Join 📚 Roger's Highlights
A batch of the best highlights from what roger's read, .
Ask wisely. Despite what many of us assume, experts rarely make good instructors. Knowledge is a double-edged sword: knowing something makes it impossible to imagine not knowing it. To get the most out of your conversations with experts, you need to come prepared with questions, elaborators, and clarifiers that prompt an expert to reveal his or her journey, process, and discoveries. Experts aren’t the only people who can help you improve—nonexperts can be just as valuable. The trick is to invite the…
Decoding Greatness
Ron Friedman
One of the lessons of the S&L debacle is that our nation was very lucky. (I know that a $150 billion debacle does not sound “lucky,” but without Gray’s reregulation and the war against the control frauds, the debacle would have cost over a trillion dollars.) We were thrice lucky in having Gray. First, Reagan appointed him to deregulate. He could not have been appointed if he had supported reregulation. He then underwent a fortunate transformation and became the nation’s leading reregulator. “Reregulator” was the greatest possible insult in the Reagan administration, and normally would have led to his removal. Gray survived solely because he was a personal friend of the Reagans. Second, he got it largely right when he reregulated. He got brokered deposits wrong, but he sealed the fate of the control frauds when he adopted the growth rule. Third, he was willing to take on opponents that dwarfed even those that attacked Levitt. We were also lucky because the administration’s effort to give Keating control of the Bank Board failed and because Keating used Henkel so crudely that he could be removed from office before he could destroy reregulation. Henkel would have caused enormous damage if he had remained Keating’s mole. We cannot afford to rely on luck. We have to take the selection of senior regulators more seriously. That requires us to discuss the role of the president in regulation. President Reagan failed in this role. His administration (and it is important to remember that Vice President Bush was in charge of financial deregulation) took the following actions: • Insisted on deregulating at a time of mass insolvency • Insisted on covering up the scope of the crisis • Barred Pratt from briefing the cabinet finance committee • Argued in favor of running insolvent S&Ls like Ponzi schemes • Repeatedly cut the number of examiners • Fought the agency’s use of the FHLB system to double the number of examiners and supervisors at no cost to the Treasury • Opposed Gray’s efforts to reregulate • Refused to allow the FSLIC to obtain any money from Treasury • Tried to give Keating majority control of the Bank Board
The Best Way to Rob a Bank Is to Own One
William K. Black
As my new manager, Perry’s primary task is finding me a new coach, someone to replace Nick. He draws up a short list of candidates, and at the top of the list is a guy who’s just written a book about tennis: Winning Ugly. Perry hands me the book, urges me to read it. I shoot him a dirty look. Thanks, no thanks. No more school for me. Besides, I don’t need to read the book. I know the author, Brad Gilbert. I know him well. He’s a fellow player. I’ve faced him many times, including weeks ago. His game is the opposite of mine. He’s a junker, meaning he mixes speeds, uses change of pace, misdirection, guile. He has limited skills, and takes a conspicuous pride in this fact. If I’m the classic underachiever, Brad’s the consummate overachiever. Rather than overpowering opponents, he frustrates them, preys on their flaws. He’s preyed on me plenty. I’m intrigued, but it’s not feasible. Brad’s still playing. In fact, due to my surgery and my time away from the game, he’s ranked higher than I. No, Perry says, Brad is nearing the end of his career. He’s thirty-two, and maybe he’s open to the idea of coaching. Perry repeats that he’s deeply impressed with Brad’s book and thinks it contains the kind of practical wisdom I need.
...catch up on these, and many more highlights
Readwise