THE GREAT STEVE JOBS

The news of the day tomorrow will most certainly be about Steve Jobs and his resignation as Apple’s CEO. I don’t know what prompted it and it’s not even worth speculating about. But one thing is certain. Steve Jobs is, without a doubt, one of the great entrepreneurs in the history of humankind.

I’ve spent a lot of time in recent years talking about how to fix the US economy and what policies we need to implement to fix this and that. And in all of this discussion it’s easy to forget what really drives economic growth. It is the vision of men and women who create new ways of thinking about the world and new ways of improving our daily lives that really generates economic growth. Governments rarely do this, tax cuts rarely do this and banks most certainly do not do this. We advance as a society and as human beings when we are surrounded by entrepreneurs who create goods or services that improve our standard of living. This improvement in our standard of living can come in the form of great thinking, great productivity or great ingenuity. But it always comes from entrepreneurs.

I am attaching Steve Jobs’ 2005 commencement speech at Stanford. He touches on several important topics that he says helped mold him into the person he has become. It’s a must watch in my opinion for anyone interested in learning what it means to become a great entrepreneur.

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Got a comment or question about this post? Feel free to use the Ask Cullen section, leave a comment in the forum or send me a message on Twitter.

Cullen Roche

Mr. Roche is the Founder of Orcam Financial Group, LLC. Orcam is a financial services firm offering research, private advisory, institutional consulting and educational services.

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  • clydeDNA

    He is my hero. I bought my Mac two days after the 1984 superbowl and have had Macs everyday since. Dennis

  • clydeDNA

    * 1984 superbowl commercial http://www.youtube.com/watch?v=HhsWzJo2sN4

  • LVG

    One of the greatest thinkers in the history of the world. Thank God he lived before the days of hedge funds or he’d have ended up building credit default swaps or something just as stupid.

  • clydeDNA

    * there was one in the window of the Buringame CA PC store, they were very glad to get rid of it at full retail price. It’s currently in my garage. It still works…and it still bombs.

  • clydeDNA

    * boots (aka works)

  • http://www.pragcap.com Cullen Roche

    I am on my 3rd Dell laptop of THE WEEK. No joke. The screens on these POS blow out like light bulbs. It’s absurd. Meanwhile, all my Apple products run like they’re brand new. In terms of my productivity, my Ipad is life changing. I read more in a day now than most people probably read in a week. Awesome doesn’t even begin to describe the impact.

  • Hillbilly

    Once again, the MMT’ers show their true colors. Downloading music illegally from servers into their Ipod didn’t exactly advance society, did it? But for the marxist MMT’ers, its a dream world of everything is free free free!

    Steve Jobs was the greatest producer of adult children around. What did he invent? He ripped everybody off and started the MBA craze.

    Keep praising your CEO’s, you fools. You’re headed for the dustbin of history.

  • Different Chris

    What forces you to bother with PCs?

  • Hillbilly

    The only thing you produce is BS like all the rest of the Apple kewlkats

  • Octavio Richetta

    IMHO, Steve Jobs may be a good example about the triumph of predatory capitalism, but he is VERY FAR from being a role model for the ethical entrepreneurs this country needs. If what you mean is that he contributed more to society than most Wall Street types then you may be right:-)

  • Different Chris

    Well that was very mature, well formulated, and full of facts and data.

  • Adam

    Predatory capitalism meaning his ideas were better and people paid for them???

    Or do you have facts to back up your libelous claims?

  • http://www.pragcap.com Cullen Roche

    Gauging from the page load log of your IP address, it appears to me that you value my opinion and educational information enough to load this website 34 times today. :-)

  • Dave Doe

    I still use PCs because for technical work (AutoCad) and programming, they still provide the best bang for the buck.

    MACs are nice but pricey. Roughly twice the cost for the equivalent computing power. However, if money is not an object or if your economic utility is driven by customer satisfaction and not sheet computing utility for the buck – a rational choice.

    It’s still a free country – isn’t it ??? Did something happen today ?

  • gf

    “Governments rarely do this, tax cuts rarely do this and banks most certainly do not do this.”

    Actually you grossly underestimate governments role.

