Why All This Fuss Over Satoshi Nakamoto Is A Boost For Bitcoin

[Table] IAmA: My name is Ryan Ackroyd and back in 2011 I was arrested for my part in the groups know as Lulz Security (LulzSec), Anonymous and Operation Anti Security (#AntiSec). I am LulzSec, AMA!

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Date: 2014-04-03
Link to submission (Has self-text)
Questions Answers
What was it like being raided? GAME OVER PLEASE INSERT COINS.
Do you have any regrets about your involvement with those groups? Snowden, hero or villain? Why? There's no point regretting anything because you cannot undo the past. I heard about Snowden in prison, came on the news but I only know what the news has been telling me. I will look more in to it, he's got balls I can tell you that and I admire a good set of balls.
Really? Good set of balls? Are we not doing phrasing anymore? Yes really.
Any advice on learning how to program? I'm struggling with Python at the moment. You don't learn how to program, you learn how use a programming language, programming is what you do with that information. Read lots of examples of source code, see if you can work out whats going on. Don't just copy/paste the examples, write them word for word no matter how long they are. Not only will it help understand what it is doing better you may also learn a few tricks.
That's deep man. Thanks for the advice. No problem.
You don't learn how to program, you learn how use a programming language. Damn, pretty sweet quote there. It's also true.
How did you get started 'hacking'? I first started back in 1998 I mostly used to hack PC games, hex editing, binary reverse engineering stuff. Then I learned how to use C and assembly and it just went from there.
What do you recommend for someone that's interested in hacking(in terms of learning it)? Hacking is the art of reverse engineering, before you can reverse engineer something you need to have an in depth knowledge of it.
What are your thoughts on mass surveillance? Any advice for the masses? It's been going on longer than you or I have existed. Strong encryption is the key.
Ever considered a job with the NSA? GCHQ? I don't think I would pass the security clearance now anyways. I am x military though so who knows.
I am surprised you are allowed to use computers or the internet at all now considering some of the parole conditions of many American hackers. Can you talk about some of the restrictions in the SCPO and why you feel they are unfair? Basically it prevents me from using encryption that allows hidden volumes, virtual machines and I cannot delete my internet history. It lasts for 5 years and each breach of the order can be punishable up to 5 years.
It's not a case of them being fair or unfair. I can't go too in to detail about it if I want to take it back to court, I just want to challenge it, plus I like to keep my cards close to my chest.
So would say firefox's private browsing mode be against the rules? I don't think so, I'd have to check the src of firefox to determine if it deletes the history in private mode or if it simply does not record it in anyway. The order says "Not to delete".
So if you just image a fresh install of your variety of os(debian?) everyday would that break your parole? I could just boot live OS and not be in breach.
Is that what you do? I used to, remember slax?
Are you proud of the sacrifices you made in your lifetime? Yes I am, I never look back I just move forward in to the future hoping to find peace and happiness.
Did you meet anyone interesting in prison? There's some funny characters in prison I can tell you that, made friends for life. Most of the people in there were in there for fraud, drugs, gang stuff. I never met any famous prisoners if that's what you mean? Then again everyone's story in prison is interesting.
What is the best way to protect your digital identity, and secure your privacy? Since you have experience exploiting these vulnerabilities, what do you suggest to prevent it? Strong encryption, limit the amount of personal information you place on the internet, don't draw attention, only use a sandboxed browser and tunnel your HTTPS through SSH using the highest of encryption, PGP mail for every mail, don't store encryption keys on your computer, full disk encryption and/or hidden OS, use different emails for your banking, paypal etc, Mak3p4$5w0rdZ!nCr3d!b4LlYsTr0nG, uninstall flash use Link to youtube.com instead etc, etc...
Thanks for your answer. I am not worried about personal use, I am more worried about enterprise and or security systems. preventing people from hacking my companies website, and social media accounts. I have to keep in compliance with the financial standards, so we use PGP, and Erado, for archiving and encryption. It is just nice to get the perspective what is an easy target, what would you consider a difficult target not worth pursuing? I could write a book to answer this...
Security isn't something you can just apply it's an on going process and in most cases you are relying on products sold to you on a trust basis. You're told that Antivirus software will stop you getting a virus but what you're not told is that Antivirus software only protects you against what is known, takes less than an hour to write a new piece of malware or backdoor that your AV will never detect.
People put too much faith in to security systems without understanding how they work, their capabilities or limitations.
There's no need to be "pentested" it's a right con, they only test you against old exploits, if you update regular then you're already safe.
Use 2 factor authentication and/or strong password policy, prevent users creating the own password (they will only make them simpler)
Just make your data worthless to a hacker by encrypting it.
Insightful, thank you. I know it's a vague question, but you just confirmed my intuition. Thanks for your honest answers. No problem.
Was it worth going to prison? Nothing is worth going to prison for. Yeah they are happy I am back and I am happy to see them again. It was ~100GBP for my parents to come and visit me in prison, I was a long way from home. I told them not to waste their money because the visit only lasts 2 hours.
How is your family treating you, are they happy to have you back? Did they visit you in prison? I am x military I am used to being away from home for long periods of time. It also makes time fly faster when you're not constantly reminded about home. If you don't know what you are missing then you don't miss much.
I've never been to prison, but I lost about 8 years of my life due to bad medical advice. I used to be angry-- I was thinking why wasn't it only 2 years-- why did it have to be such a complete waste of so many years? Would that have happened if it had been only 2 years instead of 8? I don't think so. Sometimes, events like that helps to put things in to perspective. We often don't think about our lives on a day to day basis but when something out of the "norm" happens it makes us think that little more.
What do you think about bitcoin? where will it be in 10 years? I think it's great, scrypt coin too! I think they will get heavily regulated soon though. I had 78 bitcoins backed up on a SDHC before I was sent to prison. Back then they were worth ~$40 each. Come out of jail and I can't find that shit anywhere lol.
The only problem is even if I do find it, it's encrypted with keys that are on the computer the police confiscated and I can't get back.
I know right?
Sue them. They stole you $ 78k. It's killing me!
If they've not destroyed your computer or had a seize order against it then you can get back things like that. Ask your lawyer. They seized it in court, I can however apply "for a copy of evidence" under UK law and they would have to give me a copy of the HDD.
Do this. Those bitcoins won't last. How long untill they are orphaned? It's been ~3 years already.
No idea. I meant they won't last as a concept (especially not at that value). Wow, only just seen it but they peaked at ~$1000? Feels bad man.
