MOST INTERESTING ESSAYS 12/4/25: THEORY & TRUTH, MEMORY & INTELLIGENCE, PSYCHIATRY, WRITING, EGYPT IN 2019, LIVE OR DIE, GARDEN OF EDEN, SOCIAL DYSFUNCTION, DEATH ROW, RIGHT & WRONG, FRANTZ FANON, TRUTHINESS, CONSPIRACY, LIBERALITY, LIFE IS LIQUID, BECOMING god-LIKE, TIPPING POINT, VANISHING WORLD
Emily Witt illustrates how undesirable sexual inequality is for the future of American society. Witt explains events in her life that have led her to become a successful author. Witt’s life experiences are like the events in every human’s life but without the unfair burden of sexual inequality.
Books of Interest Website: chetyarbrough.blog
Health and Safety (A Breakdown)
By: Emily Witt
Narrated By: Emily Witt
Emily Witt (Author, investigative journalist based in Brooklyn, worked as a staff writer for The New Yorker.)
Emily Witt is born two generations after this reviewer’s youth. It is a refreshing look at the great changes and similarities between my generation and Ms. Witt’s. The big difference is Ms. Witt is an attractive woman, not a man. Her life, in many ways, is unlike women of past generations but similar to men of my generation. She writes of her life, of experimenting with drugs, being in and out of serious and not-so-serious sexual relationships and striving for success in today’s America.
Witt is representative of societal change in America.
On the one hand she shows the independence and growing equality of the sexes. Liberated from the stereotypes of women as bearers of children and keepers of home and hearth, Witt’s story is like what American men’s lives were two generations ago. Her life today reminds one of a man’s life in the 1960s. She shows an understanding of the difference between love and sex but seems neither consumed nor controlled by either sex or love’s existence. She chooses her own path in life. There is strength and weakness in her character just as there is in all human beings.
The other side of her story is the consequence of sexual equality and its impact on culture.
In women’s liberation something is gained and lost. The gain is in women’s opportunity. It is time for men to step up and take equal responsibility for family comity, stability, and growth. One who did not come from an Ozzie and Harriet family but from a single parent family sees the strength of liberation of women but wonders what is lost by children raised by single parents in America. Do children become more or less dependent on others as a result of being raised by a single parent? In some ways they become more independent but in others they become socially isolated and culturally inept. That social isolation and ineptness has future consequences for children of single parent homes. Women are rightfully liberated from being the sole responsible parent for children’s care, but fathers are failing to pick up the slack.
Though juvenile delinquency is shown to have decreased in America, the education and success of children begins at home. More responsibility must be taken by fathers for teaching societal values and behavior to children. By taking equal responsibility, fathers will reinvigorate American society. Without a reorientation of men’s lives in American families, i.e., acceptance of family responsibility and women’s equality, American democracy’s economic and social success will be diminished.
The current political environment in America is trying to return the economy and society to the twentieth century, a fool’s errand.
Witt illustrates how undesirable sexual inequality is for the future of American society. Witt explains events in her life that have led her to become a successful author. Witt’s life experiences are like the events in every human’s life but without the unfair burden of sexual inequality.
Addendum: The most troubling part of Witt’s story is the feeling that her generation is failing American society by withdrawing into themselves with drugs to avoid dealing with the problems of the 21st century. Experimenting with drugs is one thing but using them to escape America’s problems is a disappointment to this aged survivor of the baby boom generation.
Today, some look at the American government with concern. Are we at a tipping point in America?
Books of Interest Website: chetyarbrough.
Revenge of the Tipping Point (Overstories, Superspreaders, and the Rise of Social Engineering)
By: Malcolm Gladwell
Narrated By: Malcolm Gladwell
Malcolm Gladwell (Canadian Author, journalist, public speaker, staff writer for The New Yorker.)
Malcolm Gladwell returns to the subject of “…Tipping Point” that originally explored how small actions or events can trigger significant changes in society. “Revenge of the Tipping Point” provides several stories of tipping points that have had vengeful consequences for society.
One of the most consequential tipping point stories is about America’s attempt to engineer social equality.
America is struggling with social diversity. Gladwell infers social diversity is a great strength in American society. However, our government and domestic leaders have legislated discrimination, fought wars, murdered innocents, and promoted ethnic separation throughout its history as a nation. Despite our most famous statement of American value, i.e. “E pluribus unum” (Out of many, one), America has failed.
The value of social diversity is it allows Americans to achieve great things despite inequality that exists in America.
