Likelihood of Success

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Archive for the ‘Gelt’ Category

Lawyers cause depressions

Posted by Ron Coleman on January 16, 2008

Glenn Reynolds writes, in reference to a predicted threat to the technological leadership of the US:

The big problem is that the American workplace doesn’t make technical jobs attractive enough. The pay is okay, but less than that of other professionals, like lawyers. And the working conditions for engineers and scientists are generally quite poor — too much Dilbert, not enough Skunk Works. They act as if there’s a positive conspiracy to take all the fun out of it, according several of my friends who work in the area.

Well, I have had this discussion with Instapundit before. I just don’t understand how a market-oriented guy can utter formulations like this. “The American workplace” isn’t some guy with a green eyeshade. Unless Glenn wants to see a Japan, Inc.-type “investing in winners” and pay-scale-setting government policy instituted here, which I certainly know he doesn’t, what is the point of this?

It would seem there is some structural reason that technology workers are compensated at the level they are here, considering all factors (e.g., the cost of living), if indeed it’s the case that they are undercompensated.

Bashing lawyers, again, is not the answer, because not only we can never make technology jobs competitive with the best professional jobs, but we can never make the gap here look anything like the gap in the developing world, i.e., among our putative competitors. They are not, in the long run, going to be one of possibly two or three global centers for international finance nor the sort of commerce that makes business enterprises find it worth paying attorneys $400 – $1000 an hour to protect their interests.

In short, let’s stop comparing apples and oranges. Envy is not a basis for policy-making! Like you, Glenn, I sometimes wish I were fresh out of a good law school (as we both once were, if not quite the same law school) and contemplating those starting salaries and bonuses, just for a little while. But those times, for both of us, are rare; life is basically good as a human being, isn’t it? Even human beings with science degrees would agree.

UPDATE:  One Instapundit writes in to suggest a secular reason for the problem:  Legislation such as Sarbanes-Oxley.  Well, you can indeed blame the lawyers for that one.

Posted in Americana, Gelt, Stragety | 1 Comment »

Fun on the barrelhead

Posted by Ron Coleman on January 14, 2008

On the other blog, I said this in reference to the attempt to make intellectual property a profit center at all kinds of companies and for all kinds of silly reasons:

Fun in our age is only available via a written license, with royalties, reversions and attorneys’ fees upon breach.

Posted in Gelt, Lex scripta | Leave a Comment »

Wow.

Posted by Ron Coleman on January 3, 2008

Michael Malone:apples.jpg

Other search companies are racing to come up with better paradigms that Google’s own. The company has also begun to bleed a lot of the brilliant talent — the latest being new business director Chris Sacca — that made the company great (and one of my rules is to always ignore the reasons key people leave, just count the feet). Google is also beginning to rush around into all sorts of unconnected new businesses — electrical power? — that suggest too much money and too little focus. It’s begun to execute new projects — the Android ‘Google Phone’ initiative for example — with a mediocrity far removed from its traditional brilliance. And, if what one reads on tech gossip sites like ValleyWag is true, then the top executives of Google are beginning to exhibit the kind of arrogance, indifference to common morality, and sheer decadence that always precedes a fall … not to mention a whole host of shareholder lawsuits and a visit from the Justice Department.

I wish I could be more optimistic about such a remarkable company. And certainly no company with the market presence of Google will simply go away. But right now I can’t give the company better than a 50 percent chance of escaping one of the biggest meltdowns in tech history.

Wow. Via Glenn.

Posted in Gelt, Stragety | 2 Comments »

Deep under water

Posted by Ron Coleman on December 20, 2007

Reuters:

MBIA Inc., the world’s largest bond insurer, said it has exposure to $30.6 billion in complex mortgage securities that it insures, an amount that eclipses its entire net worth.

I hate when that happens.