Exactly - since then the Chinese and Russians have banned it, and you can only consider it's a downward spiral from there. I wonder how long it will last here in the west, I'm surprised it hasn't already been regulated the tax man must be pissed!
I think there are also more constructive uses for mining, I mentioned this on twitter also. See there are a lot of cancer researchers and scientists that have HUGE amounts of data that needs to be mined to help cure diseases and solve the worlds problems.
The world hash rate for crypto coins is more powerful than most of the worlds super computers combined. Cancer researchers should give coins for mining cancer research data instead of wasting time generating meaningless hashes.
Do you like sporks? Yes, I do, do you?
Hey man we are asking YOU the questions here. Leave the interrogations to us the professionals. Ok bro.
Ex Army eh? Signals? or Tech in REME? I was in the Infantry.
So how were you ID'd for arrest? I fucked up, I've already explained it on here, lurk moar.
Just curious, do you think big brother is reading this ama real time or at all? They will be on this like flies round shit.
Where does/did LulzSec congregate? What is the education background of a typical member, or from where did you learn to do what you can do? We had our own private IRCD and encrypted silc servers, also channels on public servers. I am completely self taught, I have been at it since 1998.
Isn't the true "lulzy" part of this that you guys bugged some people and mocked their security and then ended up getting busted and going to prison while the companies you annoyed made their security better? That's pretty lulzy to me. What I find lulzy is the fact they were all vulnerable to webapp vulnerabilites and don't use PGP.
Wasn't LulzSec responsible for the major Sony Online Entertainment security breach? I know you wanted to retaliate because SONY was suing George Holtz for the PS3 jailbreaking thing he did, but the only thing that happened is that you inconvenienced the people. Basically I am asking. Why did you ruin all those accounts, which lead to people having their credit cards stolen, instead of just attacking SONY directly. Also, how many accounts were compromised? LulzSec says 1000, SONY says ~4000. LulzSec had nothing to do with the PSN breach, fact.
Do you suspect who was responsible? (group name, not actual name) Honestly, no Idea there is too much internet rumor and no one has officially come forward to claim it. I read some people in Spain were arrested and questioned in relation to the PSN breach but that still doesn't mean it was them.
What are your political views? I don't really have any political views, however I would like to see the rest of the world get a chance to sample democracy and be free from oppressive dictatorships (no naming names).
At first welcome back. So here an total haxolulz/past unrelated question what kind of music do you like? I like Hard Dance music, Hard Trance/Hard House.
Fuck yeah! Trance and House all the way. I used to have a set of Technics 1210 Mk2 and mix like mad when I was younger, still got some of the vinyl haha.
Hackers soundtrack, orbitals by halicon. Not hard but one of my favorites. Thanks I'll check this out. The LuLzSec hacker song by ytcracker is the ONLY hacker song haha.Link to www.youtube.com
Who is your favorite Trance artist? Ever been to any festivals? Tidy boys, nothing but. Their events are awesome, youtube "Tidy weekender"
How came you guys got the cia down? It was hit with a 100,000 node botnet.
What does this mean in layman's terms? 100,000 computers were used to send ALOT of data to the server causing it crash.
That's as simple as it gets.
Any advice for aspiring hacktivists? Trust no one.
Still on 4chan? fav boards? Rules 1&2 always apply.
Hate to break it to you bro, but 4chan is just full of kids now. The rules of the internet have somewhat faded since you left the intertubes in 2011 :( consequences will never be the same again. Ebaums world has been dead a longtime because people broke 1&2
What's your opinion on the book by Parmy Olson? I think I recall she said she talked to you by chat, but how accurate was what eventually made it into the book? I lost the book before I could read it all so I don't know...
What do you think your job prospects are now with the conviction hanging over your head? Not too good! I'm on my arse at the minuet, I'll do any job!
Any job? ( ͡° ͜ʖ ͡°) Allmost...
Write a book. Is it really needed?
Not needed per se. But you can tell an autobiographical perspective that nobody else can. The story lulz & Anon supporters would want to hear. Obviously not a 'tell all' but a 'tell most'? Yeah I get what you mean.
Was there a time before you were caught that you were worried or thought the authorities might have a clue as to your real identity? I knew I was going to get caught, I fucked up.
Did you have a backup plan? There was no backup plan but I realized the mistake early and acted accordingly! No I do not own guns, they're a lot more restricted here in the UK.
Are you still in touch with Jason? Saw he went to prison recently, I actually went to HS with him. How long did he get?
Jeremy, not Jason. Twins. Yeah, I think he got 10 years or something like that? I've not heard anything from him since I got out, hope he is ok.
I look up to you on how you managed to convince everyone you're a girl, smart and funny thing at the same time. Really I look up to you like a celebrity, hah. Maintaining a strong persona such as kayla and doing what I did wasn't easy. If I could go back in time I wouldn't change anything, I'd just keep going back in time to relive it over and over again. Nothing is worth prison time, it's a waste of life however I did manage to get some qualifications out of it. Not many people can say they left prison with a diploma for the thing they went in for.
If you could go back in time, before the creation of Lulzsec, what would you do differently? Also, was Lulzsec's missions worth the prison time? Where did you learn social engineering, and hacking? I learned to do what I do from programming, it is simply reverse engineering.
Thank you for your answer. What do you think about the Syrian Electronic Army, their methods of attacks, and their meaning? I honestly believe they are state sponsored (possibly not from the beginning) but I do believe they are the people Assad is turning to. As for their methods I don't even know what methods they are using, I'll read in to it though, I'm fresh out of prison and most of what they have done was done while I had no internet access. I've been banned from the internet since 2011.
That they are, got many of Advanced Replacements on products. If you had to choose between, Windows or OSX which would you choose. I'd choose Windows, I'm not a fan of OSX.
This is probably the longest I've ever seen someone take questions in an AMA. Thank you for dedicating so much time to answering people's questions. No problem I enjoy answering questions and I will be here until the questions dry up.
How did it feel being able to get behind a computer for a first time in 2+ years? Did you build a rig to re-live the novelty or do anything particularly special? Porn, me thinks. I was able to use computers in prison. I was given a job as a class room assistant helping teach people about computers, basic things. I also managed to complete a number of computer related qualifications and gained a diploma. Seeing the internet after 2+ years was kind of strange though. The internet looks a lot different now compared to how it did in 2011. To be honest I don't like it, it has that "iphone look" to it all, big buttons and lots of unneeded JS. I wish I could build a rig I just do not have the money to do so. Hopefully soon I will find a nice job and maybe then I will build one.
Did you have internet in jail? No they do not allow internet in UK prisons.