    Look at the number of spinoffs from NASA research and the internet that started as a DARPA project. Actually you really over estimate the entrepreneurs considerably. The average worker is probably just as important. But that is a debate for another day.

  • Octavio Richetta

    Do your homework. It is all in the public domain.

    http://en.wikipedia.org/wiki/Pirates_of_Silicon_Valley

    I first saw this, if my recollection is correct, in a PBS program long ago.

  • Octavio Richetta

    As you see, the key word in your sentence, IDEAS, doesn’t hold much water. However, you went ahead and attacked me without hesitation:-) Hiding behind an anonymous allows you to fire first, think next. I do not afford myself that luxury:-)

  • Octavio Richetta

    My recollection is not so rusty:-)

    How Steve Jobs Stole the GUI from Xerox
    This clip is from PBS Triumph of the Nerds (1996).
    http://www.youtube.com/watch?v=wdrKWArr3XY

  • reslez

    We have all these technological marvels that allow us to share information and exchange ideas as never before… and terrible problems that will test human civilization as it has never been tested before. One way or another we have to put all these tech miracles to use. Or we won’t have them very long.

  • Mercator

    Apple products and Steve Jobs are AWESOME!. He has raised the bar on the pc and mobile phone hardware/software businesses. Competitors can’t catch him because he never stands still long enough for anyone to compete head to head. HP just gave up competing with him. Too exhausting. There will be more from Steve Jobs as his influence continues from the board of directors.

  • SS

    The normally great pragcap commenters are showing their tech ignorance here. Jobs is probably the greatest innovator of the last 50 years. Don’t make me whip out the facts.

  • suckmybishop

    great inspiring speech

  • Humble Genius

    Octavio:

    Your knowledge of Personal Computer history is crippled, at best.

    You complain of Steve “ripping” ideas from a company that could never gets its act together with its own invention, and you do so by citing a RIP-OFF/cut from a much larger video that shows the WHOLE story. From this story it is clear that, without Steve’s (and Gate’s) drive, we may have never seen the mouse on our desks.

    Here is the REAL VIDEO SERIES from where your crippled short was extracted (AWESOME series, talk about a revelation):

    http://www.youtube.com/watch?v=1kTYb6O0lVI (Part I)
    http://www.youtube.com/watch?v=MffPcSUVRbE&feature=related (Part II)

    Enjoy everyone!

  • Alan

    I think you beat me by a day on switching to Macs.

    “It is the vision of men and women who create new ways of thinking about the world and new ways of improving our daily lives that really generates economic growth. Governments rarely do this, tax cuts rarely do this and banks most certainly do not do this. We advance as a society and as human beings when we are surrounded by entrepreneurs who create goods or services that improve our standard of living. This improvement in our standard of living can come in the form of great thinking, great productivity or great ingenuity. But it always comes from entrepreneurs.”

    Truer words have rarely been spoken, Cullen.

    The competitive difficulties our country will find itself struggling with in years to come are largely from losing our advantage as the place to be as an entrepreneur.

    It didn’t have to be this way, but it is. We’ve made it harder for the world’s best and brightest to come here or stay here after their educations….and regulations on business now have little to do with any “common good” vs. satisfying ideological fetishes.

    Hopefully we are still the best of a ‘bad block” but by all measures much of the world is gaining and surpassing us as the best place for brilliant people to get rich.

    Demonizing success has its costs for all of us.

  • Colin S.Toe

    Galileo, Newton. Leibnitz, Avogadro, Darwin, Planck, Bohr, Einstein among others were great thinkers, whose work gave birth to the scientific and technological revolutions that have transformed human existence.

    It might be a stretch to call them ‘entrepreneurs in the realm of ideas’, though they might have something in common with a Steve Jobs. In any case, the world also needs innovative and original thinkers whose work is not so directly tied to the profit motive.

  • VRB II

    Thanks Cullen.

  • REN

    I read somewhere recently that venture capitalists don’t get on-board until the risks are pretty well understood. In other words, VC’s don’t really take much risk, similar to bankers in general.

    The real risk that Job’s and others took comes out of their own pockets. That is why it is so important that labor is allowed to keep their savings.

    It would probably be cool for our economy if we had a new kind of banking system that shared risk at the lowest level. There are millions of ideas out there that never get a chance.

