I've read about a third of it, and it seems to be very insightful. The guy's definitely clever.
The rest can wait for another day, when it's not 50 minutes past midnight!
I'd very much like to know how generally acceptable his view of events is. It makes perfect sense, from what I know of the events, but there may well be equally compelling contrary views.
The executives were being rewarded not on the basis of their companies' performance but on the basis of stock prices.
I think that there's the core of your economic boom and crash. I worked in a company for 2 years that provided very good stock options for all the employees, not just the executives (although the execs were looking at millions in rewards rather than the thousands we stood to gain), and pretty much all of us were constantly focussed on doing stuff to raise the stock price.
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(no subject)
Date: 2003-07-10 02:03 pm (UTC)(no subject)
Date: 2003-07-10 04:48 pm (UTC)The rest can wait for another day, when it's not 50 minutes past midnight!
I'd very much like to know how generally acceptable his view of events is. It makes perfect sense, from what I know of the events, but there may well be equally compelling contrary views.
(no subject)
Date: 2003-07-11 03:11 am (UTC)I think that there's the core of your economic boom and crash. I worked in a company for 2 years that provided very good stock options for all the employees, not just the executives (although the execs were looking at millions in rewards rather than the thousands we stood to gain), and pretty much all of us were constantly focussed on doing stuff to raise the stock price.