Posted in Gelt | 1 Comment »

CVS comes to town

Posted by Ron Coleman on December 19, 2007

img00197.jpgThey just opened it up on the corner of 42nd and Third Avenue, where I work. The amazing thing is that there are at least four Duane Reades within a two-by-two block radius of this CVS, but these guys have a better location than any of them. And I never had much use for Duane Reade; it always struck me as somewhat cheesier, though, you know, some people think Duane Reade is to die for. I’m a little more corporate kind of a guy, I guess.

It’s really something, this New York City pharmacy / variety store / real estate business. But it’s not just in the City! Where I live, in bucolic Passaic County, New Jersey, there must be three CVS’s within a square mile of my house. The digital-picture-printing machine can’t read my flash drive in this one? Over to the next one over, and out in ten minutes with pictures for insertion into “holiday” cards.

I mean, I guess you have to be here.

This store is open all the time. Never not there for me. Deep in snacks and even breakfast cereal, oaty bars, though no sandwich bread (a key ingredient for us kosher office rats, especially in a very kosher-restaurant-poor zip code). You can otherwise pretty much live out of the CVS for days at a time (except for sleeping, and I have a nice office-carpet floor for lying down on if strictly necessary) — fresh milk, juices, all kinds of pharmaceuticals, health and beauty aids. It’s really a wonder.

Plus you can check yourself out — no human interaction necessary. Really, what’s not to love?

Posted in Gelt, Metropolis | 2 Comments »

Trust us, we’re from the government

Posted by Ron Coleman on December 13, 2007

Ilya Somin:

When the Supreme Court upheld the condemnation of private property for transfer to other private parties in Kelo v. City of New London, it was in large part on the theory that courts should defer to local governments’ judgments about when the use of eminent domain is needed to promote “economic development.” However, two and one half years after the Supreme Court ruled in favor of the city and some seven years after the condemnation proceedings were first initiated, little or no economic development has occurred on the condemned land.

You’d almost say it’s enough to make anyone a small-L libertarian, except the fact is the Supreme Court booted this under plain old constitutional law.

Posted in Gelt, Lex scripta, Sisyphus | 2 Comments »

“They killed my husband”

Posted by Ron Coleman on December 12, 2007

Above The Law reprints a bizarre obituary evidently written by the widow of a lawyer, who believes his partners killed him by overwork.

Posted in Americana, Gelt, Lex scripta | 5 Comments »

The rich grow richer

Posted by Ron Coleman on December 4, 2007

I was shocked when I got an email from Princeton a couple of weeks ago announcing a new fundraising drive. Old Nassau wants to raise $1.75 billion. That’s new money, folks. Hardly surprising, according to BusinessWeek.com (via Above the Law):

The $5.7 billion in investment gains generated by Harvard’s endowment for the year that ended June 30 exceeded the total endowment assets of all but six U.S. universities, five of which were Ivy Plus: Yale, Stanford, Princeton, MIT, and Columbia.

The article is probably wrong about how austerely earlier generations of Ivy Leaguers and their ilk lived — I wouldn’t say they did at all, based on contemporary standards, and in some respects they still lived better than today’s college kids. Through the ’80’s Williams College students still had their beds made for them by chambermaids.

But something’s way out of whack here.

Posted in Americana, Gelt | 7 Comments »

More on the Facebook fantasy

Posted by Ron Coleman on November 15, 2007

As predicted: No one but Microsoft, evidently, was buying into the $15 billion valuation in the last “funding” round. Silicon Alley Insider:

The joke was indeed on Microsoft.

Fonzy says it’s even worse than that.

Posted in Futurama, Gelt, Nuvo-Techno | 1 Comment »

Half a billion here, half a billion there

Posted by Ron Coleman on November 2, 2007

And you’d soon by talking real money — even for Facebook — unless, of course, the half a billion supposdly raised last month was never there at all.

Yes, the ground floor is a long way down: “Accel has invested $12.7 million in Facebook for an 11 percent stake now worth $1.65 billion . . .”  But still — it’s all good fun, but how does it make money, exactly?

Posted in Gelt | 3 Comments »