John Papola of Keynes vs. Hayek video fame has produced a publicity trailer for James Adam’s Waffle Street.
Source link: http://archive.mises.org/18121/james-adams-gives-the-story-behind-waffle-street/
James Adams Gives the Story Behind “Waffle Street”
Previous post: Capital in Disequilibrium by Peter Lewin
Next post: Teller of truth during the game of pretend
{ 5 comments }
This is self indulgent. Adams never had to work at Waffle House. From the get go, it was all material for a book. Most people working at Waffle House won’t be writing a book, and will have no choice but to work at Waffle House. This is condescending and pretentious. This is Spurlock and McDonald’s.
My first thought was of that fool Barbara Ehrenreich and “Nickel and Dimed.”
Yes, it seems to be the Excellent Adventure at Waffle House.
But it doesn’t look like he disses the fast-food chains for keeping poor people down and exploiting them.That’s already something.
And let’s face it: if you are waiting for the real book from the original Waffle House Worker, you aint’s gonna get it.
Though this video and Doug French’s article are entertaining, I resent the idea that working in finance adds no real value to the world. Sure, it may be hard for one analyst to see his added value, but as a whole, equity analysts work to make some semblance of market efficiency. Without them scrutinizing every single detail of a company’s 10-K, capital markets would be in chaos. As a collective group, they do much for the world making sure capital stays honest, that’s more worthwhile than flipping pancakes at the Waffle House. To me, this isn’t an example of Wall Street amok. Rather, it’s another example of a person who worked in capital markets and did not understand the purpose or function of his role or capital markets as a whole.
It’s very popular to bash the banks and finance in general. But at the end of the day, someone has to be in the business of allocating capital in the market. Despite all the distortions in the economy, banks do fulfill a worthwhile end.
“they do much for the world making sure capital stays honest”
You must have been living under a stone for the last 10 years.
But yes, banks and trading houses and finance have their place. It’s just that they activity is a tad hypertrophic and has enormously perverted political and economic decision making. Also giving fuel to Keynesians and statists everywhere.
100% reserve requirements. Sound money. Exposure to market mechanisms.
Problem goes away.
Comments on this entry are closed.