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Ear to the Ground

‘Art-History Majors’ Are Wrecking America, Lead Romney Donor Says

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Posted on May 3, 2012
DonkeyHotey (CC BY-SA 2.0)

That’s right. Nothing to do with self-serving politicians or predatory bankers. And while we’re at it, inequality’s a good thing. Those are the arguments printed in former Bain Capital executive Edward Conard’s upcoming “Unintended Consequences,” a free-market apologia that New York Times reporter Adam Davidson dubbed likely to be the “most hated book of the year.”

Conard’s an aggressive, supremely wealthy philistine with little respect for full empirical analysis, especially if it pertains to economics. He has either ignored or knows nothing about this research featured on “NOVA” in 2010. He approaches love as you might gambling, trumping up a dubious dating algorithm designed to find him the “best” wife. He treats leisure as a sin and beauty a distraction to be eliminated by the possibility of the highest possible monetary rewards.

Just read this bit from Davidson, who spoke with Conard over many meetings:

The world Conard describes too often feels grim and soulless, one in which art and romance and the nonremunerative satisfactions of a simpler life are invisible. And that, I realized, really is Conard’s world. “God didn’t create the universe so that talented people would be happy,” he said. “It’s not beautiful. It’s hard work. It’s responsibility and deadlines, working till 11 o’clock at night when you want to watch your baby and be with your wife. It’s not serenity and beauty.”

As for the task of motivating people who don’t want to become CEOs or investors to get out of the museum and into the office, “It’s simple economics,” Conard asserts. “If the payoff for risk taking is better, people will take more risks.” Humanity is a monolith, therefore, in which all persons may be moved to become high-rolling bankers if only enough money is dangled before them. Artists, professors and even lawyers be damned. —Alexander Reed Kelly

The New York Times:

Nearly every economist I spoke with said that Conard has too much faith in the market’s ability to reward only those who create real value. Conard, for instance, insists that even the dodgiest financial products must have been beneficial or else nobody would have bought them in the first place. If a Wall Street trader or a corporate chief executive is filthy rich, Conard says that the merciless process of economic selection has assured that they have somehow benefited society. Even pro-market Romney supporters take issue with this. “Ed ought to be more concerned about crony capitalism,” Hubbard told me.

“Unintended Consequences” ignores some of the most important economic work of the past few decades, about how power and politics influence economic growth. In technical language, this field is the study of “rent seeking,” in which people or companies get rich because of their power, not because of their ideas. This is one of the few fields in economics in which left and right share many influences and ideas — namely that wealthy individuals and corporations are able to influence politicians and regulators to make seemingly insignificant changes to regulations that benefit themselves. In other words, to rig the game. One classic example is banking. Banks have enormous resources to constantly put explicit or subtle pressure on lawmakers and regulators so that regulation can eventually serve their interests.

Conard’s version of the financial crisis ignores much reporting and analysis — including work I’ve done with NPR’s “Planet Money” team — that shows that some of the nation’s largest banks actively manipulated customers and regulators and, sometimes, their own stockholders to profit from dangerous risk. And for many economists, rising inequality can create exactly the wrong outcomes for society over all. Rather than simply serving as an invitation for everybody to engage in potentially beneficial risk-taking, inequality can allow those with wealth to crush new ideas.

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Anarcissie's avatar

By Anarcissie, May 6, 2012 at 7:47 am Link to this comment

Education—both as to form and content—is irrelevant to what Conard appears to have written about.  (Going by the review—I don’t think anyone here has actually read the book.)

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By frankdouglas, May 6, 2012 at 2:25 am Link to this comment

I have a B.A. in the arts, and it does nothing for me
of value.  My cheap sheet of paper from bartender’s
school has returned more money than my college
degree.

I don’t know that I condone that mindset, but we have
endorsed a course of action where people get a degree
in something they love instead of something more
practical.  Just because you didn’t get a degree in
Classical Guitar doesn’t mean you can’t play
classical guitar.

All of the performing I do now is for free anyway.  I
do at least one show a week, and I have a job with a
drivers ed company to survive from week to week. 
Earning a degree in something a little more tangible
or functional would have made my life much easier. 
Eating ramen into my 30’s was never my idea of being
an artist.

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By Galen, May 5, 2012 at 12:36 pm Link to this comment
(Unregistered commenter)

Art history majors might be part of the problem. China forced its best students to go into hard sciences and engineering majors in order to catch up with the west. Not saying its right, just saying it worked.

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Anarcissie's avatar

By Anarcissie, May 5, 2012 at 6:25 am Link to this comment

Actually, I think this Conard fellow is very
interesting, and I think his values and worldview are
far more pervasive than the comments here give them
credit for.  To assign them just to Romney or the
Republican Party is silly.

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Concerned Canuck's avatar

By Concerned Canuck, May 5, 2012 at 5:44 am Link to this comment

The financial sector produces nothing of useful value. This dude is quite simply a
parasite. A very successful parasite to be sure, but a creature who’s sole purpose is to
live by harming it’s host. His world view therefore, is similar to that of an
anthropomorphised tape worm. It is nice that he’s being so honest though.

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mrfreeze's avatar

By mrfreeze, May 4, 2012 at 9:12 pm Link to this comment

Marian Griffith- Thanks for your thoughtful comment…far more level-headed than mine for sure. I simply can’t believe that there aren’t hoards of protesting citizens in the streets 24/7 railing against the likes of the billionaires. Unfortunately, you are absolutely correct, most people have sold their souls to the (false) god of capitalism and as long as they are “happy” they aren’t going to rock the boat. As Niel Postman so prophetically noted in “Amusing Ourselves to Death,” Huxley’s vision of the future is here!