Do you think access to the internet should be a human right? When will it be? Yes it should be and I am sure it is already so!
Here you go Link to www.wired.co.uk
My question: Did you ever have any suspicions about Sabu? At any point did you guys think, Something is up with this dude? Everyone had suspicions about everyone, things were being patched, rootkits disappearing, logs being leaked etc..
Was prison anything like you had expected it to be? Better than I thought it would be, I had most prison movies flashing in my head on the way there from court but it's nothing like that.
Could you elaborate more on what it's like please? Once I got to prison I realized it's nothing like the movies. Because it was all over the news when I was sentenced everyone in the jail knew who I was and what I was in for. I've made some good friends out it, people I am going to meet again once they are free. No one was ever violent towards me, you don't give any attitude you don't get any attitude. I did see some people get fucked up in there, mostly starts over something really silly, like a game of pool.
How did you pass the time? I used to pass the time playing chess with my cell mate or by watching all crazy people in there.
Did you personally encounter much violence in the prison? Or is it easy enough to stay away from it if you don't rock the boat or whatever? Well, most of the prison movies I have seen all show people stood at the bars, big guys growling "mmm fresh meat" and everyone getting stabbed up every 2 minuets. When you've never been to prison before you can't help but think back to every movie you've seen about prison.
When do you think the govt will evolve enough to have guys like you helping to grow our society? Right now it seeks to hunt you down...terrible waste of resources imo It is, there's a lot of talent rotting away in the prison system.
Administrations that in one breath expresses the need for engineers of digital space and then issues the order to capture the very people with such talents. Edit: its been many administrations haha :*( And many more to come!
Its wishful thinking but i hope that the economic imperative will win out as we progress to what can be depicted best by the Type I civilization coined by popular theoretical physicist Michio Kaku. Things need to change, that's for sure.
Is Milhouse a meme? Milhouse was the best meme!!
Do you like Wheatus? No, Wheatus sucks.
How do they ? Well I just like to suck wheats thats all.
What do you think - in Wrestlemania '98, did Mike Tyson get punched in the cock? Never watched it back then, I hope so!
Are you now like Gavin Orsay (Jimmi Simpson) on House of Cards? Never watched it, only just got out of prison I've heard a lot about that series, I'll look in to it.
Gavin in House of Cards has a guinea pig. Reminded me of "Noodles". :3. Hahaha.
the character Gavin is this hacker and there's a scene where he tells his FBI handler that they have to drop charges against Barrett Brown. Link to www.youtube.com Really?
Indeed. And check out who advised on the new season of HoC :3. Link to www.theguardian.com. HAHAHAHAHA.
Do they let you have PlayStation in British prisons? Link to www.dailymail.co.uk. They do if you buy the PlayStation.
What did you have in your cell? TV, Kettle, Radio, Bed, locker and that's it... I wasn't bothered about a play station, just used to play a lot of chess and poker.
What sort of people did you meet in association with the hacking groups? What kind of people are hackers? Out of everyone I have met there are only a small handful of people that I would put in to the "reverse engineehacker" bracket. Lots of people who know how to use exploits, not many who know how and why they work or are able to write their own, truly is a dieing art.
Do you ever think about trying to get hired for security for websites or for government computers or something along those lines? Again it's probably a trust issue...
Personally, I was very stupid and didn't really care about the ease with which personal information can spread, and didn't know how widespread NSA surveillance was. Given that a lot of stuff is out there already, if someone wanted to take the time to look at it, do you have any advice as to how to minimize the damage? Strong encryption is the key but to be honest, Internet Service Providers should be doing more to protect it's customers privacy, they should allow AES256 pipes for every customer as standard.
Many (fairly intelligent) people I talk to agree that they are concerned about surveillance and privacy on the internet, but they're resistant to try and use encryption or anything because they have it in their heads that only supergeniuses can understand computers like that. Do you have any suggestions for introducing these concepts to slightly technophobic people? I think encryption needs to be simplified for the regular user. It can get a bit confusing if you have never used it before or understand it's significance.
Also, wanted to thank you for your advice to the person below asking about how to learn programming. I know a little introductory Python, but I never really knew how to go from there to creating and understanding a whole big project. Programming languages too, learning new things is never easy, it's about determination and the will to succeed. The best way to learn is to read lots of source code and try to work out what is going on, maybe you could even improve on it?
How did you learn to hack? From learning to program.
Hacking is reverse engineering, it's an in depth knowledge of the underlying system/code/hardware/technology and the ability to take it apart piece by piece and reassemble it in to something else.
How long did it take you to become a proficient programmer? How did you learn? How long did it take you to become a proficient reverse engineer? How did you learn? I just learned from doing, trial and error. If there was something that I did not understand I would just research it, it sometimes helps to read it from more than one source. I used to just read lots of examples and try to make sense of them, if I found something new or something I did not understand I would research it.
As for time, I am unsure... I am still learning now, it is an on going process. All I can say is learn the basics and be creative, if there's something you do not understand research it, google always has the answer.
Have you only just got out of prison? I have been out a few weeks but I have only been on the internet a few days now.
Ever hear from anyone in that channel? Just one, those times are sadly gone.
When you got V&, they said two men where arrested for using the Kayla alias in some media. What happened there? The other person was my brother, they were unsure if it was him or me.
Ahh, You're poor brother... what happened when you got raided, how many people, where did they take you? I was home alone, they arrested me and took me to the police station for questioning. They told me during questioning that they had also been to arrest my brother.
Is human body very good build pc with very cheap soft?If it's so easy to exploit:( No it's a design prone to failure.
I want to learn Python 3. Codecademy is Python 2 (like all good tutorials...they seem to be for 2). Thanks for the links. I'll look into them. At the minuet I am going over logic, reading into some Verilog and other HDL because I want to experiment with some Field Programmable Gate Arrays (FPGA).
Hey its Kayla! Hahaha.
Hey thanks for the advice in the thread . I'll definitely use that on my quest to getting my Computer science thread and furthering my programming language knowledge ! No problem.
Kayla, I just want to say thank you. Haha no problem.
Meanwhile, while you were in prison our gov't set up a fake twitter type service in Cuba with the intent of helping topple the Cuban gov't. -_- I'd like to see how you have come to this conclusion? Or is it official and that is it's official purpose?
I just find it ironic that while prosecuting with one hand the other is going to extreme lengths to topple a government with social media. It's usually the case.
You should try this at /netsec. Possibly, no way to link them over? I'll admit it, this is the first time I've ever used or been to reddit.
They would probably have a few more knowledgeable comments and questions. Doesn't seem like any of them took the bait!
