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Moderator | Posts: 7,109 | Thanked: 8,820 times | Joined on Oct 2007 @ Vancouver, BC, Canada
#51
I would call those "bait-and-switch-scam-mortgages". Those were the classic sub-prime mortgages that brought the whole house of cards down. I don't think they're even allowed to sell those up here in Canada. That was a uniquely American form of self-destruction. "Don't worry, you'll sell the house for a 10% profit long before you have to pay that high rate of interest..."

The All-American make-money-now-and-screw-the-future attitude has made even healthy economies like the one up here sag and buckle under the weight of American foolishness. America is like that guy that quietly gambles and drinks all his money away, then, before anyone realizes he's broke, starts borrowing heavily from all of his friends, feeding them stories to keep the cash coming. The stories are so believable that his friends borrow money from their friends, so they can give him more money. Then one day, someone catches him at the roulette table with the money they just lent him, and word gets around... all of his friends start demanding their money back, and when he can't pay, everyone suffers.

Another interesting analogy is the the one Cringley uses about forest fires. Bubble after bubble has made the US economy dangerously ready for a giant conflagration.

Since I mentioned Cringely, he actually has something to say about the original topic of this thread, too.

As I have written before, one of the great problems in IT management is that the big bosses typically haven’t a clue what is happening, what is needed to happen, and what it all should cost. There is a role for trust here, but if the Big Guy is signing off on a budget he can’t even read, much less understand, well something is wrong. Some IT departments like this, of course, just like my students liked it when class had to be cancelled (they liked getting LESS for their money), but in tough times, facing reality and speaking the truth is usually the best course.

...when jobs have to be eliminated, they tend to come off the bottom of the organization when they should more logically come off the top — or at least from near the top. A tech who directly helps users is more important than a manager who can’t manage. This is especially true if that manager is making 2-3 times as much as the tech...
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Last edited by qole; 2008-11-07 at 06:56.
 

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