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By diamond, May 4, 2012 at 3:09 pm Link to this comment

Can’t these dickheads come up with any new ‘traitors’? Art history majors and Muslims are all they’ve got. The art history majors have always been traitors but only since the theatrical event they call 9/11 have the Muslims joined them. To call this man a ‘meglomaniac douche bag’ is to underestimate how extremely dangerous he and his thinking are for ordinary people.

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Samson's avatar

By Samson, May 4, 2012 at 10:58 am Link to this comment

And the sad part is that the poor sucker who’s working
till 11pm instead of being home with his baby and wife
is not making himself wealthy, but is instead just
struggling to pay the bills and is making the Conrads
of this world obscenely rich.

Its the Conrad’s of this world that have created this
chart of worker productivity versus compensation.
http://tpmdc.talkingpointsmemo.com/2012/05/40-years-of-
workers-left-behind-chart.php

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Samson's avatar

By Samson, May 4, 2012 at 10:54 am Link to this comment

The irony of course is that anyone with any sense at
all can see its the business majors and MBA’s that are
destroying this country.

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Anarcissie's avatar

By Anarcissie, May 4, 2012 at 6:50 am Link to this comment

So there’s something good about majoring in art history
after all.

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By balkas, May 4, 2012 at 6:03 am Link to this comment

we all are talented—- else we wld not have been producing talented
people.
it is us, or nature/us, that endows each one of us [excluding those
nature/us injures-impairs-etc] with a special talent and one cannot put a
price or special importance on talents. talest are not there for profit
making, but for equal benefit of all people.
an apple grower is as important as a doctor, lwayer, professor, piano
virtuoso.

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By Marian Griffith, May 4, 2012 at 2:28 am Link to this comment
(Unregistered commenter)

@MrFreeze
He is not speaking nonsense. He is the only 0.1pcter stupid enough to say, this openly, what kind of society he is paying Romney to create.
The Koch brothers and all the other billionaires backing Romney have the same ideas and agenda for the future of the USA. They are simply smart enough to realise that openly saying they want a loveless, predatorial and exploitative society (with them at the top doing the exploiting of course).

The Hunger Games is an apt metaphor for the society these people see as ideal. Not the details of that story obviously but a world where people only have a worth if they can make another person richer, and can be discarded like so much roadkill when they no longer do. Only, unlike the books there is no capital city where the rich and powerful live who suppress the poor in the slums. Instead we have all made ourselves complicit in our own (about to happen) enslavement by our devotion to mindnumbing television and consumerism. We gave up our critical thinking in exchange for hollow entertainment and buying ‘new’ things instead of seeking emotional and spiritual fulfillment and just stopped .. thinking .. along the way. And in doing so we ignore the plight of others and feeling a relief it is not us, and accepting the instilled belief that because it is them in trouble and not us we must somehow be better and more deserving than them.
What price our soul? Apparently it is $9.99 per month, made payable to the leader of the megachurch that puts on the most entertaining show for us. And as long as we keep believing and acting like that the billionaires, their bankers and their lawyers keep sinking us deeper and deeper into their tar pit of moral emptiness and indentured servitude.

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By ongre11, May 3, 2012 at 10:48 pm Link to this comment

So this is the one guy who will on his death bed say “I didn’t spend enough time at work.”

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mrfreeze's avatar

By mrfreeze, May 3, 2012 at 9:42 pm Link to this comment

The quote referred to above: “God didn’t create the universe so that talented people would be happy,” he said. “It’s not beautiful. It’s hard work. It’s responsibility and deadlines, working till 11 o’clock at night when you want to watch your baby and be with your wife. It’s not serenity and beauty.”

What kind of utter nonsense..no, excuse me, fucking bullshit is this man spewing? Somehow I have a sense that he has never worked a hard day in his life…I mean real hard work that literally broke his back, cut his fingers to the bone and occasionally landed him in the hospital (I’ve done this kind of work and I’ve worked long 18 hour days away from my loved-ones myself). If he has, he would not speak such horse shit.

Please forgive my nastiness, but who the fuck do these wealthy jerks think they are and who the hell do they think they’re speaking to?

Ultimately, his hubris is embodied in his assertion that he knows what god thinks about creation. What a megalomaniac douche bag.

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By Bill Desmond, May 3, 2012 at 4:25 pm Link to this comment
(Unregistered commenter)

What an unhappy man, with out any thing much that is
truly human. .  If you scratch the surface, you would
indeed find transistors, wires, circuits and relay’s,
but no poetry.
I can almost work up some pity for him.
But more for the rest of us, because of those like him.

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By steve, May 3, 2012 at 4:01 pm Link to this comment
(Unregistered commenter)

Nobody thinks they’re a bad guy. So this hyper-rich
pirate writes himself a book rationalizing how and why
he and his ilk do the things they do. He certainly
isn’t the first S.O.B. to do that; Mein Kampf comes to
mind right off of my head. Nobody thinks they’re a bad
guy.

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PatrickHenry's avatar

By PatrickHenry, May 3, 2012 at 3:36 pm Link to this comment

There’s alot of truth in Art.

I often find myself the subject of ‘the scream’.

http://todayentertainment.today.msnbc.msn.com/_news/2012/05/02/11509256-painting-the-scream-sells-for-record-120-million-at-auction?lite&ocid=ansmsnbc11

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