Gladwell tells the story of a community in Florida that prides itself on being an exemplar of American society because of its strong educational values, cultural pride, community support, and economic mobility. The people who live in this community focus on preserving and celebrating their ethnic heritage, traditions, and identity. They assemble an island of cultural sameness that overtly and covertly resists change. Those who are not of the right ethnic heritage or race who may have the same drive for high educational achievement, community participation, and relative wealth are not welcome. The tipping point revenge Gladwell notes is in the stress this community places on its children to excel academically and conform to expectation. Gladwell notes student suicides are disproportionately high because of the social pressure children feel to conform. The social pressure for conformity and educational expectation overwhelms some who live in the community. Some parents choose to send their children outside the community school system to allay the social pressure they feel.
Gladwell notes the 2023 Supreme Court rejection of college acceptance based on diversity. The Court denies the right of colleges to recruit students based on ethnicity or race.
On the face of it, that seems an unfair decision but Gladwell notes that the schools being challenged on their diversity policies refuse to explain how they determine who should be admitted based on a percentage figure of fair representation. Gladwell notes the primary criteria for college selection has little to do with a drive for diversity but are based on revenue producing university sports programs and donor money. Minority preference admissions are based on income potential for the university, not social diversity.
The Supreme Court ruling does not preclude consideration of an applicant’s personal life experience, but Gladwell notes it nevertheless has nothing to do with a drive for equality or diversity.
Unfortunately, the Supreme Court decision may cause a reevaluation of outreach to minorities who have been denied equal opportunity for personal success. Gladwell’s ironic point is that American diversity in the pre-Supreme Court decision was never based on creating diversity but on raising money for university foundations.
Gladwell explains the drug crises is more of an American problem than for most other nations of the world.
One asks oneself, what makes America the center of opioid addiction and death.
From the greed of drug dealers, medicine manufacturers and doctors who prescribe opioids, America has the highest opioid deaths in the world. Though Estonia has the highest opioid death’s per capita because of its smaller population, the manufacturers and doctor-prescribed synthetic opioids have greatly increased American’s deaths. Purdue Pharma aggressively marketed OxyContin with the owners, the Sackler family, reaching a multibillion-dollar settlement. Many doctors like Dr. Hsiu-Ying Tseng and Dr. Nelson Onaro have been prosecuted for overprescribing opioids or running “pill mills” that provided opioids to the public.
Gladwell suggests it is the superspreaders, worldwide legal and illegal manufacturers and sellers of opioids, and incompetent/greedy medical prescribers as tipping point causes of America’s addiction crises. However, he argues there are environmental and systemic societal factors that create a receptive user base in America. Economic stability is unattainable for many Americans because of economic, racial, and ethnic differences. He argues small actions and decisions lead to widespread consequences. Every human being has a tipping point based on their experience in the world. The ideals of America conflict with its reality. The pain of that realization leads some to relief through drugs, a step-by-step addiction that can lead to death.
Berlin Memorial to the Holocaust.
There are other tipping points Gladwell explains. One that resonates with my life experience is the ignorance many have of the history of the world. Some would argue, Americans became aware of the Holocaust after the end of the war in 1945. However, Gladwell argues most Americans remained ignorant of its reality until 1978 following the release of the NBC miniseries “Holocaust”. Until then, Gladwell argues there was little broad cultural understanding of its atrocity. Having graduated from high school in 1965, much of what Gladwell notes about ignorance of the Holocaust rings loudly and clearly.
I doubt that many were completely ignorant of the Holocaust, but its brutal reality was not taught in the high school I attended in the 60s. Having visited Auschwitz and viewed its gas chamber, piles of discarded shoes and clothes, and pictures of murdered human beings, the truth and guilt that one feels for being a part of humanity is overwhelming.
We have an FBI director that wants to have men and women of the agency coordinate training with the UFC (Ultimate Fighting Championship), headquartered in Las Vegas. We have a President who publicly chastises Ukraine’s President and suggests they caused Russia’s invasion of their country. We have a President that insists America is being taken advantage of by lower cost production of product of other countries and that tariffs are a way to balance the American budget. We have a Palestinian protester at Columbia University who is arrested for social disruption. The head of the Department of Health Services orders lie detector tests for employees to find any leaks about the current Administration’s actions.