Yea, go to /netsec and create a new post, and make it a link (to the url of this thread). Make the title basically the same, but bring up the fact that it's an xpost. Thanks, I'll do this after I've made a coffee!
My question: why didn't you guys get ahead of the game by targeting Google. They're the resident evil today. Care to explain?
I think he meant Umbrella Corp. They have their hands in everything, and are mercilessly expanding. Fist umbrella fuck with zombies, now google!
#tr0ll. Hahaha, I'd like to believe it but...
Last updated: 2014-04-07 22:43 UTC
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    5. "Hurricane" Higgins finishes the match [gif] (119 points, 17 comments)
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    7. The Blessing and launching of HMS Albion (1898) created a wave that drowned 39 people, you see them bottom left in some of the earliest disaster footage (110 points, 6 comments)
    8. Pizza with mini meat-pies baked in the crust Australian frankenfood (106 points, 6 comments)
    9. Bought for £1, the mysterious tower that inspired JRR Tolkien (101 points, 1 comment)
    10. Castro meets Nixon: April 1959 [pic] (100 points, 4 comments)
  8. 1687 points, 32 submissions: ceegee1975
    1. Nicolas Cage returns stolen dinosaur skull he bought at auction for $276,000 (192 points, 11 comments)
    2. Why Hypercolor T-Shirts Were Just a One-Hit Wonder (99 points, 15 comments)
    3. Clean My Space. A youtube channel devoted to cleaning just about anything (98 points, 3 comments)
    4. Scientists have breached the blood-brain barrier for the first time to treat a brain tumour (83 points, 2 comments)
    5. They Might Be Giants-Ana Ng (78 points, 8 comments)
    6. How It's Made: Balloons (74 points, 4 comments)
    7. Mr. Bean The Movie - 'Gun' Scene (72 points, 6 comments)
    8. The Best Homemade Girl Scout Cookie Recipes (71 points, 5 comments)
    9. Monty Python - How Not to Be Seen (68 points, 2 comments)
    10. George Carlin - Euphemisms (65 points, 8 comments)
  9. 1623 points, 13 submissions: mrekted
    1. Legendary con man, scam artist, and forger Frank Abagnale Jr. pictured in the pilots seat of a Pan Am airliner. He flew over 1,000,000 miles while wearing a Pan Am uniform. He was never their employee, nor was he a pilot. (484 points, 24 comments)
    2. What It's Like When Reddit Wrongly Accuses Your Loved One Of Murder - The Boston Marathon Bomber Reddit Witch Hunt (240 points, 23 comments)
    3. Tim's Vermeer - Penn Jillette chronicles a mans ridiculously compulsive and obsessive five year obsession with reverse engineering and mastering the artistic techniques of Dutch master painter Vermeer (148 points, 6 comments)
    4. Cadillac Ranch, Amarillo TX. A bizarre, macabre tribute to the American love affair with the automobile. Visitors are encouraged to add their own ideas and messages to the memorial with spray paint. (133 points, 7 comments)
    5. 2010 - Reddit comes to the aid of a terminally ill little girl who was being cruelly harassed by her neighbors (126 points, 7 comments)
    6. In 2013, a UK man scoured the local dump after realizing he threw away a hard disk that contained 7500 bitcoins. At current market value those coins are worth a little over 5.5 million USD. (125 points, 4 comments)
    7. A float in the first Macy's Day Parade in 1924 (95 points, 1 comment)
    8. On Halloween 1938, Orson Welles enters legend with a radio play that convinced listeners that the planet was under attack by aliens from outer space (68 points, 1 comment)
    9. That's one fuckin' nice kitty right there. (51 points, 0 comments)
    10. Stampedes, pepper spray, fist fights, shootouts, and death. This is Black Friday in the United States. (49 points, 4 comments)
  10. 1535 points, 23 submissions: themanwhosleptin
    1. The reason why The Simpsons are yellow is because the creator Matt Groening wanted them to be recognizable when you flip through channels on the TV (194 points, 7 comments)
    2. Shoes (189 points, 3 comments)
    3. On April Fool's Day 2014, NPR posted a fake article on its Facebook page titled "Why Doesn't America Read Anymore?" When clicking on the post, the article asks its readers to not comment on it. Not surprisingly, many people commented anyway. (167 points, 7 comments)
    4. Gran Torino (2008) - a film about an elderly racist Korean War vet, his Hmong neighbors, and their struggles with street gangs (115 points, 11 comments)
    5. Napoleon's Exile In Saint Helena (91 points, 2 comments)
    6. Munchkin - a card game that parodies tabletop RPGs) (90 points, 7 comments)
    7. Meet Brother Najeeb Michael, the monk who saved thousands of manuscripts from IS jihadists (66 points, 1 comment)
    8. The Jimmy Timmy Power Hour - a television crossover film trilogy set between the universes in The Adventures of Jimmy Neutron: Boy Genius and The Fairly OddParents (66 points, 2 comments)
    9. Tibetan Monks and Nuns Turn Their Minds Toward Science (51 points, 1 comment)
    10. The Rule of Thirds - a fundamental technique in photography (47 points, 0 comments)
  11. 1218 points, 14 submissions: justtoclick
    1. "Do it yourself doodler" album (359 points, 8 comments)
    2. If Harry Potter was an anime series (171 points, 37 comments)
    3. The Muppets explain Phenomenology (122 points, 4 comments)
    4. Hawaii Still Has a Leprosy Colony With Six Patients (94 points, 17 comments)
    5. David Bowie song 'Changes' inspired Brandon Flowers to form The Killers (59 points, 4 comments)
    6. Dave Barry’s 2015 Year in Review (57 points, 1 comment)
    7. U.S. Muslims to overtake Jews by 2026 (53 points, 9 comments)
    8. The Beatles Play Ed Sullivan: The Historic TV Appearance Heralding the British Invasion (52 points, 0 comments)
    9. The Evolution of Batman's Bat Symbol [Infographic] (51 points, 10 comments)
    10. Cycling With the Psycos -- Counterculture feminism in East L.A (48 points, 0 comments)
  12. 1191 points, 14 submissions: Lillyclown
    1. A Pocket Guide to Vaginal Euphemisms (197 points, 33 comments)
    2. The story behind the McDonalds hot coffee lawsuit (165 points, 28 comments)
    3. The Polish Beer Drinking Party (PPPP), orginally a satirical political party to promote beer, not vodka, and fight alcoholism, won 16 seats in the 1991 parliamentary election. Later splitting to Big Beer and Little Beer. (126 points, 6 comments)
    4. History of Color (115 points, 3 comments)
    5. The Chemistry of Ice Cream (89 points, 6 comments)
    6. 150 year old sunken steam boat's contents. Including still edible food! (87 points, 3 comments)
    7. The Strangest, Most Spectacular Bridge Collapse (65 points, 7 comments)