  • http://www.pragcap.com Cullen Roche

    I am a little surprised that there’s even a bit of a negative reaction to this. Anyone familiar with my work knows that I think govt can and goes play a vital role. But let’s be honest. Most of the production and ingenuity comes from the pvt sector. The problem is that govt employees are not incentivized in a way that maximizes potential whereas a Steve Jobs living out of his garage is dependent on making it work or essentially starving. That’s how most great entrepreneurial stories start….And this doesn’t mean the jobs’ workforce isn’t vital, but without entrepreneurs we don’t have products and services to sell….

    Maybe I am way too biased here, but I don’t see how anyone can try to undermine what he has achieved….

  • http://Pragcap.com Cullen Roche
  • http://www.3spoken.co.uk Neil Wilson

    I’m with you on this. We need to set the entrepreneurs free from the Vulture Capitalists and the Bureaucracy so that they can show us the way. We need to let the creatives create and the entrepreneurs channel.

    Anything that stops that process needs to be swept away.

    It doesn’t look like Jobs will be with us for much longer unfortunately, but he is the epitome of the unreasonable man upon which all progress depends.

  • Nils

    I’m not really a fan of their computers (overpriced and usually outdated). However, I think the Appstore for the iPhone is genius and a positive influence. It’s a great way for regular software developers to make money outside the stranglehold and idiocy of a corporate environment.

  • Hillbilly

    Steve Jobs created Greece in America, thats what he created.

    What do you think his kewlkats are doing with those landfill toys…running Matlab? Nah, they’re downloading free crap over the internet thanks to the marxist Federal Reserve.

    Maybe if this Banana Republic got some Free Banking and canned at least 40% of those useless tits in the govt who know only financial repression, we might have something worth saving.

    As it stands I pray Gold dips to $700 so I get shed this uselss currency as fast as possible because this country has gone total retard.

  • http://www.pragcap.com Cullen Roche

    You reside in Canada. Who are you fooling about pretending to dislike your USDs?

  • Koos

    Steve Jobs’s currently sueing the competition over here.
    In current entrepeneurial terms, government intervention is only welcomed when it protects profits.
    In this respect Steve is certainly living up to expectations.

  • Pod

    “banks most certainly do not do this” Really? What a ridiculous statement that ruins an otherwise thoughtful piece.
    If you don’t see where innovation in the financial services industry has contributed to economic growth over the past 50 years then your biases are a severe impediment to your analysis.

  • http://www.pragcap.com Cullen Roche

    Banks grease the engine of capitalism. They are not THE wheels. Pod, you have been reading this site for 2 years. Don’t pretend to not understand my positions….

    We had this EXACT Conversation 6 months ago. http://pragcap.com/the-financial-industry-is-not-the-engine-of-capitalism

    What in the world is with you regular readers misrepresenting my every position lately? It’s the same 4 or 5 people who just refuse to read anything in front of them yet insist on putting words in my mouth? I don’t have the time to moderate comments on the site anymore. If this persists then I will have no choice but to just turn comments off. Sorry, but I can’t have people misrepresenting my positions just because they don’t take the time to understand them. And I certainly don’t have the time to respond to the same 4 or 5 trouble makers every day.

    I take great time and care in writing these stories. You should at least TRY to respect the comments section by doing the same.

  • Alan

    Countering this loons every utterance is a useless exercise. No one expects your personal response to such drivel (of course if you”re having fun…).

    The rest of the site is much appreciated….

  • http://www.pragcap.com Cullen Roche

    I like to give even the most critical readers a chance to understand it. I think I have been naively trusting of the average readers ability to interact in a responsible and mature manner. I’ve noticed a serious decline in the comments of late. Time to make some changes. I just can’t be responding to nonsense like this all the time and other readers (most of whom are excellent) shouldn’t have to filter through this garbage either.

  • Pod

    Cullen,

    I appologize for the “tone” of the above post – I don’t mean to appear “attacking”. But come on. Credit cards? Asset securitization? ATMs and financial technology? Derivatives? Swaps? Mortgage finance? ETFs? Mutual Funds? High yield bonds? Risk-hedging? Shadow-banking? Structured products?

