Jakarta Governor Joko Fires City Employee, But Not Agency Head, for Playing Video Games; “It’s actually alright to play games, but they should be able to process [permit applications] in five minutes”; Jokowi to wield axe in effort to slim down city’s bureaucracy

Joko Fires City Employee for Playing Video Games: Report

By SP/Deti Mega Purnamasari on 5:16 pm October 18, 2013.
Jakarta Governor Joko Widodo did not say a word to the employee caught playing video games during a surprise visit to the offices of the city’s small-and-medium enterprises agency. But on his way out of the building, Joko told his assistant to take down the employee’s name so that he could be fired. “It’s actually alright to play games, but they should be able to process [permit applications] in five minutes,” Joko said later, according to Indonesian news portal Merdeka.com. “But if they need two weeks to process [permits], how can they play games?” He visited the East Jakarta offices unannounced on Friday — the second time he has done so. Accompanied by East Jakarta Mayor H.R. Krisdianto and integrated services (PTSP) head Husnul Chotimah, Joko proceeded directly to the PTSP offices.

“How does one get a SIUP [business permit]?” he asked an employee. “How many days does it take? Where should I go after this?”

“Three days, sir,” the official reportedly replied,

But an applicant named Rofi Nata who was in line for a permit told the governor that the process takes two weeks. Joko went to the third floor, bringing with him a list of the companies and business that had registered for permits. He asked office staff there to teach him how to input the information so that he could do it himself.

“How do I input this?” he asked. “What’s the password?”

Office staff told him that agency head Johan Afandithe was the only one who knew the password, but he was nowhere to be found and no one knew where he was. At this point, Joko reportedly saw an employee trying to covertly close down a computer game he had been playing. The governor threw the papers he had been holding onto a table, asked for the names of all third floor staff, and while two officials tried to explain the situation, he walked to his car without speaking and slammed the door. PTSP is still a pilot project in Jakarta. The governor made his first unannounced visit there on July 16. Back at City Hall, Joko said the agency needed to become more efficient. “The speed should be faster,” he said. “Just type some sentences, input the information, fill in the form, type it, enter, sign it and issue it. It’s not difficult.” Read more of this post

A New Map of How We Think: Top Brain/Bottom Brain: Forget dated ideas about the left and right hemispheres. New research provides a more nuanced view of how we plan our lives and experience the world. Which cognitive mode best describes you?

A New Map of How We Think: Top Brain/Bottom Brain

Forget dated ideas about the left and right hemispheres. New research provides a more nuanced view of the brain

STEPHEN M. KOSSLYN and G. WAYNE MILLER

Oct. 18, 2013 7:57 p.m. ET

Who hasn’t heard that people are either left-brained or right-brained—either analytical and logical or artistic and intuitive, based on the relative “strengths” of the brain’s two hemispheres? How often do we hear someone remark about thinking with one side or the other? A flourishing industry of books, videos and self-help programs has been built on this dichotomy. You can purportedly “diagnose” your brain, “motivate” one or both sides, indulge in “essence therapy” to “restore balance” and much more. Everyone from babies to elders supposedly can benefit. The left brain/right brain difference seems to be a natural law. Read more of this post

Investing for the Fun of It: Many fans of stock indexing set a little money aside to bet on riskier investments. Here’s how to do it safely.

Investing for the Fun of It: Many fans of stock indexing set a little money aside to bet on riskier investments. Here’s how to do it safely.

LIAM PLEVEN

Oct. 18, 2013 6:06 p.m. ET

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Investors flock to index funds because they are simple, inexpensive and often likely to generate higher returns than taking a chance on hot stocks, highflying money managers or a brother-in-law’s tips. The hitch: Passive is dull, as even its fans admit. John Miller, a partner in a Fayetteville, Ga., law firm, set up an account several years ago with about 5% of his investments and started buying individual stocks. Most of his investments are in index funds. He placed a wager on Bank of AmericaBAC -0.20% stock when prices were near financial-crisis lows, and won big. He also purchased shares in a solar-energy firm that he says fell about 85% before he sold. Through it all, he enjoyed himself—without worrying that a disastrous bet would ruin his financial future. Read more of this post

Datuk Soh Chee Wen and the Blumont-Asiason-LionGold saga; Every counter that Datuk Soh Chee Wen owned in Malaysia used to be sought after by punters and market players because their gains were extraordinary