    8. All Blacks haka (61 points, 1 comment)
    9. The Poisoning of a City (61 points, 0 comments)
    10. British Police use Tea as a perfect analogy for sexual consent. (57 points, 9 comments)
  13. 1147 points, 14 submissions: Radu316
    1. There's a statue of Lenin at the Pole of Inaccessibility in Antarctica. It was on top of a Soviet research station in the 60s. Abandoned in '67, it was forgotten until 2007 when it was rediscovered by a team of explorers. By then, the statue was the only part still visible. (167 points, 2 comments)
    2. Strelka was one of the first animals in space to return safely. She became a sensation in the Soviet Union and had puppies with cosmo-dog Pushok. Nikita Khrushchev gave a puppy, Pushinka, to JFK as a gift. She also had puppies and Strelka's bloodline is still alive in the United States. (147 points, 7 comments)
    3. The Turk was an 18th century chess-playing automaton. It went on a tour of Europe and America, defeating noted chess players like Ben Franklin and Napoleon. After being destroyed in a fire, it was revealed to be a hoax - a person (usually a chessmaster) hid inside and operated it. (136 points, 10 comments)
    4. "Houston, we have a problem" is a slight misquote popularized by the Apollo 13 movie. The real line was actually "Houston, we've had a problem" and was first said by astronaut John Swigert, not mission captain Jim Lovell. (115 points, 14 comments)
    5. Marginalia are all the various scribbles and comments made in margins of books or documents. In medieval times, religious texts written by nuns and monks featured marginalia with all sorts of vulgar images and dirty jokes. (96 points, 5 comments)
    6. Brain crater on Mars. The bizarre texture of the crater floor makes it resemble a brain. NASA worked out that, at 0.6 miles wide, the brain is about the right size to fit inside the mound known as the Face of Mars. (90 points, 0 comments)
    7. Statue of Alexander the Great taming Bucephalus. Bucephalus is often regarded as the most famous (real) horse in history. According to Plutarch, the horse died at the Battle of the Hydaspes in 326 BC. Afterwards Alexander founded the city of Bucephalia in his honor somewhere in modern day Pakistan. (81 points, 4 comments)
    8. Pretty much everything there is to know about tartan (aka plaid in America). The pattern of the kilt can be used to display your family background, royal lineage, service in specific branches of the military, even your name. You can even register new ones at the Scottish Register of Tartans. (79 points, 4 comments)
    9. "There's a sucker born every minute" is a quote attributed to P.T. Barnum, but it was actually said by David Hannum, one of his competitors. Hannum said it referring to people who paid to see Barnum's Cardiff Giant instead of his original, not realizing that both were fake. (60 points, 0 comments)
    10. Heart of Neolithic Orkney is a 5,000-year old world heritage site in Scotland. It includes four monuments: two ceremonial stone circles, a tomb and a former village called Skara Brae. Skara Brae is sometimes called "Scottish Pompeii" because it is so well-preserved. (47 points, 2 comments)
  14. 1128 points, 13 submissions: StochasticLife
    1. Banned until the 1980's, rock music in the USSR was smuggled around the country on records made from X Ray film. They were called 'Ribs' or 'Bone Records'. (216 points, 14 comments)
    2. Lithuania has only ever had a single king, Mindaugus. He was crowned king in 1251 and assassinated in 1263. (157 points, 5 comments)
    3. Russian had a monopoly on Vodka for over 400 years (1540's - 1992) and at one point Vodka sales made up 40% of the state's revenue (130 points, 8 comments)
    4. A nickelodeon was a hastily assembled movie theater, often setup in converted store fronts, that charged a nickle for admission. They were most popular between 1905 and 1915.) (114 points, 0 comments)
    5. Christopher Hitchen's video - Mother Theresa Hell's Angel, a critical look at her political relationships and the nature of her charitable practices. (109 points, 11 comments)
    6. Zatoichi, about a blind swordsmen, is one of Japan longest running film and TV series with over 27 films and 100 TV Episodes. (91 points, 6 comments)
    7. The oldest (surviving), and largest, Baha'i house of worship is in Wilmette Illiniois.) (64 points, 8 comments)
    8. Some humans (all women) are tetrachromats and are capable of seeing millions of colors the rest of us can't see (60 points, 10 comments)
    9. Geddy Lee of Rush was born in Canada to parents who were Polish Immigrants and holocaust survivors of Auschwitz, Dachu, and Bergen-Belsen. (50 points, 2 comments)
    10. North Korea prints the best counterfeit $100 (USD) bills in the world; they have been dubbed the 'Supernote' (45 points, 0 comments)
  15. 910 points, 8 submissions: frigate
    1. Salmon farmers choose the desired orangness-pinkness of their product from a colour chart (SalmoFan) provided by a company which supplies the food dyes to colour farmed salmon that would otherwise be gray, khaki, pale yellow, or pale pink (191 points, 10 comments)
    2. Kurt Vonnegut humorously graphs the shapes of stories (162 points, 5 comments)
    3. The Highway Hi-Fi: the short-lived record player designed for use in automobiles in the 1950's (155 points, 10 comments)
    4. H&M is making a $99 wedding dress. Here’s what that says about economics. (138 points, 43 comments)
    5. How a Math Genius Hacked OkCupid to Find True Love (100 points, 18 comments)
    6. A few of the most impressive and iconic pipe organs from around the world (81 points, 3 comments)
    7. Truth and Reconciliation Commission: By the numbers – The odds of a child dying in a residential school were about the same as a Canadian soldier dying in World War 2 (48 points, 2 comments)
    8. Gordon Lightfoot superfans cherish every show – "Lightfoot lifers" are fans of Gordon Lightfoot who see as many performances as possible (35 points, 1 comment)
  16. 854 points, 5 submissions: CryptoCollectibles
    1. Cows Playing With Hay .gif (351 points, 24 comments)
    2. Super Antics #8 by Kerry Callen (303 points, 18 comments)
    3. This Ad for /Bitcoin made Two Years Ago, As relevant today as ever describing CryptoCurrency (114 points, 3 comments)
    4. How to Draw Teenage Mutant Ninja Turtles from 1986 (43 points, 1 comment)
    5. DIY: 25 Wearable Geek Projects You Can Knit or Crochet (43 points, 0 comments)
  17. 698 points, 7 submissions: goofballl
    1. Hongdae's (in Seoul) Love Museum features a single exhibit on the history of pornography in Korea. The rest of the museum is taken up with interactive sex-related photo ops. (203 points, 6 comments)
