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Life Inc.: How the World Became a Corporation and How to Take it Back

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Douglas Rushkoff
Douglas Rushkoff

Douglas Rushkoff is a writer, media theorist, and cultural critic of the digital age. Born on February 18, 1961, he is renowned for his profound insights into technology, media, and culture. Rushkoff's work covers a wide range of topics from personal technology to global politics, frequently exploring how technology shapes social structures and human behavior. more

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“The phone rang. It was a familiar voice. It was Alan Greenspan. Paul O'Neill had tried to stay in touch with people who had served under Gerald Ford, and he'd been reasonably conscientious about it. Alan Greenspan was the exception. In his case, the effort was constant and purposeful. When Greenspan was the chairman of Ford's Council of Economic Advisers, and O'Neill was number two at OMB, they had become a kind of team. Never social so much. They never talked about families or outside interests. It was all about ideas: Medicare financing or block grants - a concept that O'Neill basically invented to balance federal power and local autonomy - or what was really happening in the economy. It became clear that they thought well together. President Ford used to have them talk about various issues while he listened. After a while, each knew how the other's mind worked, the way married couples do. In the past fifteen years, they'd made a point of meeting every few months. It could be in New York, or Washington, or Pittsburgh. They talked about everything, just as always. Greenspan, O'Neill told a friend, "doesn't have many people who don't want something from him, who will talk straight to him. So that's what we do together - straight talk." O'Neill felt some straight talk coming in. "Paul, I'll be blunt. We really need you down here," Greenspan said. "There is a real chance to make lasting changes. We could be a team at the key moment, to do the things we've always talked about." The jocular tone was gone. This was a serious discussion. They digressed into some things they'd "always talked about," especially reforming Medicare and Social Security. For Paul and Alan, the possibility of such bold reinventions bordered on fantasy, but fantasy made real. "We have an extraordinary opportunity," Alan said. Paul noticed that he seemed oddly anxious. "Paul, your presence will be an enormous asset in the creation of sensible policy." Sensible policy. This was akin to prayer from Greenspan. O'Neill, not expecting such conviction from his old friend, said little. After a while, he just thanked Alan. He said he always respected his counsel. He said he was thinking hard about it, and he'd call as soon as he decided what to do. The receiver returned to its cradle. He thought about Greenspan. They were young men together in the capital. Alan stayed, became the most noteworthy Federal Reserve Bank chairman in modern history and, arguably the most powerful public official of the past two decades. O'Neill left, led a corporate army, made a fortune, and learned lessons - about how to think and act, about the importance of outcomes - that you can't ever learn in a government. But, he supposed, he'd missed some things. There were always trade-offs. Talking to Alan reminded him of that. Alan and his wife, Andrea Mitchell, White House correspondent for NBC news, lived a fine life. They weren't wealthy like Paul and Nancy. But Alan led a life of highest purpose, a life guided by inquiry. Paul O'Neill picked up the telephone receiver, punched the keypad. "It's me," he said, always his opening. He started going into the details of his trip to New York from Washington, but he's not much of a phone talker - Nancy knew that - and the small talk trailed off. "I think I'm going to have to do this." She was quiet. "You know what I think," she said. She knew him too well, maybe. How bullheaded he can be, once he decides what's right. How he had loved these last few years as a sovereign, his own man. How badly he was suited to politics, as it was being played. And then there was that other problem: she'd almost always been right about what was best for him. "Whatever, Paul. I'm behind you. If you don't do this, I guess you'll always regret it." But it was clearly about what he wanted, what he needed. Paul thanked her. Though somehow a thank-you didn't seem appropriate. And then he realized she was crying.”

InsightfulBiographyCommentaryPolitical HistoryAlan GreenspanPaul O Neill
Book:The Price of Loyalty: George W. Bush, the White House, and the Education of Paul O'Neill
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“The job of the Federal Reserve is “to know when to remove the punch bowl at the party.” Under Alan Greenspan’s leadership its motto became “let’s all get drunk and see what happens.” It is now the morning after and the world will be dealing with Greenspan’s hangover for the next several decades.”

Federal ReserveAlan GreenspanPunch Bowl
Book:MEMEnomics: The Next Generation Economic System
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“Say Bank A is holding $10 million in A-minus-rated IBM bonds. It goes to Bank B and makes a deal: we’ll pay you $50,000 a year for five years and in exchange, you agree to pay us $10 million if IBM defaults sometime in the next five years—which of course it won’t, since IBM never defaults. If Bank B agrees, Bank A can then go to the Basel regulators and say, “Hey, we’re insured if something goes wrong with our IBM holdings. So don’t count that as money we have at risk. Let us lend a higher percentage of our capital, now that we’re insured.” It’s a win-win. Bank B makes, basically, a free $250,000. Bank A, meanwhile, gets to lend out another few million more dollars, since its $10 million in IBM bonds is no longer counted as at-risk capital. That was the way it was supposed to work. But two developments helped turn the CDS from a semisensible way for banks to insure themselves against risk into an explosive tool for turbo leverage across the planet. One is that no regulations were created to make sure that at least one of the two parties in the CDS had some kind of stake in the underlying bond. The so-called naked default swap allowed Bank A to take out insurance with Bank B not only on its own IBM holdings, but on, say, the soon-to-be-worthless America Online stock Bank X has in its portfolio. This is sort of like allowing people to buy life insurance on total strangers with late-stage lung cancer—total insanity. The other factor was that there were no regulations that dictated that Bank B had to have any money at all before it offered to sell this CDS insurance.”

CdsCredit Default SwapNaked Default Swap
Book:Griftopia: Bubble Machines, Vampire Squids, and the Long Con That Is Breaking America
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“Jack tried to reason himself into leaving but he couldn’t escape the lure of the big win, he couldn’t leave until it was his or there was no choice left, no choice left meant no change left. Still, the nudges kept coming, the cherries, never enough money to leave, always just enough left to keep going. Jack was in his own private nightmare; maybe this was where he belonged. Finally, he lost it all, losing always felt good but never as good as this.”

AddictionGamblingSlot MachinesAddictive Behaviour
Book:New Reform
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“One bedrock tenet of the Oxford Group, however, would influence AA for years to come: an absolute opposition to medical or psychological explanations for human failings and thus a complete prohibition on professional treatment of any kind.”

AddictionRecoverySobrietyRehabGamblers AnonymousGam AnonAlcoholics Anonymous12 Step ProgramAaAl Anon
Book:The Sober Truth: Debunking the Bad Science Behind 12-Step Programs and the Rehab Industry
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