Updated: Saturday October 19, 2013 MYT 7:43:02 AM

Lim, Azlan claim no link to Soh

BY B.K. SIDHU

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Soh has been s een as a prominen t mark e t play er in the Malay sian and Singaporean stock exchang es for more than a decade . DATUK Jared Lim and Datuk Mohamed Azlan Hashim have denied any links to tycoon Datuk Soh Chee Wen, whose name has become a topic of conversation at coffee tables and trading rooms of late. The reason is the spectacular rise and collapse of shares in three Singapore companies recently which begs the question as to who is behind the volatile movements of the counters. Lim and Azlan are the Malaysian shareholders in SGX listed-Asiasons Capital, one of the three companies whose share prices once recorded extraordinary gains but caused a mayhem when they plummeted beginning Oct 3. The other two companies are Blumont Group and LionGold Group. Read more of this post

Innovative dynamism is the key to economic success and personal satisfaction, Nobel-winner Edmund Phelps argues in ‘Mass Flourishing’

Book Review: ‘Mass Flourishing’ by Edmund Phelps

Innovative dynamism is the key to economic success and personal satisfaction, a Nobel-winner argues

EDWARD GLAESER

Oct. 18, 2013 5:22 p.m. ET

Edmund Phelps’s “Mass Flourishing” could easily be retitled “Contra-Corporatism,” for at its heart this fine book is an attack on that increasingly common “third way” between capitalism and socialism. Mr. Phelps cogently argues that America’s current economic woes reflect a reduction in the innovative dynamism that generates economic success and personal satisfaction. He places little hope in the Democratic Party, which “voices a new corporatism well beyond Franklin Roosevelt’s New Deal or Lyndon Johnson’s Great Society,” or in Republicans in the thrall of “traditional values,” who see “the good economy as mercantile capitalism plus social protection and social insurance.” He instead yearns for legislative solons who “could usefully ask of every bill and regulatory directive: How would it impact the dynamism of our economy?” Read more of this post

Hans Riegel, the eccentric billionaire confectioner who gave gummi bears their global bite

October 18, 2013 7:28 pm

Hans Riegel, confectioner who gave gummi bears their global bite

By Michael Steen

For nearly seven decades, Hans Riegel was the eccentric chief confectioner, autocratic business leader and one-man marketing machine who propelled Haribo, purveyor of colourful fruit-flavoured “gummi bears”, from a Bonn backstreet to an envied prominence in global confectionery. Riegel represented, in concentrated form, traits typical of Germany’s family-owned Mittelstand companies. As the business grew, he flew Willy Wonka-like in the face of modern corporate convention, eschewing everything from market research to bank loans and opportunities to take the group public. Read more of this post

Lego builds a solid business, even in the age of multimedia; Lego CEO doesn’t give out business cards when he goes to a meeting. Instead, he fishes out a tiny plastic Lego figurine bearing his likeness

PUBLISHED OCTOBER 19, 2013

Lego builds a solid business, even in the age of multimedia

World’s No 2 toymaker sets up regional headquarters in Singapore, remains confident of Lego’s lasting appeal

LEE U-WEN LEEUWEN@SPH.COM.SG

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JORGEN Vig Knudstorp, president and CEO of Lego, doesn’t give out business cards when he goes to a meeting. Instead, the 44-year-old reaches into his pocket and fishes out a tiny plastic Lego figurine bearing his likeness – dark-rimmed spectacles and all – with his full name, telephone number and e-mail address printed on the toy’s clothes. It’s a small but telling sign of the level of creativity that goes on behind the scenes at the Danish company famous for making those colourful interlocking plastic bricks. Read more of this post

Rebooting our brains: ‘The next big scientific frontier lies not in a distant galaxy – but deep inside our minds’

October 18, 2013 4:25 pm

Rebooting our brains

By Gillian Tett

‘The next big scientific frontier lies not in a distant galaxy – but deep inside our minds’

Afew years ago John Donoghue, professor of neuroscience at Brown University in Providence, Rhode Island, met Cathy Hutchinson, a young woman who was suffering from locked-in syndrome following a stroke. Until recently, this would have condemned her to a life of helplessness and hopelessness: locked-in syndrome means that somebody cannot move their limbs, even if their brains are functioning normally (as Jean-Dominique Bauby described so movingly in The Diving Bell and the Butterfly).