    2. Last known VCR maker stopped production in July, 40 years after VHS format launch (140 points, 9 comments)
    3. Although the exact cause for vitiligo remains unknown, it is thought to be caused by the immune system attacking and destroying the melanocytes of the skin. It famously affected Michael Jackson, causing sections of his skin to lighten over time. (106 points, 13 comments)
    4. Utchari, one of the most difficult moves in sumo, requires a wrestler to lift their opponent entirely off the ground and throw him behind and to the side. (89 points, 7 comments)
    5. Yamadera (lit. mountain temple) is a temple complex found in Yamagata Prefecture after a thousand step climb. It's where the poet Matsuo Basho penned his famous haiku: In the stillness/the cry of the cicada/penetrates the rock. (88 points, 10 comments)
    6. Cauliflower ear occurs when a blood clot forms between ear cartilage and connective tissue. This causes the cartilage to die, creating a deformity common to grappling sports like wrestling. (39 points, 3 comments)
    7. Guillain–Barré syndrome is an autoimmune disorder in which the body's immune system mistakenly attacks the peripheral nerves and damages their myelin insulation. During the disease, only a third of afflicted people are able to walk, and the exact cause of the disease can remain unknown. (33 points, 0 comments)
  18. 698 points, 7 submissions: E_Pluriscoop_Unum
    1. Roger Ebert: "Ponyo [is] one of the very rare movies where I want to sit in the front row, to drown in it. This is more than “artistry.” It is art." (211 points, 11 comments)
    2. Chocolate Rain - Tay Zonday (138 points, 7 comments)
    3. Billy West, the voice of Nickelodeon, talking about some of his voices. (122 points, 7 comments)
    4. Pingu - A beloved children's show from Switzerland (68 points, 5 comments)
    5. Nümberwang - Mitchell & Webb (58 points, 0 comments)
    6. A point about drawing swords (57 points, 3 comments)
    7. Werner Herzog's Disoriented Penguin (44 points, 3 comments)

Top Commenters

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  2. 0and18 (584 points, 284 comments)
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  5. twitch1982 (222 points, 19 comments)
  6. balrogath (218 points, 36 comments)
  7. justtoclick (216 points, 38 comments)
  8. sverdrupian (199 points, 31 comments)
  9. appropriate-username (154 points, 49 comments)
  10. jaykirsch (151 points, 51 comments)
  11. davidystephenson (145 points, 7 comments)
  12. mrekted (138 points, 5 comments)
  13. no-fun-at-parties (136 points, 17 comments)
  14. Neebat (128 points, 17 comments)
  15. ceegee1975 (112 points, 45 comments)
  16. Disaster_Area (111 points, 4 comments)
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  23. xkcd_transcriber (95 points, 11 comments)
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  1. An adult oyster is capable of filtering 25-50 gallons of water a day. by sverdrupian (1030 points, 72 comments)
  2. I was a child star in the 80s. AMA by wil (574 points, 535 comments)
  3. Legendary con man, scam artist, and forger Frank Abagnale Jr. pictured in the pilots seat of a Pan Am airliner. He flew over 1,000,000 miles while wearing a Pan Am uniform. He was never their employee, nor was he a pilot. by mrekted (484 points, 24 comments)
  4. "We come in peace" by appropriate-username (470 points, 10 comments)
  5. The anime Ghost Stories was a mediocre show without much to write home about. However, when it came time to translate it to English, the dub team was given enough leeway that they pretty much parodied the original material. The results are hilarious. by selfproclaimed (439 points, 38 comments)
  6. During Florida winters, manatees flock to nuclear and coal power plants for the warm water discharges. by wormspermgrrl (414 points, 29 comments)
  7. A brief Batman comic by Czarry (396 points, 8 comments)
  8. actress Linda Hamilton has a twin sister who made it possible for Terminator 2 to film some scenes in one camera shot without compositing by joelschlosberg (396 points, 15 comments)
  9. "Do it yourself doodler" album by justtoclick (359 points, 8 comments)
  10. Ben Franklin's daily schedule by joelschlosberg (353 points, 29 comments)

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[Table] IAmA business school professor and former Fed & White House economist. AMA!

Verified? (This bot cannot verify AMAs just yet)
Date: 2013-12-05
Link to submission (Has self-text)
Questions Answers
The protestors in the other IAmA are catching a lot of shit for saying the minimum wage should be $15.00. What do you think the minimum wage should be? On the questions of what the minimum wage should be and what the effect would be on fast food industry... We are having the conversation about minimum wage for two reasons: First, the level of income, and second the disparity of income. A 40 hour minimum wage job puts a single person at about $15000 per year, about 1/3 of what the median household income. At least as important, though, is the widening income disparity between the top and bottom of the income distribution. Increasing the minimum wage will help increase the level, and will move but will do little, really, to change the overall distribution. I suspect that the minimum wage will never be the 'living wage' that some wish it would be.
Also, what is your favorite Christmas song? On the Christmas Song (the easier question): Deck the Halls.
With the current US debt topping $17 trillion, is it inevitable that we are destined to follow in Greece's footsteps? If not, what steps do we have to take to avoid Greece's fate? The key to avoiding becoming Greece is to keep innovating (note the thread below on falling R&D.. .which is not the way to go). Debt is not an issue so long as the capacity of the economy to repay the obligations is rising... this is why innovation is important.
Hello Mrs. Mann, Wouldn't you agree that then we (the people) should encourage our government to fund science, technology as the driving force of our economy? Government funding of basic research, including through academic institutions, is catalytic to private sector R&D.. so yes.
I like how you cite innovation as crucial to avoiding the fate of Greece while dismissing truly astounding innovation as "only moderately good." Not sure what the quotes apply to?
Of course, nourishment from the parasite is crucial to the growth of the host. It makes so much sense now. Thanks Doc! Symbiosis, not parasitic.
Dr. Mann, I'm not one for economics and the like, so I'll ask a fun question. Why choose? Watch it on both holidays.
