Corzine - BICs - Impressions - What is acceptable - Rent Seeking

 Everybody seems to be sporting about the latest travails of Mr. Corzine, but many if not most (or virtually all) of those who seem to be moralizing now surf or have surfed the same rent seeking privileges that have little to do with actual competence. Every now and then, the bubble pops, a few unlucky bad ones pay for all the systemic sins, but the system itself perdures, with incremental adjustment here and there.

True change, whether in politics, social values or rules for economic entitlement come only after a forceful clash in which absurd existing rules or laws may be trampled in the process for a fairer order to emerge.
The present crisis continues its slow bleed because that necessary purifying process did not occur. Even after the comparatively milder dot-com bubble popped, the clean up was more extensive and more were held accountable.

Despite all the gospel to the contrary, it can be uncommonly difficult for the uncompromising innovator that the system proclaims to value above all to be heard. This seems truer if such innovations precisely pertain to the core issues that have put the system to its knees.

We persist in looking for solutions where we are least likely to find them even though the historic record is unambiguous that lasting solutions to systemic problems more often than not come from outsiders. Up to now the system has failed to look/consider or even acknowledge solutions proposed by outsiders. One of the problems exarcerbating our socio-economic issues is that the existing power structure is poisoned by a system of "normative meritocracy" blinded by a codified system of merit that tend to undervalues when it does not simply obliterate all other forms of emerging and more relevant competencies.

 Democracy in politics, branded academic credentials, peer review and other idealistically sounding principles collude to create dystopian realities for true innovators whose ideas and works can actually benefit the greater good.


BICs in the many ignored ideas and works it leads and spread throughout this blog can only be seen as an ultimate example of a flawed system of incentives and punishments. See also:  US Patent No. 7,933,824 .


References:
 US Patent No. 7,933,824.
NYT Editorial Nov 2, 2011: Mr. Corzine's Big Bet
NY Times- Nocera: Corzine Crashes like It's 2008
WSJ: Corzine Agonistes 
Others Pay Price for Corzine’s Risky Revenge: William D. Cohan
Douthat: Our reckless meritocracy