This story concerning the justifiable resentment of working class residents in a highly-popular and extraordinarily beautiful place where the main industry is tourism – brought to my mind again a peculiar kind of divide. That would be the tension between those with long roots in the area, and those (usually wealthier) newcomers who come to take full advantage of gorgeous scenery, lovely weather, quaint architecture, fascinating culture, interesting history … or just plain old small-town country quiet. And eventually, the regular folks, the working class or even just middle-class homeowners find themselves unable to live in that place, at a price they can afford. The houses that their grandparents built, the gardens and fields that their parents and grandparents wrested a living from, the businesses that used to line main street, the parks and open fields that they played, or hunted, skied and hiked in, the beaches that they surfed are all taken over by newcomers, usually considerably wealthier.
Crony Capitalism
Drowning in a Sea
Just about every day now that I wake up, fire up the computer and begin reading, I am left in a state of mild depression after wading through the litany of bad news, disaster, corporate and political malfeasance which features on blogs, aggregator blogs and the established news sites. Public schools appear to be open hunting grounds for pervs and freaks, places where the intellectual development of children, tweens and teens must be cut down to the lowest common denominator, so that the lazy and disinterested must not be made to feel discomforted over being lazy and disinterested. The volunteer military demoralized and all but non-functional, our major and Democrat party ruled cities all but drowning in crime while the homeless routinely crap in the streets and stagger around while high on substances which our government has allowed to pour through an unsecured border. A former president has apparently been railroaded on ginned-up charges by a nakedly partisan effort. Our shining republic on a hill, the two hundred-year-plus long grand experiment of engaged citizens actually ruling themselves looks to have degenerated into the worst of a banana republic, where the inner coterie reserves privilege and riches unto themselves and brings criminal charges against any who dare protest … oh, and all the while a tame and sycophant national media licks the boots of the ruling class, and slavishly obeys every command issued by that ruling class, orders to play up some stories, play down and/or denigrate others. Mostly because a lot of the media class are married to or are the spawn of the ruling class … funny how that all works out.
The Calculated Infliction of Misery
The sudden recent fatwa declared by the great and good in the Biden Administration against the less-expensive gas ranges was … really rather curious and for what purpose? Cooking (and heating) with gas is (or was) relatively cheap, energy-efficient, beloved of cooks for generations. It has the advantage that if you have an older stove, you can still cook with gas in a power outage. I lived for six years in Spain, where both the stove and the flash hot water heater were powered by propane bottles, and a power outage (which occurred regularly) was only a relatively mild inconvenience. I could cook a hot meal, and we could take hot showers. An all-electric home, such as the one I live in now is miserable, to the point of being unlivable, without consistent electric power, as my neighbors and I were swiftly reminded during the Great Texas Snowmagedden, two years ago. And from this story, linked on Instapundit, one can’t help wondering if the geniuses in Biden’s government are demonstrating trying again, with the so-called safety benefits of locking hot-water heater thermostats at 110-120. The ostensible reason given for these two quasi-campaigns is a tender concern for the ‘health and safety’ of the general public and the best of intentions, but the way to hell is paved with good intentions.
“How Twitter Pushed Stakeholders under the (Musk) Bus”
Here.
Abstract:
This paper provides a case study of the acquisition of Twitter by Elon Musk. Our analysis indicates that when negotiating the sale of their company to Musk, Twitter’s leaders chose to disregard the interests of the company’s stakeholders and to focus exclusively on the interests of shareholders and the corporate leaders themselves. In particular, Twitter’s corporate leaders elected to push under the bus the interests of company employees, as well as the mission statements and core values to which Twitter had pledged allegiance for years.
Our analysis supports the view that the stakeholder rhetoric of corporate leaders, including in corporate mission and purpose statements, is mostly for show and is not matched by their actual decisions and conduct (Bebchuk and Tallarita (2020)). Our findings also suggest that corporate leaders selling their company should not be relied upon to safeguard the interests of stakeholders, contrary to the predictions of the implicit promises and team production theories of Coffee (1986), Shleifer-Summers (1988) and Blair-Stout (1999).
There is tension between the interests of owners and those of other “stakeholders”, which is why the interests of non-owner stakeholders require justification as in the linked article. The authors beg the question — they assume stakeholder interests are comparable to owner interests — then find a problem because Musk values his ownership interest in Twitter above the interests of the people he bought out and of the company’s non-owner employees. So what should Musk get in exchange for the $billions he spent? Arguments for more stakeholder rights are arguments for less property rights.
A Grand Puzzlement
There are certain things that I just don’t “get”. No matter how hard I try and wrap my mind around the topic, it just stubbornly refuses to engage, sitting in a little sullen lump in the corner and obstinately saying “No.” Because of this, the higher mathematic fields have always been closed to me, either through natural disinclination or having been traumatized in getting blind-sided by the New Math in the third grade. Wisely, I stuck to the simpler, practical methods to do with numbers, and left esoteric maths to those who had a bent for them. I have other talents.
That being admitted and perhaps in relation to such an inability, I could never quite grasp the method and appeal of bitcoin.