With the holiday season quickly approaching, do you think Tim Burton's The Nightmare Before Christmas is a Christmas movie or a Halloween movie? I just can't seem to figure it out. See this link for more: Link to macroblog.typepad.com
Also, how do you feel about notable decreased spending in the sciences that has become the norm in the US? As a chemist, I've noticed a decreasing size of proverbial "pie" going around, especially with government funding. Federal funding cuts on account of sequestration. Private R&D is now more important, but over the last 5 years, has been falling due to recession/slow recovery. Smart firms are spending money on innovating (the R in R&D), but most firms are waiting for demand to materialize (why do any of the D in R&D if there is no demand?).
What are your thoughts on BitCoin? Don't buy now! In some respects like any asset (price goes up and down). In some respects like gold (mined, anonymous). But, not clear about its long-term value... will a broad class of economic players want it? In terms of BitCoin as money'-- money has three uses: unit of account, means of exchange, store of value. Bitcoin is only moderately good at any of these.
Hi Prof Mann..I took your Intl Finance class few years back. I was grateful to learn from a real world economist rather than textbook economists. Hope all is well! Q. What do you think about the massive bubble in the US stocks ? Looks like there will be a sharp drop once the Fed pulls out of QE. How will that affect the Main Street? Good to hear from you... hope you are doing something fun. Main St has not generally gained all that much from the last couple of rounds of QE -- bank credit remains sluggish, and most Main Street individuals do not own a lot of stocks: See NYtimes Economix:Link to economix.blogs.nytimes.com
What is the biggest misconception about the national economy you see on a regular basis? That the budget deficit at zero should be the objective.
Hi there! It's Kathryn Peyton. Hope you are well. John Hussman says QE is a cheap parlor trick. What do you think? Are we ever going to have interest rates again? If not, what happens to pensions? Hi Kathryn, QE is not a parlor trick, more like a ponzi scheme for the equity market (see other thread on asset bubbles), and for the hedge funds that are trading US Treasuries in the CFCs (Caymans). The best way to get to positive interest rates would be for the Washington policy crowd to stop back-biting. Simply reducing the uncertainty and vitriol would enable consumers and business to go about what they should be doing, and positive economic news would llow the Fed to remove the exceptional policy.
Having worked at both the Fed and the WH, how much influence do you believe the President has over the economy? Congress writes legislation and passes the budget (or used to... they haven't done either recently), which gives the President less power than it might seem.
How should the U.S. government address the increasing income disparity, if at all? Income disparity is partly on account of policy choices, therefore, different policy choices would lead to a different distribution of income... the current distribution of income is not in the best interests of the US economy as a whole.
Do you believe the regulations enacted after the Great Recession will prevent a similar collapse in the future? Dodd-Frank is not Glass-Stegall... Financial institutions have a great ability to arbitrage rules. With that many rules there are that many arbitrage opportunities.
Then what is or should be the economic role of the President? President proposals are big think.
What kind of income distribution would you like to see and what policy choices would get us there? Income distribution of the 70's-90's was different... and over the whole decades, economy grew faster.
Then do you believe we should deregulate the financial industry? No, I don't believe we should further deregulate. My point is that very complex set of rules and regulations is unlikely to achieve the objective of a transparent and safer financial system.
They get criticized by some as "horrible, oppressive, gender-biased, and a tool to protect for the Western elite.". Do you reject these? On Prebisch-Singer (that manufactured goods prices rise relative to commodity prices over time): the empirical evidence for the long-term is pretty clear.. you want to be in manufacturing (or actually services these day...see Balassa-Samuelson). However, there can be relatively long periods (a decade) where P-S does not hold. Can a resource-rich country use that period of time to diversify is production away from the single resource, so that when P-S holds again the country has sufficient support for a broad-based development?
Do you think that it is possible for the government to identify asset bubbles? If so, do you think the government ought to take an active role in deflating/popping/counteracting asset bubbles? A number of years ago (before the financial crisis), I was at the Jackson Hole Central Bank fest. At that time, other policymakers (esp. Japan) focused on how to pop asset bubbles because they had learned that they did not have the capacity to 'clean up the mess'. The US policymakers preferred to allow the bubble to proceed because of the potential upside of the bubble (funding new ideas), and there was the belief that we could clean up any mess (and we had done pretty much OK following the 2001 tech bubble).
How can the Fed "manage an economy in which the zero nominal interest rate is a chronic and systemic inhibitor of economic activities, holding our economies back below their potential"? Larry's thesis focuses on the interest elasticity of business investment, whereas these days more important is the consumer demand elasticity of business investment. I suggest that we need to rethink the role for bank credit and how that might be related to consumer demand. The lower interest rate helps the large and global to borrow (which they have done to pay dividends and buy back stock), but not to hire workers and create consumer demand. The lower interest rate has not helped small local firms because banks won't lend to them. Therefore, no credit, no hiring, no consumer demand. Creating positive feedback loop at the small local level could support a broader based recovery... but this is not based on low interest rates, but on availability of bank credit.
Do you see the business scape changing? What new opportunities and challenges will MBAs or finance grads face in the next 5-10 years? Are your students' pursuits different than pre-recession grads? Numbers numbers numbers... Look into big data, marketing, and any type of structural analytical thinking.
Prof. Mann, what's your thought on China's banking system? Can I say that it sacrifices efficiency for the sake of stability? Chinese banking sacrifices efficiency and is headed toward sacrificing stability.
What are your thoughts on a Universal Basic Income in the US? Specifically: Do you think it would be a net positive to the US economy and how soon and how difficult do you think it would be for this country to enact such a policy? Switzerland in October voted in this direction. US is not likely ever to do so.
Zero interest rates for nearly a decade? Quadrupling the money supply in a few short years? Financing 70% of gigantic US federal deficits by just adding electronic zeroes to the federal government's accounts at the Fed? Responding to the massive destruction caused by US government-induced asset bubble by re-inflating that same asset bubble and inflating several other simultaneous asset bubbles? This can't possibly end well, can it? I think we are trying to end it with a whimper not a bang. But, volatility for sure.
What are your thoughts on offshoring? The work that I am doing now suggests that the globalization of the supply chain (another phrase for off-shoring) is pulling back. In the past, firms only focused on the mean (e.g. average cost) gain to offshoring. Now, they are also focused on sigma (the uncertainty about how long it takes to get product) and well as the black swan event such as Thai floods, Fukasima, Bangladesh factory collapse, and other catastrophic events to both inputs and reputation. So, the mean gain is being reassessed in light of uncertainty and the black swan event... bringing at least some of the activity back home.
What career choice would you advise in a flat world? On careers-- the world is anything but flat. Consumer preferences are becoming more heterogeneous in all dimensions. Think about what your talents to meet heterogeneous demands... these are the new products.