Tariffs have historically been found to damage America’s economy. Is the FBI a military force that needs to be schooled in hand-to-hand combat? One need only read Adam Smith about free trade to understand the fallacy of Tariffs. Have we forgotten the invasions of Austria and Poland by Germany at the beginnings of WWII? Is free speech a crime because of tents that disrupt college life? Should we use lie detector tests to determine the loyalty of employees?
Are these incidents a tipping point for American Democracy to turn into something different and demonstrably less than the founding principles of American government?
Ideally, public good and ethics will be taught in advance of the melding of technology and government, i.e., not after mistakes are made. However, history suggests humans will blunder down the road of experience with A.I., making mistakes, and trying to correct them after they occur.
Books of Interest Website: chetyarbrough.
The Technological Republic (Hard Power, Soft Belief, and the Future of the West)
By: Alexander C. Karp and Nicholas W. Zamiska
Narrated By: Nicholas W. Zamiska
Alex Karp (Founder of software firm Palantir Technologies)Nicholas Zamiska (CEO Palantir Technolgies
The authors are the founder and operations manager of the American software company, Palantir Technolgies. Palantir has been hired by the U. S. Department of Defense, the Intelligence Community, agencies of NATO countries, and Western corporations to provide analytic platforms for defense analysis, healthcare, finance, and manufacturing.
They believe artificial intelligence research and development has lost its way.
They argue Silicon Valley has lost focus on what is important for survival of society and Western values. They suggest A.I. should be focusing on serving humanity in ways that responsibly regulate nuclear weapons and protect society from existential risks like climate change, pandemics, asteroid collisions, etc., that threaten human extinction. The authors provide a powerful criticism of technology and its national purpose.
Karp and Zamiska argue that technology is focusing on consumerism rather nuclear annihilation or existential risk.
By focusing on convenience and entertainment for financial success, fundamental problems like the threat of nuclear war, homelessness, inequality, and climate change are ignored or relegated to the trash heap of history. (“Trash heap of history” is the belief that what happens, happens and society can do nothing about it.) The west has become complacent with short-term focus on profit and consumer demand. The authors argue that the greater good is no longer thought of as an important societal goal. The primary goal is making money that enriches creators and company owners by making purchases more convenient to and for consumers.
Aldous Huxley (English writer and philosopher, 1894-1963, author of “Brave New World”.)
Their argument is there should be more collaboration between tech and government. Historically, government is only as good as the information it has to make societal decisions. A computer program can be programmed with false information like the error of weapons of mass destruction that led to an invasion of Iraq that was a bad decision. The domino theory input that led to the Vietnam war; so, on and so on. There is also the threat of an elected President that uses the power of technology to do the wrong thing because of his/her incompetence. There is the risk of government gathering personal information and using it to cross the line into a “Brave New World” where innovation, free thought, and independent action are discouraged or legislated against so people can be sent to jail for breaking the law?
Possibly, melding technology with government is an answer, but it is a chicken and egg concern. Education about public good and ethical practices should begin as soon as the egg cracks, not after hatchlings are already old enough to work. Phrases that come to mind are “What’s done is done” or “The die is cast”.
The authors argue the West needs to up-its-game if it wishes to create a peaceful and prosperous future for a society that is founded on the ideal of human freedom.
Without future generations creating policies based on ethical purpose for the public good, one infers western culture will spiral into individual isolation and self-interest that diminishes western culture and ideals.
Ideally, public good and ethics will be taught in advance of the melding of technology and government, i.e., not after mistakes are made. However, history suggests humans will blunder down the road of experience with A.I., making mistakes, and trying to correct them after they occur.
The primary interest for the author of this blog is to explore a personal interest and understanding of the world in which we live. The following reviews are cataloged to offer readers a list of the most commented upon reviews.
Books of Interest Website: chetyarbrough.
Blog Response Inventory (Those reviews that had higher response comments from readers.)
Stanislas Dehaene’s research on the subconscious mind seems to reveal more about human weakness than strength. His research indirectly points to the danger of scientific discovery introducing subconscious human processing to machine learning.
Books of Interest Website: chetyarbrough.
Consciousness and the Brain (Deciphering how the brain codes our thoughts)
By: Stanislas Dehaene
Narrated By: David Drummond
Stanislas Dehaene (French author and cognitive neuroscientist.)
This is the second review of Dehaene’s book. It was reviewed in 2017 with an essay titled “Consciousness”. A second look is informative because it is a complicated subject implying brain function might one day be replicated by machine learning. He suggested machine learning is a long way into the future but with quantum technology that future seems less distant.
To recall information and report meaning is a definition of what Dehaene calls consciousness.
