3 ms·

Like it or not, they've become more efficient at maximizing shareholder returns. 1978 to present included all sorts of financial shenanigans designed to turn a

Like it or not, they've become more efficient at maximizing shareholder returns. 1978 to present included all sorts of financial shenanigans designed to turn a company from the old school "return on assets" model to a financial vehicle that profits on the spread between it's revenue stream and financing costs. I think it's shit too, but the job turned from running a company go making money appear, and the pay went with it. Don't hate the player, hate the game (seriously, the system is screwed up horribly)

brutusborn 3y ago
Any idea why this change occurred? I know it’s probably multifaceted, but my first thought was that increasing inflation since the 70s has meant that there is an incentive to have as much debt as possible, the hope being that it will be inflated away
- kelseyfrog 3y ago
  The Friedman doctrine[1] + hyperstition[2]. 1. Friedman, Milton. "The Social Responsibility of Business Is to Increase Its Profits." The New York Times, 13 September 1970, https://web.archive.org/web/20230913104415/https://www.nytimes.com/1970/09/13/archives/a-friedman-doctrine-the-social-responsibility-of-business-is-to.html https://web.archive.org/web/20230913104415/https://www.nytim... 2. Carstens, Delphi. "HYPERSTITION." Xenopraxis, n.d., http://xenopraxis.net/readings/carstens_hyperstition.pdf http://xenopraxis.net/readings/carstens_hyperstition.pdf.
- logicchains 3y ago
  With the complete end of the gold standard in the 1970s, the government/fed's been free to create as much USD as it wants. The benefit of newly created money goes to those who spend it first (it's essentially a wealth transfer from those who get it last to those who get it first), and it's the banking/financial system that generally gets first dibs on this newly created money. This means there's a continuous, persistent transfer of wealth from the real economy to the financial system. In theory this wouldn't happen if the fed instead created money by e.g. dropping it out of helicopters equally to everybody (or direct transfers to their bank accounts), but the whole financial industry has a vested interested in keeping the current approach.
  - lifeisstillgood 3y ago
    This is such a simple and clear explanation of the financialisation of society I just wanted to keep a reference
kelseyfrog 3y ago
Genuine question, have you tried hating the game and observed the response? I'm curious if your experience has been the same as mine?
- mistrial9 3y ago
  yes actually - I spoke with a contractor at giant banks, at a high level of security, and with it compensation. The casual stories he told were related to beyond-belief daily animosity, racist language, whoring references and other verbal attacks and harsh emotional content. The whole thing was told in the same breath as I get this much per hour (a lot), I travelled to this place and got this hotel, I got this bonus.. in the same breath. There is more going on with people and work and money than most people seem to acknowledge when speaking in general.
davorak 3y ago
> Don't hate the player, hate the game (seriously, the system is screwed up horribly) I say it is fair to hare the player unless they are working to change/improve the "screwed up" game they are playing.

brutusborn 3y ago

Any idea why this change occurred? I know it’s probably multifaceted, but my first thought was that increasing inflation since the 70s has meant that there is an incentive to have as much debt as possible, the hope being that it will be inflated away

kelseyfrog 3y ago
The Friedman doctrine[1] + hyperstition[2]. 1. Friedman, Milton. "The Social Responsibility of Business Is to Increase Its Profits." The New York Times, 13 September 1970, https://web.archive.org/web/20230913104415/https://www.nytimes.com/1970/09/13/archives/a-friedman-doctrine-the-social-responsibility-of-business-is-to.html https://web.archive.org/web/20230913104415/https://www.nytim... 2. Carstens, Delphi. "HYPERSTITION." Xenopraxis, n.d., http://xenopraxis.net/readings/carstens_hyperstition.pdf http://xenopraxis.net/readings/carstens_hyperstition.pdf.
logicchains 3y ago
With the complete end of the gold standard in the 1970s, the government/fed's been free to create as much USD as it wants. The benefit of newly created money goes to those who spend it first (it's essentially a wealth transfer from those who get it last to those who get it first), and it's the banking/financial system that generally gets first dibs on this newly created money. This means there's a continuous, persistent transfer of wealth from the real economy to the financial system. In theory this wouldn't happen if the fed instead created money by e.g. dropping it out of helicopters equally to everybody (or direct transfers to their bank accounts), but the whole financial industry has a vested interested in keeping the current approach.
- lifeisstillgood 3y ago
  This is such a simple and clear explanation of the financialisation of society I just wanted to keep a reference

kelseyfrog 3y ago

Genuine question, have you tried hating the game and observed the response? I'm curious if your experience has been the same as mine?

mistrial9 3y ago
yes actually - I spoke with a contractor at giant banks, at a high level of security, and with it compensation. The casual stories he told were related to beyond-belief daily animosity, racist language, whoring references and other verbal attacks and harsh emotional content. The whole thing was told in the same breath as I get this much per hour (a lot), I travelled to this place and got this hotel, I got this bonus.. in the same breath. There is more going on with people and work and money than most people seem to acknowledge when speaking in general.

davorak 3y ago

> Don't hate the player, hate the game (seriously, the system is screwed up horribly) I say it is fair to hare the player unless they are working to change/improve the "screwed up" game they are playing.