H Richard Niebuhr characterised liberal Protestantism as religion reduced to telling how "a God without wrath brought men without sin into a kingdom without judgement through the ministrations of a Christ without a Cross."
Wednesday 2 April 2008
Martin Wolf thinks hedge funds are a scam
Incentive structures encourage unscrupulous hedge fund managers to invest in strategies with a high probability of modest gains and a low probability of huge losses in any period. Eventually the low probability disastrous event will occur but by then the manager has grown fat on his 2:20 fees and no system of clawback exists for the repayment of losses. Hedge funds essentially are a scam.
The US military as the welfare state
The military does not consist of society's dregs. Rather, it consists mainly of young men and women who, raised in working and lower middle class families yearn to make it into the middle class. Unable to achieve this in the hyper competitive and expensive market economy they have instead sought to achieve it in the Army. With its guarantees of employment housing health insurance and medical assistance the US military today seems the last output of the welfare state in America.
W B Yeats as I apply him to evangelical fundamentalists in the US
"The best lack all conviction, while the worst/Are full of passionate intensity."
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