But Hutchinson had a dream: she longed to drink a cup of coffee on her own, in one vestige of normality. And Donoghue was convinced he could help. Over the past few years, he has run a project called Braingate that combines the latest advances in computing science, engineering and mathematics with neuroscience, to map the connections inside the brain – and replicate them on a computer. Read more of this post

Longboard Asset Management: In Five Years Microsoft Will Be The Market’s Most Valuable Company

ASSET MANAGER: In Five Years Microsoft Will Be The Market’s Most Valuable Company

LINETTE LOPEZ OCT. 18, 2013, 2:49 PM 111,311 26

The last time we saw a slide deck from Cole Wilcox, of Longboard Asset Management, the firm was  arguing that Tesla is the new Apple, and that the stock was headed up to $200 a share. Now the Longboard is out with a new “next Apple” to share with the market. It’s the old Apple, actually — Microsoft. In its presentation, Longboard says that the current perception that Microsoft is, well, soft, is ignoring the success of Office 365, their #1 cloud business, and the potential earning power of Windows + Android hybrid devices.

jpg (30) Read more of this post

The Map and the Territory, by Alan Greenspan, Review by Lawrence Summers

October 18, 2013 7:09 pm

The Map and the Territory, by Alan Greenspan

Review by Lawrence Summers

The Map and the Territory: Risk, Human Nature, and the Future of Forecasting, by Alan Greenspan, Allen Lane RRP£25/Penguin Press RRP$36, 400 pages

It was my privilege to work closely with Alan Greenspan for the eight years I served at the Treasury during the Clinton administration. His new book, The Map and the Territory, brings me back to fond memories of our conversations over the years. I haven’t always agreed with my friend but he has always left me wiser and with something to ponder. Read more of this post

Researchers have been working with tiny robots based on cockroaches as well as with actual roaches—controlled by an embedded chip— to explore collapsed buildings and other dangerous, hard-to-penetrate environments where the GPS doesn’t work

Send In the Cockroach Squad

DANIEL AKST

Oct. 18, 2013 9:16 p.m. ET

Most people hate cockroaches, but in an earthquake, the bugs may someday prove to be lifesavers. Researchers have been working with tiny robots based on cockroaches as well as with actual roaches—controlled by an embedded chip—as a possible means of exploring collapsed buildings and other dangerous, hard-to-penetrate environments where the Global Positioning System doesn’t work. Read more of this post

How Did ‘Intangibles’ End Up in Sports-Speak? A concept starts out in Latin and ends up in the mouth of the Red Sox manager

I Can’t Say What It Is, but He’s Got It

BEN ZIMMER

Oct. 18, 2013 9:01 p.m. ET

When Boston Red Sox manager John Farrell made the decision to keep light-hitting left fielder Jonny Gomes in the lineup against the Detroit Tigers in the American League Championship Series this week, he acknowledged that his choice had nothing do with the numbers. “The one thing that we can’t fully measure is the intangibles that Jonny Gomes brings,” Mr. Farrell said.

Last week, another Red Sox outfielder was hailed in a similar way. Tampa Bay Rays manager Joe Maddon, whose team lost to the Red Sox in the first round of the playoffs, had this to say of Shane Victorino : “He just drips with intangibles.”

In The Dickson Baseball Dictionary, Paul Dickson defines “intangible” as “an unknown, indefinite or elusive aspect of baseball that is not initially perceived.” How did this mystical-sounding term end up becoming so fixed in manager-speak (and not just to describe Red Sox players)?

As an adjective meaning “unable to be touched or measured,” “intangible” entered English in the 17th century from Latin by way of French. It soon made the transition to a noun, just as “imponderable” came to mean “something that is difficult to assess.” As early as 1713, the Church of England clergyman Francis Squire wrote, “as there is a wide difference betwixt sense and reason; so, betwixt their objects, visibles and invisibles, tangibles and intangibles.”

In the business world, “intangibles” can refer to intangible assets: those hard-to-pin-down but nonetheless valuable qualities such as customer goodwill or brand recognition. In the mid-20th century, as baseball brass increasingly began thinking of their players as assets to manage, “intangibles” made an easy transition from finance to sports.

The first player who was routinely praised for his “intangibles” was the scrappy second baseman Eddie Stanky, nicknamed “The Brat.” In the words of Leo Durocher, who managed Stanky with the Brooklyn Dodgers and New York Giants, “He can’t hit, can’t run, can’t field… All the little S.O.B. can do is win.”

When Stanky joined the Giants in 1950, he was keenly aware that his value to the team was hard to measure. After the season was over, the New York chapter of the Baseball Writers’ Association named Stanky the outstanding player of the year. “I want to thank you for appreciating my intangibles on the field,” he said in accepting the award.

