1,909 karma · joined October 17, 2012
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The more straightforward explanation is that Apple just wants to make it easy to buy on credit.
I disagree that Apple products are Veblen goods in the same way that, say, Prada products are.
Of course we should build less of it, but we can't unbuild what's already been built, and we can't account for city managers who aren't aware of this future problem.
If someone can solve the problem of the future being here, but being unevenly distributed...
Case in point: I don't particularly like the design of this site, as I find it difficult to look at (even if I abstractly can see how the color choice is bold). The night mode toggle seems even harder to read; an uncharitable interpretation is the author thumbing their nose at people who want night mode. A charitable read is that it's a funny joke.
The author / designer of the blog has different priorities than I do. An uncharitable way of putting this is that the blog design is "bad," but I really dislike that outlook. I'd much rather that people look at things charitably, and try to understand what other people are going for, and be willing to say "this isn't for me." I think the article doesn't quite do this.
https://www.washingtonpost.com/news/wonk/wp/2015/06/23/144-y...
It's not about banning new words, killing off long words or promoting completely perfect grammar. Nor is it about letting grammar slip.
A good complement to this article is Orwell's "Politics and the English Language," which talks about how people might use long, complex words (like those in the Words to Avoid list) to seem more important. That's the other side of the "variety" coin. The reality is that a skilled writer can walk that fine line, but most people are better off keeping their word choice simple and direct.
The "states rights" trope was a deliberate attempt of a few Southern, revisionist historians to blunt their racist past. The truth is that the South seceded because their states wanted the right to hold slaves.
What innovations did they make that the health department didn't like?
https://spdrgoldshares.com/#home
And the futures markets are down too:
https://www.investing.com/commodities/gold
Are other commenters only speculating that the price is going to go way up, and that the price is a good deal right now? If so, that doesn't seem to be supported by financial indicators, and the speculation around it doesn't seem much better than, say, saying that Bitcoin is going to go up in any given environment. I'm surprised to see this discussion on HN. I hope I'm grokking things wrong.
One interesting thing about heuristics is that it's important to learn when they _don't_ apply. If a heuristic is true 80% of the time, it's also untrue 20% of the time.
And the obverse to that thought is that you shouldn't let that 20% fail rate discourage you from using the heuristic the other 80% of times.
To me, the explanation is simpler: people don't want to defend Google on HN because they'll get downvoted or shouted down because of it.
The classic example is a put option. If you think a stock will go down in a future, you could short that stock; but if instead the stock goes _up_, you could be on the hook for an infinite amount of money. Instead, you can buy a put option and get a similar payout if the stock goes down, but if it goes up, you've only lost the money you spent on the option.
Another example is purchasing futures: if you're an airline and you think fuel prices are going to go up, you can buy up a messload of fuel futures, and you'll effectively pay the same price for fuel while everyone else is paying more (which I think JetBlue did in the 00s).
In this case, a CDO theoretically reduces risk by spreading your risk across a huge number of mortgage holders. If you sell someone one mortgage and they default, then whoops! You just lost a ton of money. But if you instead sell 100 different mortgages, you're "diversifying" your risk. Most people don't have billions of dollars to sell thousands of mortgages to make this sort of investment, so CDOs package the mortgages into purchaseable portions.
(Of course, what happened during the housing crisis was that there was a huge, systemic issue that would cause huge swatches of mortgages to default. That part sucked, and the contributors to that catastrophe definitely deserve the ire on them.)
[Disclaimer: I'm relying on my memory of finance classes I took 15 years ago, I'm probably wrong about some details.]
Now... it's possible that the way human nature works, CDOs will always result in companies engage in collective delusion that results in a similar meltdown. I think The Big Short would have been more interesting if it made that argument, rather than merely "CDOs are evil."
EDIT: I was reacting to the movie adaptation; I haven't read Michael Lewis's book.