Financial Crisis Augers Ill for Future

Friedman, New York Times, Dec 17, 2008, hits the nail on the head here, in many ways.

Unfortunately, he neglects mentioning the anti-Robin Hood nature of the original Ponzi scheme of the mortgage industry, which was, to steal from the poor and give that money to the already rich. The mortgages that today are called "toxic" had terrible interest rates (ultimately) which would have floated money up the financial tree from "the poor" to "the affluent".

The world is insane, and the future is bleak.

Management 101

I've just returned from bureaucratic defeat, and have come to realize that the first thing that must be taught in management school is to support your underlings until you're ready to ax them. Up to that point, back them up, no matter what bad things they do, no matter who is harmed, back them up, back them up, back them up. Then, later, get rid of them when you're convinced that they've done something inconsistent with the institution's goals. Don't rectify their errors, their immoral acts, nothing, until you've been harmed. The devil take those trampled during the process.