“Intangibles” have persisted in baseball despite the advent of complex statistical analyses that seek to capture all facets of a player’s on-field talents. For stat-heads, talk of “intangibles” is a fuzzy-minded refusal to grasp empirical data. But until baseball is taken over by robots, there will always be a need to label natural gifts that elude quantification.

—Mr. Zimmer, a lexicographer, is executive producer of the Visual Thesaurus andVocabulary.com.

At McDonald’s, Salads Just Don’t Sell; McDonald’s has made a push to offer healthier options such as oatmeal, salads and smoothies, but sales growth has slowed despite a more diverse menu

At McDonald’s, Salads Just Don’t Sell

JULIE JARGON

Updated Oct. 18, 2013 8:33 p.m. ET

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McDonald’s has rolled out coffee drinks, while Wendy’s and Taco Bell have succeeded selling less nutritious burgers and tacos. Bloomberg News

Is touting healthier menu items good for business? McDonald’s Corp. MCD -0.28% , trying to shed its “Super Size Me” image of a decade ago, has long since abandoned supersize portions, rolled out oatmeal and smoothies, and added apples to all its Happy Meals. Last month it said it would begin offering customers a choice of side salad, fruit or vegetable in place of fries in its value meals.

Read more of this post

KOPIKO, which is known for its world number one coffee extract candy, is making a comeback in the Malaysian market by offering stronger products in the coffee category and expanding its marketing and communication activities

Updated: Saturday October 19, 2013 MYT 8:18:54 AM

Kopiko makes a big comeback

BY INTAN FARHANA ZAINUL

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Poo (left) and Winarto Dharmo with some Kopiko products.

KOPIKO, which is known for its world number one coffee extract candy, is making a comeback in the Malaysian market by offering stronger products in the coffee category and expanding its marketing and communication activities. The Indonesia-based brand, once considered one of the important brands in its category but which has been rather quiet in recent years, is focusing more on marketing and advertising promotion activities by pumping in RM22mil for both candy and coffee this year to support its initiatives. Read more of this post

Paywalls are creating a knowledge aristocracy, says teen cancer pioneer Jack Andraka

Paywalls are creating a knowledge aristocracy, says teen cancer pioneer Jack Andraka

By Paul Sawers, Yesterday

Jack Andraka isn’t your typical teenager. Last year, the then 15-year-old received prizes and plaudits for his pioneering work in the early detection of pancreatic cancer – work carried out under his own steam and in his own spare time. He’s now in talks with a number of pharmaceutical companies to ensure his handiwork is made available far and wide, and at the Wired 2013 conference in London earlier today, Jack gave an impassioned and inspiring speech regaling how he battled against the naysayers to see his work through to fruition. But there’s a problem in academia, says Jack. Paywalls. Read more of this post

Meet the Hairblade: Dyson working on ‘silent’ hairdryer

Meet the Hairblade: Dyson working on ‘silent’ hairdryer

Dyson, the British engineering firm, is developing a new type of hairdryer that is much quieter than current appliances

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Drawings of the hairdryer contained within Dyson’s patent application Photo: IPO/Dyson

By Richard Gray, Science correspondent

10:09AM BST 18 Oct 2013

35 Comments

They have already revolutionised the vacuum cleaner, now Dyson is attempting to reinvent another household item – by creating a quiet hairdryer. As most households will know, traditional hairdryers can be loud – creating noise in excess of 70 decibels – due to the powerful fans they use to blow air onto hair. However, new patent applications lodged by engineering company Dyson reveal plans for a new type of hairdryer that is far quieter than current models. Read more of this post

Google’s mobile strategy starts to pay off

Last updated: October 18, 2013 5:02 pm

Google’s mobile strategy starts to pay off

By Richard Waters in San Francisco

Google’s advertising business is firing on all cylinders as the internet search company waits for all the pieces of its mobile strategy to fall into place. That was the message from third-quarter results on Thursday that comfortably topped expectations and produced one of the surges in investor enthusiasm that occasionally punctuate Google’s earnings announcements. This time, the surge sent Google shares up more than 13 per cent on Friday to top $1,000 for the first time. Read more of this post

Tencent shows Facebook how to reinvent itself for a mobile era

Tencent shows Facebook how to reinvent itself for a mobile era

BY HAMISH MCKENZIE 
ON OCTOBER 18, 2013

One of Facebook’s vulnerabilities is its ongoing attempt to reconfigure itself for the mobile era. The social network was built for the desktop-first era and is saddled with the legacy of that time’s way of thinking. It’s not just that Facebook hasn’t been able to build strong mobile products – Home and Poke are both failures, and its flagship mobile app is a difficult rendering of its native desktop experience – but it’s also that it hasn’t enjoyed the advantage of starting from the ground up with mobile. Read more of this post