    I mean the list goes on and on, and all of it has had a profound positive impact on economic growth, both within the financial services industry itself but more importantly to user-industries and the economy at large.

    Oh, I know, the “financial crisis”, mortgages, housing, etc. There is plenty of blame to go around on that one and to blame it soley “on the banks” is naive populism (so I know you would not do that). Let’s not throw the baby out with the bathwater.

  • http://www.pragcap.com Cullen Roche

    Most of the things you mention merely make the system function more smoothly or grease the engine. They are not THE engine.

    Dont get me wrong. I am not saying finance is all evil or some big bogeyman we should hunt down and kill….

  • Octavio Richetta

    This is my last one on this. I love Apple products. I did most of the work for my PHD thesis on an SE30. It was with much regret that I had to depart from Apple and “move” into Windows-based products as the clients I did consulting for worked with Windows machines. I am ready to start using Apple products again (I am ready to buy an Ipad 2 since it will soon be flash compatible – in early August Adobe finally gave up and will embrace html 5).

    All I am trying to say is that Steve Jobs (as well as Bill Gates) are not the best examples of Silicon-Valley R&D based successful start-ups. They are both great guys but like all of us did good and bad things. And some of the things they did are not the kind of stuff I would like my kids go about imitating

    Some of what they did resembles more the basis on which China has been built and is being built than the U.S. most admired High-Tech machine.

    Read this:

    http://www.folklore.org/StoryView.py?story=A_Rich_Neighbor_Named_Xerox.txt

    In November 1983, we heard that Microsoft made a surprising announcement at Comdex, the industry’s premier trade show, held twice a year in Las Vegas. Microsoft announced a new, mouse-based system graphical user interface environment called Windows, competing directly with an earlier environment announced by Personal Software called “Vision”. They also announced a mouse-based option for Microsoft Word. When Steve Jobs found out about Windows, he went ballistic.

    “Get Gates down here immediately”, he fumed to Mike Boich, Mac’s original evangelist who was in charge of our relationships with third party developers. “He needs to explain this, and it better be good. I want him in this room by tomorrow afternoon, or else!”

    And, to my surprise, I was invited to a meeting in that conference room the next afternoon, where Bill Gates had somehow manifested, alone, surrounded by ten Apple employees. I think Steve wanted me there because I had evidence of Neil asking about the internals, but that never came up, so I was just a fascinated observer as Steve started yelling at Bill, asking him why he violated their agreement.

    “You’re ripping us off!”, Steve shouted, raising his voice even higher. “I trusted you, and now you’re stealing from us!”

    But Bill Gates just stood there coolly, looking Steve directly in the eye, before starting to speak in his squeaky voice.

    “Well, Steve, I think there’s more than one way of looking at it. I think it’s more like we both had this rich neighbor named Xerox and I broke into his house to steal the TV set and found out that you had already stolen it.”

    So Humble Genius, another anonymous guy, is it to much to ask to do a little more homework before writing:

    “Your knowledge of Personal Computer history is crippled, at best.”

  • Pod

    nor are iPads nor are haircuts so I am not sure of your point.

  • Nils

    There has been a lot of stealing and copying going on. But this also started an arms race to make the product better and better. If someone had just successfully patented the operating system of the eighties and sued all his competition we’d probably still be using it.

  • http://www.pragcap.com Cullen Roche

    Pod,

    You claim that financial engineering has a “profound impact on economic growth”. This is true. The period of financial engineering in the USA has actually coincided with slower growth. Coincidence? I dont know, but I know one thing. Capitalism worked just fine before swaps, futures, and credit cards.

  • Alan
  • In Accounting

    Cullen,
    If you want really powerful analytics for cheap/free, check out Clicky! ( http://www.getclicky.com/ ). Full disclosure, I am close friends w/ the owner, but it is still a fantastic service.

  • Pod

    We agree to disagree.

  • http://www.pragcap.com Cullen Roche

    Im admittedly generalizing so forgive me.

