"System change is now inevitable. Either because we do something about it, or because we will be hit by climate change. '...

"We need to develop economic models that are fit for purpose. The current economic frameworks, the ones that dominate our governments, these frameworks... the current economic frameworks, the neoclassical, the market frameworks, can deal with small changes. It can tell you the difference, if a sock company puts up the price of socks, what the demand for socks will be. It cannot tell you about the sorts of system level changes we are talking about here. We would not use an understanding of laminar flow in fluid dynamics to understand turbulent flow. So why is it we are using marginal economics, small incremental change economics, to understand system level changes?"

Tuesday, November 4, 2008


Blogger ate my pompous posting in a very weird way. I swear it was made up of complete sentences when I saw it last. I even thought it might be coherent. This happened when I tried to move the images around! Here is what is left of three complete paragraphs, fished from an HTML image tag. (I added the last word, "promise" back in manually.)

Maybe it's better this way. Anyway I am happy tonight.

" good="" thing="" when="" actually="" loves="" makes="" things="" possible="" otherwise="" child="" last="" much="" america="" truly="" loved="" anyone="" might="" consider="" deserving="" john="" had="" privilege="" living="" such="" myself="" few="" later="" montreal="" during="" trudeau="" very="" happy="" saw="" see="" was="" canada="" its="" subsequent="" years="" my="" native="" land="" borne="" mostly="" all="" charismatic="" leadership="" pierre="" elliott="" unlike="" does="" rise="" power="" auspicious="" knows="" taking="" on="" huge="" will="" succeed="" without="" every="" ounce="" goodwill="" country="" world="" muster="" those="" that="" find="" meaning="" in="" prayer="" praying="" the="" rest="" us="" at="" least="" fervently="" wish="" him="" though="" can="" as="" piet="" hein="" pointed="" should="" hope="" it="" time="" get="" past="" petty="" jealousies="" pull="" together="" for="" barack="" obama="" has="" yet="" shown="" himself="" be="" he="" obviously="" not="" only="" brilliant="" but="" i="" think="" an="" ability="" to="" inspire="" young="" people="" rare="" and="" precious="" we="" have="" reached="" is="" a="" moment="" of="" great="" promise

Calling out around the world
Are you ready for a brand new beat
Summer's here and the time is right
For dancing in the streets
Dancing in Chicago
Down in New Orleans
In New York City

All we need is music, sweet music
There'll be music everywhere
They'll be swinging, swaying, records playing,
Dancing in the street, oh

It doesn't matter what you wear, just as long as you are there
So come on, every guy, grab a girl, everywhere, around the world
They'll be dancing, dancing in the street

It's an invitation across the nation, a chance for folks to meet
They'll be laughing and singing and music swinging
Dancing in the street

Philadelphia, PA
Baltimore and DC now
Don't forget that motor city
On the streets of Brazil
Back in the USSR
No matter where you are

All we need is music, sweet music
There'll be music everywhere
They'll be swinging, swaying, records playing
Dancing in the street, oh

It doesn't matter what you wear
Just as long as you are there
So come on every guy, grab a girl, everywhere, around the world
They'll be dancing, dancing in the streets

Way down in L.A., everyday
Dancing in the streets
Cross in China too
Me and you
Dancing in the street

Don't you know
They'll be dancing
Dancing in the street (repeat)

Update: Although I have come to appreciate Texas, there are times now and again when I deeply miss Chicago, presently the greatest city in the Western hemisphere. Election night was especially bittersweet.

More wonderful victory images at Huffington's here and here.

1 comment:

David B. Benson said...

Not entirely off-topic:

Wall Street's Extreme Sport
New York Times (11/05/08) P. B1; Lohr, Steve

Ignorance of the human factor in the mathematical models of risk put together by financial engineers is largely responsible for the current economic woes, according to finance experts and economists. "The technology got ahead of our ability to use it in responsible ways," says Andrew W. Lo with the Massachusetts Institute of Technology's Sloan School of Management. The application, understanding, and management of the risk models was flawed, and some quantitative finance analysts' warning of this years ago fell on deaf ears as the market boom encouraged more and more trading of sophisticated securities, causing debt to pile up. "Complexity, transparency, liquidity, and leverage have all played a huge role in this crisis," notes Capital Market Risk Advisors president Leslie Rahl. "And these are things that are not generally modeled as a quantifiable risk." Math, statistics, and computer modeling also apparently failed to adequately calibrate the lending risk on individual mortgage loans. Lenders have been spurred in recent years to migrate to automated underwriting systems and depend chiefly on computerized credit-scoring models rather than human assessment. The quantitative models usually stem from academia, where the stress is on problems that can be solved, proved, and published--an approach that is incompatible with financial modeling, analysts say.