For some, the phrase "I don't understand" is a call to action. To learn, to develop and to acquire understanding. For others it's an excuse.
#twotypesofpeople
#twotypesofpeople
Trade wars always hurt exporters more.
Back in 1930 the Smoot–Hawley Tariff act was signed into law. During 1920s, due to improvements in production, agricultural output in the U.S. soared and prices went down. Farmers were experiencing lower standards of living, due to a widening gap between prices for their produce and goods they were buying. During 1928 Republicans maintained majorities in the House and in the Senate. Hoover was a Republican too. The same trifecta we're having today. Both chambers passed the legislation, lobbied by farm interests, with wide margins.
The problem was that the U.S. was actually running a trade surplus at the time. It was an exporter of manufacturing goods and agriculture to the rest of the world, just like China is today. Without abilities to sell to US market, other countries were not receiving cash to pay for their imports, mostly from the U.S. Many countries retaliated in kind. Global trade collapsed. Manufacturing sector, which was already far more important, took a plunge. This was one of the major causes for the Great Depression.
Keep that in mind when you hear proposals to raise tariffs on goods from Mexico. US actually has a sizeable trade surplus with its southern neighbor.
https://ritholtz.com/wp-content/uploads/2026/12/mexicoimports.png
#economics #politics
December 2024
Back in 1930 the Smoot–Hawley Tariff act was signed into law. During 1920s, due to improvements in production, agricultural output in the U.S. soared and prices went down. Farmers were experiencing lower standards of living, due to a widening gap between prices for their produce and goods they were buying. During 1928 Republicans maintained majorities in the House and in the Senate. Hoover was a Republican too. The same trifecta we're having today. Both chambers passed the legislation, lobbied by farm interests, with wide margins.
The problem was that the U.S. was actually running a trade surplus at the time. It was an exporter of manufacturing goods and agriculture to the rest of the world, just like China is today. Without abilities to sell to US market, other countries were not receiving cash to pay for their imports, mostly from the U.S. Many countries retaliated in kind. Global trade collapsed. Manufacturing sector, which was already far more important, took a plunge. This was one of the major causes for the Great Depression.
Keep that in mind when you hear proposals to raise tariffs on goods from Mexico. US actually has a sizeable trade surplus with its southern neighbor.
https://ritholtz.com/wp-content/uploads/2026/12/mexicoimports.png
#economics #politics
December 2024
As an IT pro with 25+ years of experience I never stop to be amazed how this industry innovates, rediscovers itself and sells its products and services to the corporate world.
Big tech conferences carried out by major firms are only one avenue to achieve these goals. They're often structured to mesmerize tech geeks with the latest and greatest. The idea is that these folks will create internal pressures at companies they work for to influence how IT budgets are spent. Smart.
Yet those in the know, people who actually make purchasing decisions, often with directorship titles play a different game.
First, a must have, is to attend lavish private dinners thrown by vendors with whom business was conducted. This allows for proper and legal thanks in vendor selection.
Second, sign up for vendor sponsored wine and dine events at fancy places. This is Vegas. Options are endless. These are vendors who are eager to get one's ear, hoping to influence buying decisions. Sales people will work the guests at the dinner and filter out lonely tech geeks. Then the higher ups will move in and invite, who they think are decision makers, for drinks at the bar. This is where a "vendor management" specialist will steer the party to a high end establishment.
In a classic good cop - bad cop style, one of us was highly critical of services an IBMer was selling passionately. By midnight the vocabulary was far from politically correct, but respectful nevertheless. Each new criticism was countered with purchasing more booze. And then it hit me.
Even during my past Vegas trips I was less exposed to the bar scene, where numbers of good looking professional ladies are through the roof. But last night, as we allowed vendors to buy us drinks, I suddenly became aware of the competition!
#AmericanDynamism
Big tech conferences carried out by major firms are only one avenue to achieve these goals. They're often structured to mesmerize tech geeks with the latest and greatest. The idea is that these folks will create internal pressures at companies they work for to influence how IT budgets are spent. Smart.
Yet those in the know, people who actually make purchasing decisions, often with directorship titles play a different game.
First, a must have, is to attend lavish private dinners thrown by vendors with whom business was conducted. This allows for proper and legal thanks in vendor selection.
Second, sign up for vendor sponsored wine and dine events at fancy places. This is Vegas. Options are endless. These are vendors who are eager to get one's ear, hoping to influence buying decisions. Sales people will work the guests at the dinner and filter out lonely tech geeks. Then the higher ups will move in and invite, who they think are decision makers, for drinks at the bar. This is where a "vendor management" specialist will steer the party to a high end establishment.
In a classic good cop - bad cop style, one of us was highly critical of services an IBMer was selling passionately. By midnight the vocabulary was far from politically correct, but respectful nevertheless. Each new criticism was countered with purchasing more booze. And then it hit me.
Even during my past Vegas trips I was less exposed to the bar scene, where numbers of good looking professional ladies are through the roof. But last night, as we allowed vendors to buy us drinks, I suddenly became aware of the competition!
#AmericanDynamism
Сейчас в Вегасе проходят National Finals Rodeo (NFR). Никогда ранее не встречал такой концентрации людей в ковбойских шляпах и сапогах. Ощущение будто половина Техаса колонизировала все приличные гостиницы. Смотрятся эти персонажи стильно и уверенно. Особенно дамы. Даже подростки щеголяют в этих не дешёвых головных уборах.
#AmericanDynamism
#AmericanDynamism
Вегас. Гостиница. Мы заходим в лифт где уже несколько человек. Поехали. Одинокая дама вышла на своем этаже. Оставшийся мужчина обращается к нам с вопросом, знаем ли мы кто была наша попутчица. Я не совсем понял постановку вопроса и озвучил недоумение.
- Она сенатор от штата Миссисипи.
Ответил он.
В какой ещё стране, вот так просто, без охраны, обычный человек может случайно проехаться в лифте с сенатором?
#AmericanDynamism
- Она сенатор от штата Миссисипи.
Ответил он.
В какой ещё стране, вот так просто, без охраны, обычный человек может случайно проехаться в лифте с сенатором?
#AmericanDynamism
В гостиничных номерах мини бар, холодильник с напитками, и прочие цацки. Заоблачные цены на эти товары рассчитаны на ультра ленивых пижонов, с крайне слабой финансовой конституцией.
Пачка презервативов (2 шт.) облегчит гостя на $50!!!
Возите всё необходимое с собой. Как вариант, прогулка в магазин займет 10 минут.
#travel #Vegas
Пачка презервативов (2 шт.) облегчит гостя на $50!!!
Возите всё необходимое с собой. Как вариант, прогулка в магазин займет 10 минут.
#travel #Vegas
Пять игроков в ковбойских шляпах закрывают стол блэкджека от камер наблюдения.
#twotypesofpeople
#twotypesofpeople