  • Pod

    Capitalism worked just fine before Apple as well. What’s more, iPads (and computers) don’t do anything in and of themselves aside from “greasing the wheels” of other activities, e.g. supply chain mgmt, CRM, scientific investigation, communications, ERP, entertainment, etc. Without those activities there would be no need for computers and no need for Apple. So again, I am not sure how you can point to financial services as somehow not being an “engine” of capitalism while “apple” is an engine.

  • Canada Jon

    TPC can you or someone explain why the media is jumping to the greatest leader/CEO/etc. ever and how awful it is for America? I understand that Jobs was a top class thinker, entrepreneur and CEO but from up here in Canada where there’s little dynamic growth (or when there is like Nortel and RIM they shoot themselves in foot). The US has the Microsofts, the Googles, the Facebooks, the Apples, etc. of the world almost exclusively and just shows that regardless of what is happening in Washington the US is still a big step above everyone else. Even if Jobs is down, I’m sure there’s another hungry entrepreneur rising to the top (or most likely many).

  • Adam

    OK. I’ll do my homework and rent a made-for-tv movie. Good lord.

    Nobody said Jobs was Albert Schweitzer. But he’s not some PT Barnum either.

    Yes, they market well, but it would be worthless without the DESIGN which is the key to it all.

  • MrV

    Yes Mr Jobs is certainly one of the best entrepreneurs in history, but you can’t compare it to those who have given birth to scientific revolution.

  • Colin S.Toe

    Cullen,

    I have followed and appreciated the discourse at this site for some time before I started to weigh in. I would hate to see you have to cut off the comments – although I hope the job of moderating it is not consuming too much of your time.

    In any case, if my comments are part of the ‘decline’, I will gladly cease and desist.

  • MrV

    Well nobody really takes American media seriously. The respect for Steve jobs acheivements will always be about the loyalty of his customer base and admiration from those in the industry, rather than the product of the American media spin machine, which will go totally overboard and then be back to Lindsay Lohan by Monday.

  • CybrWeez

    Yea, but I think you can safely ignore hillbilly. Only bother if anyone else bothers. We can all ignore such comments that are useless.

  • jt26

    Can’t imagine how anyone can criticize Jobs’ accomplishments. Great. Great. Great. Leader, entrepreneur, businessman.
    (Why not say Ghandi is the world’s worst war criminal instead … it would be closer to the truth.)

    Aside from the great products, one thing that stands out is he has repeatedly saved consumer electronics in the US. Remember how American CE, was killed in the 70s-80s by short-term thinking, lack of attention to detail and quality, business people with GE and GM “scientific” management, believing people will buy what was sold to them. Wow. If only he had an interest in cars … he could have saved the US auto industry.

  • boatman

    he certainly was the man of the last decade.

    now that we have an ipad in every 1″ size possible, thats over

    u will buy ipads at the 7-11 like u do phones now(imagine buying a phone in a gas station 20 yrs. ago)

    my last HP desktop lasted 9 years….with DDR3 added of course(wouldn’t have needed 1/2 of that if that girl in the add on the right would just stop shaking her tits).

    the next decade will be about overcoming peak oil and feeding people.

    we still have soup lines to get thru(coming) as all this paper unravels.

    treasuries slump 2.8% on a day when gold falls 5% and all anyone can talk about is the gold crash……increase margin requirements on treasuries 22% n see what happens to them.

  • Jonnyblaze

    At the end of the day, people love Apple because Jobs was able to create (and probably more importantly) market products that fed the “consumption beast.” Capitalism relies on perpetually-increasing consumption and Apple has provided a good chunk of the products over the past couple decades that people in a saturated, rich country would still like to try and buy.

    So, yea Apple has been a great engine for capitalism… BUT have they really done anything good for society? I would argue that realistically they are not all that different from banks.

    Probably ten years from now, the whole paradigm will have shifted and we will be moving towards a resource-based economy. We’ll probably look back then and think how utterly wasteful it was for Apple to use up all of its real ingenuity on perpetuating a cycle of planned obsolescence.

    Jobs was no doubt a genius though…

  • jazzman

    Cullen, I heartily agree with you. Jobs fundamentally changed the way we think about and use computing – and in the process made it accessible and easy to use. His company’s products are great examples of elegant design. My 80 year old mother wouldn’t touch a computer but 6 months ago she bought an iPad. To say it changed her life maybe is going to far. But she is overjoyed to be able to see pictures of her grandchildren, get emails from friends she hasn’t talked with in years, see how family members are doing by checking the Facebook walls, and so on. I’d be willing to bet that iPad has made computing accessible to many in this generation for the first time.

