perfect storm Archives - Don Kasprzak

Remember the last time you read a great story that you caught yourself peaking at the remaining unread pages because you didn’t want the story to end? That’s how I can best describe Clay Shirky‘s book Cognitive Surplus: Creativity and Generosity in a Connected Age. His stories were coming to a close before I was ready to put the book down.

This is a great follow-up to his first book Here Comes Everybody: The Power of Organizing Without Organizations. Shirky is right on target with engaging, connecting stories to share his ideas about our new ability today to share collective knowledge.

Over 1 trillion hours of TV is watched per year. Imagine what can happen when people turn TV off and begin contributing. And Shirky elegantly shares the shifting nature of professionals vs. amateurs in the age of the internet. Pretty amazing reading.

I believe there have been attempts to move in the direction he outlines but a tipping point has been the mass availability of consumer devices at very affordable price points. I recall Peter Gabriel‘s interview on the Today Show in 1988 talking about the efforts of Amnesty International and their attempts to videotape human rights abuses with large, analog cameras.
Today we know all to well from the murder of Oscar Grant that cameraphones have made their efforts real.

The Napster thing
IMHO Clay’s single oversight in the book surrounds Napster. I think he was trying to communicate a holistic answer to why people (not just Gen Xers) were stealing music. He called it sharing — it was stealing plain and simple.

After ripping through Too Big to Fail it seems natural to continue understanding the collapse of Bear Stearns with House of Cards: A Tale of Hubris and Wretched Excess on Wall Street to get a bit under the hood of how the collapse of Wall Street almost killed our economy. The book’s focus is the last two weeks of life at Bear Stearns.
Most would agree Bear Stearns was the “perfect storm” in hilighting whats wrong with Wall Street. Trusted executives who cannot lead their company or explain products they are selling.

Author William Cohan even points out as Bear Stearns was collapsing two executives were in Nashville playing in a bridge card game tournament.

I was rather amused that with their ‘tough guy’ reputation on Wall Street, in the end the executives at Bear Stearns, facing the closure of their firm were actually considering filing chapter 11 to force a major collapse of the Western financial marketplace.

Known as their “nuclear option” Bear Stearns actually considered triggering the collapse of the US economy because they were unable to secure their quickly falling stock price at an “acceptable” price during negotiations with the Federal Reserve and JPMorgan Chase in their final hours of operations. And in the end, many of those tough guys ended up crying at their desks.