labor backlash. Outsourcing,
offshoring or insourcing of cheap labor is done to undercut current labor costs. Those being undercut are losers in the short term. While there is evidence that this is positive for the average worker (for example Ottaviano and Peri) it is also clear that high-cost substitutable labor loses.
Low-end developed market labor might not have much economic power, but it does have equal voting power with the rich. We see plenty of examples of the outsourcing or offshoring of labor being attacked as “unpatriotic” or plain unfair. This tends to lead to calls for protectionism to save the low-skilled domestic jobs being lost. This is a cause championed, generally, by left-wing politicians. At the other extreme, insourcing, or allowing mass immigration, which might price domestic workers out of jobs, leads to calls for anti-immigration policies, at worst championed by those on the far right.

To this end, the rise of the far right in a number of European countries, or calls (from the right) to slow down the accession of Turkey into the EU, and calls from the left to rebuild trade barriers and protect workers (the far left of Mr. Lafontaine, garnered 8.5% of the vote in the German election, fighting predominantly on this issue), are concerning signals. This is not something restricted to Europe. Sufficient numbers of politicians in other countries have championed slowing immigration or free trade (Ross Perot, Pauline Hanson etc.).

More:

Then comes a key-part of the first "Plutonomy" memo: Plutonomy only works if the members of a society have the impression that they can still participate, despite the harsh inequalities, that they "can join it." The analysts use the term "robber-baron economies" and conclude that a "potential social backlash" is possible. Becoming a "Pluto-participant" is the "embodiement of the 'American Dream'" -and this dream should not die, otherwise the Plutocrats could be in real trouble.

A third threat comes from the potential social backlash. To use Rawls-ian analysis, the invisible hand stops working. Perhaps one reason that societies allow plutonomy, is because enough of the electorate believe they have a chance of becoming a Pluto-participant. Why kill it off, if you can join it? In a sense this is the embodiment of the “American dream”. But if voters feel they cannot participate, they are more likely to divide up the wealth pie, rather than aspire to being truly rich.

Could the plutonomies die because the dream is dead, because enough of society does not believe they can participate? The answer is of course yes. But we suspect this is a threat more clearly felt during recessions, and periods of falling wealth, than when average citizens feel that they are better off. There are signs around the world that society is unhappy with plutonomy - judging by how tight electoral races are.

But as yet, there seems little political fight being born out on this battleground.

A related threat comes from the backlash to “Robber-barron” economies. The population at large might still endorse the concept of plutonomy but feel they have lost out to unfair rules. In a sense, this backlash has been epitomized by the media coverage and actual prosecution of high-profile ex-CEOs who presided over financial misappropriation. This “backlash” seems to be something that comes with bull markets and their subsequent collapse. To this end, the cleaning up of business practice, by high-profile champions of fair play, might actually prolong plutonomy.

The second memo, titled "Revisiting Plutonomy: The Rich Getting Richer" deals mainly with the consequences for investments which follow the analysis in the first memo.

There are, in our opinion, two issues for equity investors to consider. Firstly, if we are right, that plutonomy is to blame for many of the apparent conundrums that exist around the world, such as negative savings, current account deficits, no consumer recession despite high oil prices or weak consumer sentiment, then so long as the rich continue to get richer, the likelihood of these conundrums resolving themselves through traditionally disruptive means (currency collapses, consumer recessions etc) looks low. The first consequence for equity investors who worry about these issues, is that the risk premia they ascribe to equities to reflect these conundrums/worries, may be too high.

Secondly, if the rich are to keep getting richer, as we think they will do, then this has ongoing positive implications for the businesses selling to the rich. We have called these businesses “Plutonomy stocks”. We see three reasons to take another look at those plutonomy stocks.

There's more but that's enough, I'm sure.

Comment: Re:The sad part here... (Score 1) 176

by Stormwatch (#46773547) Attached to: Nokia Had a Production-Ready Web Tablet 13 Years Ago

To put it more precisely: Microsoft knew tablets would be big someday... but rather than make a new lightweight OS that was adequate to a tablet, they tried to cram clunky old Windows into the new format. The result was those x86 tablet PCs that were huge, ran crazy hot, and had a completely inadequate interface.

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