Welcome to Bookmarker!

This is a personal project by @dellsystem. I built this to help me retain information from the books I'm reading.

Source code on GitHub (MIT license).

The Street relies on a constant stream of young hopefuls who have “invested” hundreds of thousands of dollars in an elite education so as to be “job ready” when recruited (42–67). Typically in their early twenties when hired, new investment bankers and traders are ushered into a culture of hyper-individualist competition that requires not loyalty to the company, but the desire to sacrifice one’s life for the pursuit of money. Ho demonstrates that the fundamental insecurity and overwork germane to financial occupations are taken by bankers as evidence of their intellectual and moral superiority and their intimacy with and knowledge of the market (2009, 67–72). This gives rise, however, to what Ho calls “a strategy of no strategy” at both the personal and the corporate level: a fixation on short-term gains, on the quantity of deals made, which has practically no longterm vision or plan and which is, broadly speaking, highly inefficient (firms routinely fire whole departments based on a failure to improve on quarterly earnings, only to find the sector in question booming a few months later) (2009, 277). The system hurtles forward, with investment fads, risky ventures and speculative bubbles forming as each banker, in spite of their individual prescience and insight into the possibility of market collapse, constantly seeks to accelerate their deal-making before the inevitable mental breakdown or systematic crash (see also Hayward 2014).

—p.55 Precariousness: Two Spectres of the Financial Liquidation of Social Life (43) by Max Haiven 5 years, 10 months ago