The complicating part of that definition is the subconscious and its role in conscious awareness. Dehaene argues the subconscious is outside of our conscious awareness but is an integral part of decisions and human behavior. He implies if the brain can be precisely mapped, it can be translated to machine learning that will make the subconscious an explicitly known influence on thought and action.
The ramifications of what is subconsciously understood being a part of conscious decision making and action is both positive and negative.
Theoretically decisions and actions will be more accurate and routine tasks and habits can be more efficiently executed. Unconscious bias could be eliminated. On the other hand, the mental shortcuts of the unconscious in a machine-mind may cause stereotyping or overconfidence that elicits inappropriate or harmful thoughts and actions.
Replicating the conscious and unconscious mind by mapping the brain and transferring those human functions to machine learning seems like a Trojan horse that offers a pyric victory. Dehaene’s research on the subconscious mind seems to reveal more about human weakness than strength. His research indirectly points to the danger of scientific discovery introducing subconscious human processing to machine learning.
In planning a trip to Japan this year, it seems prudent to learn more about the history of Japan.
Books of Interest Website: chetyarbrough.
Great Courses-Understanding Japan (A Cultural History)
By: Mark J. Ravina
Narrated By: Mark J. Ravina
Mark Ravina (Scholar of Japanese history at the University of Texas at Austin)
Professor Ravina’s lectures are a little too heavy on Japan’s ancient history but offers some interesting opinion about the rise of the Samurai, the evolution of women’s roles in Japan, Emperor Hirohito and his role in WWII, the democratization of Japan after WWII, and the cause of Japan’s current economic stagnation.
As is well known, the Samurai were a warrior class in Japan. Their role in Japanese history grows between 794 and 1185.
They began as private armies for noble families with estates in Japan. They became a force in Japanese politics and have had an enduring effect on Japanese society. They evolved after 1185 into a ruling military government called shogun that exhibited political influence through 1333, emphasizing Bushido or what is defined as a strict code of loyalty, honor, and discipline. That discipline extended to ritual suicide in defeat or disgrace to preserve one’s honor. Zen Buddhism entered into the Samuria culture, exhibiting a time of peace under the Tokugawa shogunate that lasted until 1868. After 1868, the Samurai era came to an end, but its cultural influence remains in a modernized military that adheres to qualities of discipline, honor, and resilience.
Traditional Japanese Woman.
The role of women in Japan has evolved from great influence and freedom for the well-to-do to a life of restricted domesticity.
During the Samurai era, the influence of women declined and became more restricted. The rise of Confucian ideals emphasized male dominance with women being relegated to domestic duty. Women turned to art, calligraphy, and religion as their societal influence decreased. In the Meiji Era (1868-1912) women’s education somewhat improved and they began to participate in political movements like voting and equal rights. Finally, after WWII, a new constitution granted women equal rights like the right to vote and enter the workforce. However, like America, traditional gender roles persisted. In today’s Japan, like most of the world, equal rights remain a battle for women.
Hirohito is the 124th Emperor of Japan.
He reigned from 1926 to 1989. Professor Ravina notes that a question is raised about whether the emperor was a follower or leader in Japan’s role in WWII. Ravina argues history showed Hirohito’s role was as a leader. In defeat, Hirohito renounced his divine status to become a constitutional monarch under U.S. occupation. Hirohito, as the crown prince of Japan, strengthened Japan’s diplomatic ties on the world stage. He was instrumental in scientific research in marine biology. He emphasized Japan’s drive to become an industrial nation and player in international trade. He militarized Japan in preparation for war and territorial expansion. He authorized invasion of Manchuria in 1931 to establish it as a puppet of Japan. Hirohito aids the American occupation, after WWII, to de-militarize and re-industrialize Japan.
With creation of a new constitution for Japan in 1947, Japan became a constitutional monarchy that made the emperor a symbolic figurehead, and guaranteed freedom of speech, religion, and assembly.
The constitution formally denounced war as a means of settling disputes. Land reform redistributed agricultural production to tenant farmers that reduced the power of wealthy landlords and promoted economic equality in rural Japan. Women’s rights were codified to allow voting and participation in politics. The constitution guaranteed equality but, like the rest of the world, culture trumped reality. Japan’s military was reorganized as a defensive force for national security. War crimes trials convicted Hideki Tojo, Iwane Matsui, Hei taro Kimura, Kenji Doihara, and Koki Hirota and sentenced them to death. In total 17 leaders were executed, and 16 others were imprisoned.
