Aaron

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A Random Walk Dow...
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Sep 17, 2019 04:15AM

 
Accounting All-in...
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Feb 03, 2019 11:49PM

 
In Fed We Trust: ...
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  (page 5 of 336)
"That meant that firms could not sell their assets to meet their operation expenses without taking huge and unnecessary losses: essentially this meant that even solvent firms had the real possibility of declining bankruptcy." Jan 21, 2019 12:08PM

 
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Herbert A. Simon
“Human beings, viewed as behaving systems, are quite simple. The apparent complexity of our behavior over time is largely a reflection of the complexity of the environment in which we find ourselves.”
Herbert A. Simon, The Sciences of the Artificial

John Maynard Keynes
“I cannot leave this subject as though its just treatment wholly depended either on our own pledges or economic facts. The policy of reducing Germany to servitude for a generation, of degrading the lives of millions of human beings, and of depriving a whole nation of happiness should be abhorrent and detestable, - abhorrent and detestable, even if it were possible, even if it enriched ourselves, even if it did not sow the decay of the whole civilized life of Europe. Some preach it in the name of Justice. In the great events of man's history, in the unwinding of the complex fates of nations Justice is not so simple. And if it were, nations are not authorized, by religion or by natural morals, to visit on the children of their enemies the misdoings of parents of rulers.”
John Maynard Keynes, The Economic Consequences of the Peace

John Maynard Keynes
“When the final result is expected to be a compromise, it is often prudent to start from an extreme position.”
John Maynard Keynes, The Economic Consequences of the Peace

David Simon
“That's the myth of it, the required lie that allows us to render our judgments. Parasites, criminals, dope fiends, dope peddlers, whores--when we can ride past them at Fayette and Monroe, car doors locked, our field of vision cautiously restricted to the road ahead, then the long journey into darkness is underway. Pale-skinned hillbillies and hard-faced yos, toothless white trash and gold-front gangsters--when we can glide on and feel only fear, we're well on the way. And if, after a time, we can glimpse the spectacle of the corner and manage nothing beyond loathing and contempt, then we've arrived at last at that naked place where a man finally sees the sense in stretching razor wire and building barracks and directing cattle cars into the compound.

It's a reckoning of another kind, perhaps, and one that becomes a possibility only through the arrogance and certainty that so easily accompanies a well-planned and well-tended life. We know ourselves, we believe in ourselves; from what we value most, we grant ourselves the illusion that it's not chance in circumstance, that opportunity itself isn't the defining issue. We want the high ground; we want our own worth to be acknowledged. Morality, intelligence, values--we want those things measured and counted. We want it to be about Us.

Yes, if we were down there, if we were the damned of the American cities, we would not fail. We would rise above the corner. And when we tell ourselves such things, we unthinkably assume that we would be consigned to places like Fayette Street fully equipped, with all the graces and disciplines, talents and training that we now posses. Our parents would still be our parents, our teachers still our teachers, our broker still our broker. Amid the stench of so much defeat and despair, we would kick fate in the teeth and claim our deserved victory. We would escape to live the life we were supposed to live, the life we are living now. We would be saved, and as it always is in matters of salvation, we know this as a matter of perfect, pristine faith.

Why? The truth is plain:

We were not born to be niggers.”
David Simon, The Corner: A Year in the Life of an Inner-City Neighborhood

Richard H. Thaler
“Worldly wisdom teaches that is it is better for reputation to fail conventionally than to succeed unconventionally.”
Richard H. Thaler, Misbehaving: The Making of Behavioural Economics

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