The story of the rapper and the story of the hustler are like rap itself, two kinds of rhythm working together, having a conversation with each other, doing more together than they could do apart. It’s been said that the thing that makes rap special, that makes it different both from pop music and from written poetry, is that it’s built around two kinds of rhythm. The first kind of rhythm is the meter. In poetry, the meter is abstract, but in rap, the meter is something you literally hear: it’s the beat. The beat in a song never stops, it never varies. No matter what other sounds are on the track, even if it’s a Timbaland production with all kinds of offbeat fills and electronics, a rap song is usually built bar by bar, four-beat measure by four-beat measure. It’s like time itself, ticking off relentlessly in a rhythm that never varies and never stops.
When you think about it like that, you realize the beat is everywhere, you just have to tap into it. You can bang it out on a project wall or an 808 drum machine or just use your hands. You can beatbox it with your mouth. But the beat is only one half of a rap song’s rhythm. The other is the flow. When a rapper jumps on a beat, he adds his own rhythm. Sometimes you stay in the pocket of the beat and just let the rhymes land on the square so that the beat and flow become one. But sometimes the flow chops up the beat, breaks the beat into smaller units, forces in multiple syllables and repeated sounds and internal rhymes, or hangs a drunken leg over the last BAP and keeps going, sneaks out of that bitch. The flow isn’t like time, it’s like life. It’s the like a heartbeat or the way you breathe, it can jump, speed up, slow down, stop, or pound right through like a machine. If the beat is time, flow is what we do with that time, how we live through it. The beat is everywhere, but life has to find its own flow.
You are a soul.
You have a body.” —C. S. Lewis
Greg Mankiw on the staggering conclusions from a NBER research paper:
A teacher one standard deviation above the mean effectiveness annually generates marginal gains of over $400,000 in present value of student future earnings with a class size of 20 and proportionately higher with larger class sizes. Alternatively, replacing the bottom 5-8 percent of teachers with average teachers could move the U.S. near the top of international math and science rankings with a present value of $100 trillion.
“For years, the most profitable industry in America has been one that doesn’t design, build, or sell a single tangible thing.” Interesting piece in the New Yorker about the undeserving rewards Wall Street execs reap at the publics’ expense.
Yet Wall Street’s role in financing new businesses is a small portion of what it does. The market for initial public offerings (I.P.O.s) of stock by U.S. companies never fully recovered from the tech bust. During the third quarter of 2010, just thirty-three U.S. companies went public, and they raised a paltry five billion dollars. Most people on Wall Street aren’t finding the next Apple or promoting a green rival to Exxon. They are buying and selling securities that are tied to existing firms and capital projects, or to something less concrete, such as the price of a stock or the level of an exchange rate. During the past two decades, trading volumes have risen exponentially across many markets: stocks, bonds, currencies, commodities, and all manner of derivative securities. In the first nine months of this year, sales and trading accounted for thirty-six per cent of Morgan Stanley’s revenues and a much higher proportion of profits. Traditional investment banking—the business of raising money for companies and advising them on deals—contributed less than fifteen per cent of the firm’s revenue. Goldman Sachs is even more reliant on trading. Between July and September of this year, trading accounted for sixty-three per cent of its revenue, and corporate finance just thirteen per cent.
In effect, many of the big banks have turned themselves from businesses whose profits rose and fell with the capital-raising needs of their clients into immense trading houses whose fortunes depend on their ability to exploit day-to-day movements in the markets. Because trading has become so central to their business, the big banks are forever trying to invent new financial products that they can sell but that their competitors, at least for the moment, cannot. Some recent innovations, such as tradable pollution rights and catastrophe bonds, have provided a public benefit. But it’s easy to point to other innovations that serve little purpose or that blew up and caused a lot of collateral damage, such as auction-rate securities and collateralized debt obligations. Testifying earlier this year before the Financial Crisis Inquiry Commission, Ben Bernanke, the chairman of the Federal Reserve, said that financial innovation “isn’t always a good thing,” adding that some innovations amplify risk and others are used primarily “to take unfair advantage rather than create a more efficient market.”
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America has everything it needs for success in the twenty-first century with one exception: a critical mass of thinkers, analysts and policy entrepreneurs who can help unleash the creative potential of the American people and build the new government and policy structures that will facilitate a new wave of private-sector led growth. Figuring out why so many of our intellectuals and experts are so poorly equipped to play a constructive role — and figuring out how to develop the leadership we currently lack — may be the most important single thing Americans need to work on right now.
But the biggest roadblock today is that so many of America’s best-educated, best-placed people are too invested in old social models and old visions of history to do their real job and help society transition to the next level. Instead of opportunities they see threats; instead of hope they see danger; instead of the possibility of progress they see the unraveling of everything beautiful and true.
Too many of the very people who should be leading the country into a process of renewal that would allow us to harness the full power of the technological revolution and make the average person incomparably better off and more in control of his or her own destiny than ever before are devoting their considerable talent and energy to fighting the future.
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