Free-market economy.
The democratization of Japan entailed economic reforms that broke up large industrial conglomerates to promote a free-market economy and reduce economic monopolies. However, the culture of Japan replaced the industrial conglomerates with networks of interlinked companies that operated cooperatively in ways that reduced competition in pursuit of financial stability. The education system was reformed to promote democratic values, and equal access to education for all citizens.
A free press was encouraged to foster transparency and accountability.
The results allowed Japan to rapidly improve their industrial productivity. That productivity was defined and improved by the teachings of W. Edwards Deming, a statistician and quality-control expert in the 1950s. His contributions led to the Deming Prize in 1951, an annual award recognizing excellence in quality management. (This is a reminder of Peter Drucker and his monumental contribution to business practices in the United States.)
In Ravina’s final lectures, he addresses the economic stagnation that has overtaken modern society in Japan.
It began in the 1990s. A sharp decline in asset prices wiped out wealth and triggered a banking crisis. Banks had made too many bad loans that became non-performing. Deflation ensued with falling prices that discouraged spending and slowed economic growth. Company profits declined. The demographics of Japan reduced the size of the work force because of an aging population and declining births. One suspects this demographic change is further burdened by ethnic identity that mitigates against immigration.
Japan’s consumption tax increases in 1997 impeded recovery.
The close ties between government, banks, and corporations resist reforms. And, as is true in America, global competition from other countries with lower cost labor eroded international trade.
The story of Michelangelo ends with the return of the Medicis to power. It is for Michelangelo–a journey of “…Agony and Ecstasy”–of love for his work, the daughter of a Medici, and the tumult of his time.
Books of Interest Website: chetyarbrough.
The Agony and the Ecstasy (The Biographical Novel of Michelangelo)
By: Irving Stone
Irving Stone (1903-1989, died at the age of 86, American writer of biographical novels about artists, politicians and intellectuals.)
Irving Stone’s novel is an entertaining book and an historically supported story of the famous artist, Michelangelo. Michelangelo was a Florentine born in Florence, an influential city at the heart of the Italian Renaissance. The Medici family was in control of Florence’s political and cultural life in Michelangelo’s youth.
Two of the most famous artists of all time, Leonardo Da Vinci and Michelangelo Buonarroti created two of the most famous art works of the world in Florence, i.e. da Vinci’s “Adoration of the Magi” and Michelangelo’s “David”. However, their personal relationship began roughly in their brief contact in Florence. In 1504. Leonardo da Vinci was 52 years old. Michelangelo was 29.
“Adoration of the Magi”“David”
They had both been contacted to paint murals in the Hall of Five Hundred in the Palazzo Vecchio. Leonardo had already made his reputation as a master painter, polymath, and diverse genius. Michelangelo was considered a sculptor more than a painter. However, in a casual conversation da Vinci alludes to sculpture as a less prestigious form of art. The younger Michelangelo is offended and is alleged to have said harsh words to da Vinci with a challenge to paint a competing fresco in the Palazzo Vecchio. Neither completed their planned paintings but their preparatory works were preserved and considered important developments of the High Renaissance. Irving Stone suggests they meet later in life and Leonardo apologizes for what he felt was a misinterpretation of his words about the art of sculpture.
Leonardo’s Unfinished WorkMichelangel’s Unfinished Work
Stone suggests Michelangelo is more of an ascetic than da Vinci. Leonardo as noted by other authors, had many interests beyond art. Michelangelo prefers sculpture to any other form of art and when he is contracted for his artistic genius, he grudgingly takes commissions for his skill as a painter. “The Agony and the Ecstasy” is a title that captures Michelangelo’s artistic conflict.
Stone shows Michelangelo pursues human dissection, just as Leonardo is said to have, to more fully understand the construction of the human body for an artist to make painting or sculpture appear more real. Human dissection is not legal in Michelangelo’s time in Florence, so he secretly works at night when no one is around to see what he is doing.
Stone addresses the political turmoil of the time and how Michelangelo is hired by the Medici family when he is a young man. This is before the Borgias replace the Medici family in Italy. Michelangelo remains close to the Medicis even in their exile but is attracted to Rome in 1496 by Cardinal Raffaele Riario, a relative of Pope Sixtus IV. In Rome, Michelangelo creates “Bacchus”, the god of Wine.
Michelangelo’s Bacchus, the Roman god of agriculture, wine, and fertility.