Hi, and thanks for the AMA. With regard to a career that balances policy making and academia, do you have any advice for a new graduate who would like to head down this road, however is not necessarily a prize-winning/scholarship student? Policy-making and academia work well together, especially from a teaching perspective. Policy experience makes for good classroom discussion. Go work in Washington (or wherever your capital is) and then draw some generalizations (e.g. come out of the trenches for a while) and write a blog or set of articles as a start on an academic resume.
Do you have a sense (/guess) about whether the dip after the postwar boom is the new normal or not? Can we get back to sustained and sustainable growth, or was the boom an anomaly? Is this a question about whether 2.25% is the new normal for the US? (Not sure about which post-war time period). This is a normal predicated on the policy set we have now. Change the policy set and I see a burst of business and consumer demand that will support innovation and a virtuous cycle back toward 3%... at least I'm hoping.
China's investment into American sovereign debt leads many to call it 'Chimerica'! How intertwined are these two economies? How much is China's currency war hurting the American exports? Importantly related, but probably less intertwined than most people think. Yes, China owns a lot of US treasuries. But China actually exports more to Europe than to the US at this point.
Professor, I go to Bentley University just on the other side of town. Thanks for doing an AMA. I was wondering what your thoughts are the governments decision to subsidize green technology companies, such as Tesla, which until recently (Q1 of 2013 for Tesla) have been unable to produce any profit? Will these subsidies be effective you think in promoting green technology and eventually leading to a change at the industry level? Research into technologies is a better strategy than picking firms that use the technologies... the problem with subsidizing a firm is that the funding is a bet not only on the technology but on the firm's managers. Leave that joint-bet to venture capitalists.
What is your opinion of QE3 and if it is negative, what do you think is a more effective strategy to restart economic growth? What do I think of QE3 -- The objectives of the fed policymakers are stable inflation and low unemployment (what used to be termed sustainable long-term growth). They are operating in an environment where fiscal policy has been severely negative, which pushed them into QE3 and further, led to the non-taper in September. The collateral costs of QE3 (effects on the UST auction market and to cross-border capital flows in UST are significant), as well as the equity price increases (see other thread) are rising relative to the (any) benefits for employment. As for alternatives, purchasing packages of SBA loans (rather than UST and in addition to mortgages would have been an alternative, and might still be the way to go. The issue is that QEs have done little to encourage bank lending (non-auto, non-mtg). The UK Fund for Lending is another approach, although I would prefer an asset-back strategy to direct lending.
Is there any evidence to suggest that productivity improves in times of recession? Productivity: two types... short term and long-term, and labor vs. total factor. In the short-term, labor productivity is pro-cyclical as firms lay off labor (on the way into recession) and do not hire immediately (on the way out of recession).
In the long-term, labor productivity and total factor productivity are positive with economic growth... indeed the foundation for growth... longer term, R&D (we keep coming back to that) complements labor (not all labor, but many types of labor) and is the basic foundation for long-term capacity of the economy to growth (and handle the debt, see the Greece question above.)
Dear Prof. Mann, do you think that the Fed will definitely taper the QE? With your working experience in the Fed, do you see that the Fed ever take into consideration the impact of their policies towards the rest of the world? See above on taper-timing.
Fed does take account of ROW, and increasingly so given the rising role for trade in GDP and capital flows in US investor returns. But, the first attention (and traction for policy) has to be a US focus.
Is it worth it to get an MBA if I'm a computer scientist? And what do you think of the EGADE Business School, in Mexico? One of my former students who is at EMC says she can't hire enough computer scientists who are also business literate, and are data jockeys. Do you know hadoop?
What are the alternatives to monetary and fiscal policies in the US if they dont produce the growth we're expecting it to? Pray?
When you worked for the White House, where did you usually have lunch? Do the President's Council of Economic Advisers actually meet with and advise the President? Do you like sports cars? Lunch -- at desk. Yes meet and advise. sports cars -- drive a 1990 Miata... not clear that classifies as a sports car anymore.
When do you see the fed raising interest rates? Raising interest rate -- a long way off. Tapering to start mid-next year when the Fed does the Humphrey-Hawkins testimony. Don't want to have to discuss tapering at the press conference after the FOMC... that didn't work well last time.
What exactly is the Fed purchasing via quantitative easing, and what will the fallout be when it stops making those purchases? $85 billion a month, about half purchases of UST in the secondary market and about half purchases of mortgage backed securities.
Reducing the amount of such purchases is the so-called taper.
This morning I found out that Americans would have to spend $7 on a gallon of milk because of the inability of congress to reach consensus on yet another bill. What are the economic challenges that the next year will be if the senators still can't play nicely together by the end of December? And, following the holiday spirit, favorite holiday treat? The farm bill is one of those stuck in Congress. Next year will bring more Washington gridlock challenges -- no budget, more $$ of sequestration than last year, and another debt ceiling debate. The folks who are forecasting 3% growth for next year... I don't see how they get to those numbers. Consumption growth revised down this morning. Business investment still barely positive. Export growth revised down. This is not a recipe for 3% in 2014.
Do you think the Federal Reserve is causing issues more than helping? See above.
Professor: What is your opinion for higher skilled worker migrants? What is benefits for the sending country? High skill worker migration can benefit sending country in short-term with returning remittances and in the longer term as a returnee with global skills and contacts.
Do you invest in the stock market? If so what stocks do you have, and why? // If not, how come you dont? I'm not a stock picker.
Hmm let's see.. minimum wage has been in the news recently, do you see a conflict with resolving people's concerns with a livable wage and keeping American industry from leaving the country? (a further exodus in any case) If so, how can the current administration solve that problem at the federal level? Note thread above on why US firms (at least some of them) are rethinking offshoring.
If we did as the protesters are asking and granted all fast food workers a raise to $15/hour, what effect do you think that would have on the fast food industry? See above.
How hard did you laugh at the Trillion Dollar Coin idea? A lot.
How am I supposed to pay for college when all my nightshift money is going towards food and transportation to get to the internship which doesn't even pay me for my labor, despite the fact that my boss is "gonna be rich" because of me? I'd suggest a reevaluation of the internship choice.
Pretty sure we should shoot for a budget surplus, to pay back some of the $17+ trillion that we owe. Better to innovate, and grow out of the debt burden
Hi Professor! Thanks for the A- in your class (I think), hope all is well. Hope you are having fun where ever you are.
...former Fed & White House economist. AMA! I'm sure people will ask you things, but with those credentials you probably don't know any answers. A good discussion on thought process can be useful to arrive at answers...
Last updated: 2013-12-09 20:57 UTC
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