Zhaozhao Bets on People/Pet Tracking Market in China

Zhaozhao Bets on People/Pet Tracking Market in China

By Tracey Xiang on October 18, 2013

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An average of 200 thousand Chinese kids from 0 to 14 years old that got lost every year. More than 4 million messages on Sina Weibo, the most popular micro-blogging platform in China, are for searching for lost pets. Zhu Liqiang mentioned those numbers to justify Zhaozhao, a gadget his company is working on. The accompanying iOS/Android app can track down whoever carrying the smaller-than-palm gadget, kids, seniors or pets, locating where they are and saving all the data onto the cloud platform which is powered by Baidu Cloud. You can see the surroundings of it at any given time, which is powered by Soso Streeview. Read more of this post

North Face slips, Kolon rises in Korea as the domestic outdoor fashion industry undergoes a major shakeup

2013-10-18 18:03

North Face slips, Kolon rises

By Park Ji-won
The domestic outdoor fashion industry is undergoing a major shakeup in pecking order, as The North Face, the industry leader, is struggling to maintain the top post, while competitors are catching up fast with aggressive marketing. The rapidly-changing business environment triggered by the prolonged economic slump has changed the landscape of the industry. The North Face is losing ground, while its rivals Black Yak and Kolon Sports have strengthened their foothold through aggressive marketing. Read more of this post

Supercell finds success but questions remain over sustainability

Last updated: October 18, 2013 3:29 pm

Supercell finds success but questions remain over sustainability

By Robert Cookson in London and Tim Bradshaw in San Francisco

For a sense of how fast the video games industry is changing, look no further than Supercell, the three-year-old Finnish development studio that was this week valued at $3bn. Like its peers King and Rovio, makers of Candy Crush Saga and Angry Birdsrespectively, Supercell is at the forefront of a new breed of games developers that have grown at an astonishing pace by producing “freemium” games for mobiles and tablets.  Read more of this post

October 18, 2013

Google Stock Tops $1,000, Highlighting a Tech Divide

By QUENTIN HARDY

SAN FRANCISCO — Google has done something few companies ever do in the stock market: it has joined the $1,000 club. On Friday, Google’s share price jumped above that price for the first time, another milestone in its remarkable ascent from $85 in its public offering in 2004. On one level, $1,000 is just a number. But on another, it is a reminder of the new order that has taken hold in the technology world in just a few short years — and how far apart the winners are from the losers. Read more of this post

WhatsApp compromised by major design flaw: Reports

WhatsApp compromised by major design flaw: Reports

LONDON – Messaging service WhatsApp has a major design flaw which may allow attackers to decrypt intercepted messengers, according to reports.

12 OCTOBER

LONDON – Messaging service WhatsApp has a major design flaw which may allow attackers to decrypt intercepted messengers, according to reports. A Dutch developer claims to have discovered a hole in the popular app’s security because it uses the same key to encrypt outgoing and incoming messages, the Daily Telegraph reported. Read more of this post

US debt drama haunts ‘risk free’ assets

October 18, 2013 4:56 pm

US debt drama haunts ‘risk free’ assets

By Ralph Atkins in London

The world has this week admitted the possibility of two things previously thought impossible. First, yetis could exist: the mythical mountain beast might be a polar bear hybrid, according to a British scientist. Second, the US could default on its debt. While Washington prevented the October 17 US debt ceiling deadline leading to catastrophic payment glitches, the uncertainty caused by the political showdown has raised fears about the country’s growth prospects and its global economic influence. Read more of this post

Soaring cost of US share dealing risks ‘investor harm’

October 17, 2013 8:14 pm

Soaring cost of US share dealing risks ‘investor harm’

By Arash Massoudi in New York

The costs of keeping up with the complexity of the US equity market may be harming individual savers, says an executive from one of the world’s largest institutional investing firms. William Baxter, head of global programme trading and market structure at Fidelity, said the costs incurred by buyside firms to stay competitive with technological advances in stock trading on the US market continue to soar, even as trading volumes have fallen sharply in recent years. Read more of this post

Why this $80bn fund manager won’t touch Australian banks

Why this $80bn fund manager won’t touch Australian banks

PUBLISHED: 11 HOURS 58 MINUTES AGO | UPDATE: 9 HOURS 38 MINUTES AGO

Won’t invest in Australian banks … Matthew McLennan with his wife Monika in New York City. Photo: Trevor Collens