After creating “Bacchus, a French cardinal commissions the “Pieta” for St. Peters Basilica. Michelangelo gains the reputation of being a master sculptor.
Michelangelo’s Pieta depicting Mary holding the body of Christ.
Stone suggests the Pope asks why Mary appears so young and Michelangelo explains it is because she is the mother of a divine.
After the Pieta, Michelangelo is commissioned by overseers of the Office of Works of the Cathedral of Florence. This is not clear in “The Agony and the Ecstasy” but it reinforces Irving Stone’s recognition of Michelangelo’s deep connection to Florence. He returns to Rome, but his heart is in Florence. Much of Michelangelo’s time in Rome is uncomfortable and does not calm down for him until the Medicis return to power.
The warrior Pope, Pope Julius II heads the church from 1503-1513. Irving Stone explains; this Pope demands Michelangelo paint the ceiling of the Sistine Chapel at the Vatican in Rome. Of course, Michelangelo resists because he wishes to be remembered for sculpture, not painting, because it is an art that gives him joy. The forceful Pope insists, and Michelangelo makes a false start that changes into a history of the birth of the world on the ceiling of the Chapel. He works on the ceiling of the Chapel from 1508 to 1512.
Birth of the world.God touches AdamDetail of the touch.
Sistine Chapel painting by Michelangelo between 1508 and 1512.
The story of Michelangelo ends with the return of the Medicis to power. It is for Michelangelo–a journey of “…Agony and Ecstasy”–of love for his work, the daughter of a Medici, and the tumult of his time. Michelangelo never marries and dies at the age of 88 in 1564.
Sir John Anderson Kay calls for more training in ethical behavior and fiduciary responsibility in the financial industry. Kay believes “too big to fail” financial institutions should be broken up to reduce risk and encourage competition.
Books of Interest Website: chetyarbrough.
Other People’s Money (The Real Business of Finance)
By: John Kay
Narrated By: Walter Dixon
Sir John Anerson Kay (Author, CBE, FRSE, FBA, FAcSS, British economist, dean of Oxford’s Said Business School.)
John Kay explains how the world’s finance system was designed to support national economies and international trade. However, he argues the world’s financial system, though designed to improve the lives of everyone, has evolved into a system that primarily benefits those within the financial industry, not everyone.
Kay offers the example of Ponzi schemes like that created by Bernie Madoff, and mortgage derivatives created by financial quants. Unlike Madoff’s personal enrichment, the financial industry’s’ mortgage derivatives enriched mortgage lenders, banks and brokers who sold them to other financial institutions like hedge funds, investment banks, mutual funds, foreign and retail investors. Mortgage derivatives were a national Ponzi scheme, greater than Madoff’s, that only enriched the financial industry. In 2008, the financial industry nearly bankrupted the world. The finance managers served no jail time while poorly qualified homeowners were thrown into the street because they could not afford their home mortgages.
What is puzzling is how so many people lost their homes in 2008 despite government regulation of the financial industry, which was ostensibly designed to protect consumers and stabilize the housing market.
“Other People’s Money” is managed by financial institutions that have nothing to lose if other people’s money is lost. A poor finance industry manager might lose his/her job because of poor sales received for selling financial products to other financial companies. However, if their sales are good, huge bonuses are given to top earners. Kay notes three faults in this system. One, it is a closed system that primarily feeds on itself as an industry. Two, the product of sale can as easily be worthless as valuable. And three, the money that is being used is primarily the public’s money, not the financial industries’ money. Mortgage derivatives became weapons of mass financial destruction. The public suffered more than the financial industry for the obvious reason that it was the public’s money.
In theory client funds are kept separate from a firm’s own assets. Though that may be true, the equity of lenders is small in relation to the loans made to others because the loan actually comes from “Other People’s Money”, i.e., those who deposit their paychecks in a financial institution. There are government entities like the SEC in the US that enforce separation of a lender’s equity from other people’s money but so what? Other people’s money is the bulk of what is lent out to others.
Government regulations require record-keeping, transparency and risk management. So why did so many people lose their homes in 2008 while lenders were bailed out? If the Government regulated how other people’s money was being invested, how did the 2008 mortgage crises occur? It occurred because of the way the financial industry is regulated and the greed of financial institutions in selling a product that had less value than realized until it was too late. The fault within the industry grew bigger based on the packaging and resale of other people’s money in a product that became worthless.
