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Join Wall Street. Save the world
51–60 of 105 posts
Re: Join Wall Street. Save the world
#52Earlier quoted context omitted.
I think it's good that he gave money to something more innovative than the Salvation Army or some such, but generally if you're taking the conservative approach to "world-saving" (working and donating), your donations don't have great leverage or relevance. It's why GM couldn't make Tesla... How many times do they go into it thinking this and just end up with a bunch of cars and naming rights to a building at Harvard…
Well, I think a lot of people end up like that - but then I'd argue they're not really taking any approach (much less a conservative one) to "world-saving". They've switched their goals at that point!
Sure, but that's my argument. They go into it thinking this, but the system changes their goals. I'm sure politicians think this too going in, and then the ones left are the ones who can play the donations game.
Startup orgs (for- or non-profit) allow you to actually start serving people now, not later, and that gives you better insight into solving problems and picking them.
Re: Join Wall Street. Save the world
#53Local governments are also involved in the stock market. High frequency traders make money by acting as an intermediary between buyers and sellers, and thus not creating actual wealth. Instead their supposed value is the "liquidity" they add. That means that the price of "adding liquidity" is a lower return on a stock or bond invested by a local government. Which in turn means that the local government might have to…
Wait, do you think intermediaries never create actual wealth?
Re: Join Wall Street. Save the world
#54His logic is simple: The more he makes, the more good he can do. It may be his logic, but it's not mine. And it doesn't have to be yours, either. I believe "doing good" is something to be done all the time. If you wait until the time is right or the conditions are right or you have enough money or time or something else, you will probably never get around to doing good. And even if you do, how much good will not get…
>if you wait until the time is right or the conditions are right or you have enough money or time or something else, you will probably never get around to doing good. And even if you do, how much good will not get done while you're on your journey to being able to do good.
I don't really understand this criticism of him. He isn't trying to save up millions of dollars before doing good, he's working for money and giving it away as fast as it comes in. Sure, making more money isn't the only way to do more good, but if he has chosen charities that use money to do good then his logic can't be refuted: "The more he makes, the more good he can do."
Re: Join Wall Street. Save the world
#55Meanwhile his employers will drain the third world by speculating on food based derivatives.
The effective method of fighting that though seems to be organized political action. The needed skills to organize and drive such groups does not seem very common so it understandable and advantageous for everyone that their efforts are put else where.
Though it is dangerous to ignore this arena completely.
Re: Join Wall Street. Save the world
#56Join Wall Street. Attempt to save the world through donations. End up unable to recognize what to solve. This is a pattern that all these guys do. Even Warren Buffet just gave his money to Gates. You'd think a guy who spends his life picking out successful businesses would be able to recognize this in non-profit / social ventures, but he's so removed from real problems he can't. If you want to save the world, save th…
> If you want to save the world, save the world first. > Stop. Fucking. Waiting. I don't understand what you're suggesting. Is Trigg (the programmer who joined Wall Street) "waiting"? What does "not waiting" look like?
Yes, he's waiting essentially. Not waiting looks like doing something that actually is saving the world - starting at a small scale if you have to at first.
Getting to small version of the change you want to see is vastly preferable than trying to be Buffet and then starting a foundation. By then, you've lost all connection to the problems you wished to solve and the mentality of even trying to make this change.
Again: Stop waiting guys! You can actually do this now and grow your little org into a great force for change.
Re: Join Wall Street. Save the world
#57I am very suspicious of people who say they enter Wall Street to save the world. That said, I also believe most charity events are very economically inefficient. Rather than get a dozen musicians together for a discounted concert at a small concert hall, wouldn't it be more efficient to ask them all to donate one days worth of sales from performing at arenas? Rather than get a hundred bankers together for a $250/head…
On the other hand, only Bill Gates has had the vision to lead his charity into wiping out polio from the planet. (only 3 countries left, and only because terrorists keep shooting at volunteers before they can administer cures IIRC).
Sure, money helps charities. But a brilliant leader, like what Gates has been to the Gates Foundation, is a force multiplier to that money.
Re: Join Wall Street. Save the world
#58I thought the recruitment pitch was, "Join Wall Street, fuck the world."
I think that is a unfortunate negative stereotype that has prevent many from earning more and going more good with it.
Re: Join Wall Street. Save the world
#59Join Wall Street. Attempt to save the world through donations. End up unable to recognize what to solve. This is a pattern that all these guys do. Even Warren Buffet just gave his money to Gates. You'd think a guy who spends his life picking out successful businesses would be able to recognize this in non-profit / social ventures, but he's so removed from real problems he can't. If you want to save the world, save th…
It will be interesting to see what the effect of both Gate's and Buffet's donations will be. It certainly is a good that a large chuck of capital and energy is going toward improving society, but putting that much capital to work may also cause significant inflation and negate some of the benefit.
Inflation isn't the problem - GDP is $15T or some such, and they're investing this over time - so $150T is what they're comparing. Perhaps in niche markets they could do so.
The main problems of that much money is that you get into investment mode which is more conservative, top-heavy, etc. This means it's slower, less likely to find the best innovations, and lower social-ROI.
However, some problems require such capital - like what Elon Musk is working on at SpaceX, but again that's focused capital.
Re: Join Wall Street. Save the world
#60Earlier quoted context omitted.
> If you want to save the world, save the world first. > Stop. Fucking. Waiting. I don't understand what you're suggesting. Is Trigg (the programmer who joined Wall Street) "waiting"? What does "not waiting" look like?
Yes, he's waiting essentially. Not waiting looks like doing something that actually is saving the world - starting at a small scale if you have to at first. Getting to small version of the change you want to see is vastly preferable than trying to be Buffet and then starting a foundation. By then, you've lost all connection to the problems you wished to solve and the mentality of even trying to make this change. Agai…
I don't think he's planning to start a foundation, he's donating to existing ones, like the against malaria foundation.