CHRISTOPHER JOYE

Australia’s biggest international fund manager believes Treasurer Joe Hockey should be taking the possibility of a housing bubble more seriously and worries money-printing by central banks is creating asset bubbles. Matthew McLennan, who manages $80 billion of assets in New York for First Eagle Investment Management, revealed to AFR Weekend he won’t invest in Australian banks because they are too risky and is concerned about the levels of private sector debt in Australia. Read more of this post

RTOs, M&As and the allure of change; Not all reverse takeovers pan out, and those that do may not translate to a success down the road

PUBLISHED OCTOBER 19, 2013

RTOs, M&As and the allure of change

Not all reverse takeovers pan out, and those that do may not translate to a success down the road

ANGELA TAN ANGELAT@SPH.COM.SG

CHANGE is never easy, yet it oozes promise as the new replaces the floundering old, setting off the scent of something better, stronger and more powerful. Such is the allure of reverse takeovers (RTOs) that has seduced investors here time and time again. Singapore has had its fair share of sweeping corporate transformations: an ailing steel trader, Albedo Group, and a furniture maker, Cacola Furniture International, hopping onto the property bandwagon; a funeral service provider, Asia Pacific Strategic Investments, digging around gold mines; and a ceramic maker, NH Ceramics, burnishing itself as an energy powerhouse. Read more of this post

The Life of China’s Communist Party; A campaign for communist discipline confronts a generation focused on personal fulfillment

The Life of China’s Communist Party

A campaign for communist discipline confronts a generation focused on personal fulfillment

ROWAN CALLICK

Oct. 18, 2013 8:57 p.m. ET

The scene evokes memories of a more certain and compliant era. Xi Jinping, the General Secretary of the world’s most powerful organization, sits with his arms folded, leaning watchfully on a conference table at which members of the committee of the communist party in China’s Hebei province are writing “self-criticisms.” Mr. Xi, the party’s chief and the nation’s president (the latter being the lesser role), has been touring the country, ensuring that party members everywhere bow their heads in the face of the Maoist “mass line” campaign he is directing. This will restore discipline to the party, Mr. Xi believes, and regain the respect of ordinary folk who have become skeptical in the face of corruption, a soaring wealth gap and an aristocratic attitude among officials. Read more of this post

Are You Prepared for the Next Crash? Saturday marks 26 years that the market suffered its worst one-day crash ever. Another crash of that magnitude is inevitable

Are You Prepared for the Next Crash?

Saturday marks 26 years that the market suffered its worst one-day crash ever. Another crash of that magnitude is inevitable.

MARK HULBERT

Updated Oct. 18, 2013 6:47 p.m. ET

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On this 26th anniversary of the 1987 stock-market crash, the worst one-day drop in U.S. history, it’s worth asking whether such an event could happen again. According to a number of researchers, the answer is yes. And that is a sobering thought indeed, since the Dow Jones Industrial Average fell 22.6% on Oct. 19, 1987. An equivalent drop today would take more than 3,400 points off the Dow in a single session. Read more of this post

Alan Greenspan: What Went Wrong; The former Fed chairman on where the economy went wrong, where he went wrong—and Ayn Rand.

Alan Greenspan: What Went Wrong

The former Fed chairman on where the economy went wrong, where he went wrong—and Ayn Rand.

ALEXANDRA WOLFE

Oct. 18, 2013 6:06 p.m. ET

Alan Greenspan, the former chairman of the Federal Reserve, goes to a lot of parties. He and his wife, the TV journalist Andrea Mitchell, “sort of get invited everywhere,” he says, sitting in front of the long bay window in his office on Connecticut Avenue in Washington, D.C. Lately, though, cocktails and dinners seem to have guest lists drawn almost exclusively from one political party or the other. “It used to be a ritualistic 50-50 at parties—the doyennes of culture and partying were very strict about bipartisanship,” he adds. “That doesn’t exist anymore.” In his new book “The Map and the Territory,” to be released on Tuesday, Mr. Greenspan, 87, goes on a hunt for what has gone wrong in American politics and in the U.S. economy. He doesn’t blame the current administration for today’s partisan divide. The culprit? “It’s the benefits,” he says, pointing to the disagreements between Republicans and Democrats over how to deal with the growth of entitlements. In the book, he also ponders why the Fed failed to predict the financial crisis, where he himself went wrong and how that discovery has completely changed his worldview. Read more of this post

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