The point is that there is little equity from money lenders that use “Other People’s Money” to invest in the economy. Financial institutions are required to have as little as 4.5 percent to 6 percent equity in loans for what they lend to others. The remainder is “Other People’s Money”. Most of the risk of institutionally loaned money is born by the public. Of course, there are insurance guarantees from the government, but they are limited.
Kay notes financial industries are motivated to expand their businesses by capitalizing on short-term gains for profit rather than long-term stability and growth.
Kay goes on to explain that financial institutions are the biggest contributors to candidates for public office. Just as the Supreme Court’s decision to give corporations personhood, the influence of corporate America distorts the influence of American citizens. Naturally, financial institutions push for favorable regulations designed to benefit owners and managers of the finance industry. He explains how financial risk is designed to fall back on taxpayers and less informed investors. Because financing institution managers are using other people’s money, they are more concerned about lender profit and their bonuses than loan default. Kay suggests there is a lack of transparency that hides the exploitive nature of lending that has minimal personal risk to lending institutions, its managers, and loan officers.
Kay argues financial products and services need to be simplified and made more transparent so consumers can understand how lending institutions and insiders are benefiting from their transactions.
Kay explains the primary functions of the financial industry should be focused on making payments simple with clearer explanations of risks so that capital is efficiently and wisely allocated. Government oversight should be exercised to promote transparency, accountability and long-term stability of the economy. Training in ethical behavior and financial responsibility is needed for agents of the financial industry so that incentives and rewards balance with the needs of the economy.
Kay suggests regulatory reform is necessary with greater transparency, and accountability for long term financial stability. He calls for more training in ethical behavior and fiduciary responsibility in the financial industry. Kay believes “too big to fail” financial institutions should be broken up to reduce risk and encourage competition.
The United States is the 7th richest nation in the world on a per capita basis. Why is homelessness a growing problem in outwardly prosperous American cities?
Books of Interest Website: chetyarbrough.blog
Seeking Shelter (A Working Mother, Her Children and a Story of Homelessness in America)
By: Jeff Hobbes
Narrated By: Julia Whelan
Jeff Hobbes (Author, graduate of Yale with a BA in English language and literature.)
Homelessness can be seen in most large cities of the world. In personal travels to what look like prosperous cities like Vilnius, Lithuania, Hong Kong, China, and even Scandanavian countries, homelessness exists. However, the scope of homelessness does not compare to what is seen on the streets of Las Vegas, NV. and Seattle, WA, two larger American cities considered prosperous and growing. In 2024, there were an estimated 7,928 homeless in Clark County (the Las Vegas area) and 16,385 in King County (the Seattle area). Walking around these two cities, let alone reading or listening to the news, suggests those numbers are grossly undercounting the homeless. The United States is the 7th richest nation in the world on a per capita basis. Why is homelessness a growing problem in outwardly prosperous American cities?
Trump followers would argue homelessness is because of illegal immigration and laziness.
The real reasons are decades of underbuilding in major American cities, high cost of existing inventory, regulatory barriers for affordable housing, economic inequality, an attitude of “not in my back yard”, investment conglomerates that capture housing for rent, and the decline of federally funded affordable housing.
Jeff Hobbes brings all of these reasons for homelessness to light with the plight of working mothers and their children who are moving from one area of California to another because they cannot afford a place to live, school their children, and feed their family.
Hobbes’ example is of a family on the road with savings of $4,000 in a search for a job, a school for her children, and a place to live that they can afford. What is abundantly clear in Hobbes’ book is women hold broken families together more often than men. Misogyny is a reinforced truth in the world. Men spread their seed, begat children, and leave. Women take on the burden of the world’s future.
Homeless single parents with children to care for must often leave their children alone while seeking work to pay for the basic needs of life.
A woman faces greater obstacles than a homeless man because of unequal opportunities ranging from income for work to their presumed and assumed responsibility for children’s care. The general public often presumes they have their own lives to live and have no responsibility for others who have made foolish decisions in their lives. However, a rational person knows children are the future of the world. A child left on his/her own have diminishing opportunities for success without parental support. A child of a homeless single parent’s support is compromised when that single parent has to work to earn enough for the family to have a home and food to eat.
Having the personal experience of being raised by a single parent with an older brother, Hobbes’ history of a mother, on her own, fairly explains how difficult it is to avoid homelessness while looking for work and caring for her children.
The price paid for homelessness on the emotional and intellectual ability of a mother and her children is immeasurable. The cost to society is partly explained by Jeff Hobbes’ in “Seeking Shelter”. California’s system of caring for the homeless is encouraging but undoubtedly inadequate based on what one reads in the press.
