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Like any good bubble, this belief– while rooted in truth– gets pushed to unhealthy levels. Thiel talks about consumption masquerading as investment during the housing bubble, as people would take out speculative interest-only loans to get a bigger house with a pool and tell themselves they were being frugal and saving…
Suppose, in our imagination, we take this radio apart. Suppose we take all the pieces out of the wooden box we call a cabinet. Now, you could call in a good cabinetmaker and say, "Jim, can you make a cabinet like that for me?" He'd answer you, "Of course I can. For about five dollars." You could say to another fellow…
There is no dictionary word for an army of invisible giants, one thousand miles tall, with their arms interlinked, girding the planet Earth. Since there exists just such an invisible, abstract, legal-contrivance army of giants, we have invented the word GRUNCH as the group designation--"a grunch of giants." GR-UN-C-H…
Ira Glass: For money, afterall, long ago, we used to use gold, and if you wanted to buy something, you had to carry around these heavy, shiny pieces of metal. Then we decided, no, let's just leave the gold in a bank. Instead of the gold, we're going to carry around these pieces of paper, and the paper on them says…