Listening to the stories of homeless families is a harsh lesson for those who have escaped poverty and think if they can do it, why can’t every American do it?
Failure to address homelessness is a societal flaw. Whatever its cause, homelessness makes every citizen of prosperous nations guilty of neglect.
Tara Westover’s trials are distressing for a listener/reader of her memoir, but all children are born into a struggle to find their own identity. “Educated” is evidence of Tara’s escape from prejudice and ignorance. It is an encouraging story of recovery with an education she acquires from a lived life.
Books of Interest Website: chetyarbrough.blog
Educated (A Memoir)
By: Tara Westover
Narrated By: Julia Whelan
Tara Westover (Author, memoirist, essayist and historian.)
“Educated” is a memoir of Tara Westover’s childhood in America. Her story is personal but universal. Some children are born in caring and nurturing families, all are subject to parents’ strengths and weaknesses. Tara reflects on the life of her family with a father, mother, and siblings raised in a family with a survivalist father who has strong religious beliefs and antigovernment views of life. He raises his sons and a daughter with a wife who conforms to his wishes and a mother-in-law who believes he is wrong about public education and the value of extreme beliefs in independence.
Tara Westover reminds listener/readers that every culture in the world is blessed and cursed by diversity.
Westover’s father would be called an American “antigovernment extremist” and “survivalist”. He does not believe in institutions of government or public services and argues all forms of regulation outside the family distort the natural state of society. He believes it is necessary to hoard food, fuel, and human necessities to assure self-sufficiency in the event of natural disasters or government-imposed laws.
The Weaver Family Tragedy in August 1992 is an important symbol to Tara’s father.
Randy Weaver held antigovernment and white separatist views. His wife and son were killed by FBI agents on Ruby Ridge. A settlement of $3.1 million for wrongful deaths is awarded Weaver on August 15, 1995.
The Westover father grooms his children to support the family in a scrap metal business that evolves into a contracting company. As the children of the family mature, some leave while the father expands the family business with employment of outsiders. As Tara matures, she reluctantly becomes a worker in the family business to earn enough money to go to college. As Westover writes her story one wonders if her father will be the cause of the next Weaver Family Tragedy.
Westover shows how work and American life is not a fairy tale but for most a struggle for survival just as it is in every culture.
Desire has no limits. Freedom allows one to cope with life and, in some cases, exceed its limitations. Some cultures offer more freedom than others. Whether raised in America or somewhere else, one’s education comes from the culture in which they live. The circumstances of family are a part of a child’s education, but formal education varies within and between nations. Most nations have some form of public education, but education occurs whether publicly or privately pursued. The Westover family, in their children’s grade school and high school years rely on their mother’s home schooling.
The Westover’ family is neither a “Leave it to Beaver”, “My Three Sons”, or TV produced fantasy.
It is a reflection of a family dealing with the hardship of life in America that is sustained by a culture of independence and self-determination. Every child is impacted by the family in which they are raised. Whether government supported education or not, every child becomes an educated adult in different ways. Some like Tara Westover grow to adulthood with an education that comes from self-determination and grit despite her father’s influence and her sibling’s erratic behavior toward her.
Children do not choose their parents. Every child grows to adulthood in their own way.
There is always some level of care and nurturing in every family. The level of care they receive varies but ultimately it is how they deal with the circumstances in which they live that determines who they become. Two nearly fatal car accidents for Tara’s family and her near ejection from her family at age 16 seem to make her stronger. Her ability to write this memoir is a tribute to her determination to live a fulfilling life. The genetics of life have magnified and fortified the Westover children’s successes and failures in life.
Breaking free of prejudice and ignorance, whether one is formally educated or un-schooled, is difficult.
Prejudice is difficult because it is founded on emotional blindness shared by fellow travelers. Ignorance is founded on refusal of facts and knowledge of history. Two of the Westover sons and Tara seem to break the cycle. The first boy to leave the nest is on his way to Purdue after graduating from BYU. The second boy is believed by his father to be a genius and given license by his father to apply to BYU. One wonders whether the second boy will escape the curse of prejudice and ignorance of his remarkable family. Tara Westover’s trials are distressing for a listener/reader of her memoir, but all children are born into a struggle to find their own identity. “Educated” is evidence of Tara’s escape from prejudice and ignorance. It is an encouraging story of recovery with an education she acquires from a lived life.
REVIEWS AND VIEWS OF LIFE 