    Jobs is simply one of the greatest entrepreneurs, product designers, and CEOs in American history. Now he has left because of his battle with cancer. At a time like this, I think we should be celebrating his life achievements and wishing him and his family the best. If you can’t do that, maybe you should just not say anything.

  • ES

    There was a big article on Jobs in recent Bloomberg or Economist, I can’t remember. Anyway, from there I learned that he basically refused to support his first wife and daughter and she had to go on welfare to raise his daughter. No matter how brilliant his accomplishments are in the business world, after this to me he is nothing more than a sad human being.
    Please, note, I don’t intend to judge but I feel very sorry for his first wife. Steve Jobs comes across as a shark. We are humans first, everything else is secondary.
    And if what I read is wrong I’ll be glad to reconsider.

  • quark

    Some of the greatest advancements in technology are discovered by government employee’s or public institutions funded by government and HANDED to private industry to develop. While Steve Jobs was a tenacious entrepreneur if it were not for the defense department Steve Jobs may not have experienced the success he is now known for achieving. That said his talents may have benefited another sector of business.

    Innovation DEMANDS free thinking and while many companies foster R&D projects that are uninhibited by corporate policy, most industries R&D projects focus on improvement in their line of business which rarely fosters the further development of a civilized society. Government sponsored innovation is one of the few incubators of free markets and capitalism. Many so called ‘free capitalists’ consider this irrelevant as they push for privatization of our educational system which is a dangerous road to walk down for a civilization born of free thinkers.

  • http://www.pragcap.com Cullen Roche

    Im very aware of this. I have very often defended the govt against people who claim it produces nothing.

  • Sven

    People conveniently forget Apple make both HARDWARE as SOFTWARE. No other company does that. Apple make a complete product, not just the packaging. They were also into design, not just sloppily assembling a mass of components into a tin-box. My first experience was with PC’s, doing a course on robot transportation and assembly technology, plus CAD/CAM/CNC. We learned the basics how a computer worked on MS products, writing, accounting etc. Interesting time. But the moment I walked into a local store in town that began selling Macintoshes and let a salesman lead me through how they functioned I realised I would be spending MY money on a Mac. Still have ‘em all, they still work, the first ones, a Classic 4/40 and a PB140 can still do half my workload, write and print, if I was in the mood. Some new buys were out of interest, but usually technology was the reason; going scanner, photoshop, www, etc., as did going broadband. Now it seems software for the www and Skype might force me to upgrade again, as my technology is getting too old to upgrade the software (eMac and iBook G4, 7 years old or so?)

    Steve Jobs has done a good job. He doesn’t do it all himself but he seems to be a leader of men who assembled the right team around him, inspired them, and had the overall vision to know when a product was right or not, both hardware as software. What did Gates ever do, he was a mouthy salesman, that’s all. Jobs wasn’t, and his mistake was he didn’t find someone who could do the sales for him, he thought the product would sell itself. In theory, yes, Mac products were brilliant and any sane person wouldn’t think of buying anything else, but the market doesn’t work like that. But it seems the market is catching up with the Jobs concept, hence Apple’s success lately.

    Job’s is probably dying. We all go sometime. But he will leave a successful company and products and ideas and concepts behind him to be proud of. What will Gates leave. Money. As such, so worthless he’s giving it away. Jobs was never into the money, that’s obvious, he was into life. We know little of his family, but much of his inspiration came from his family and nature, it is said.

    We can but hope the guys who take over from him are as good. Ives seems to be, but I can’t comment on any other. But in my lifetime (not long now for me, either) I’ll still be buying Macs. Am waiting to see what the new MBP’s will be like, thought a 17″ and an Air ‘to carry’ would be the ticket, worth spending my pension on.

  • percolator

    Denninger has a slightly different take on “The Great Steve Jobs” which I happen to agree with:

    http://market-ticker.org/akcs-www?post=192950

  • PedroCPAGuy

    Steve Jobs is a human being, and like all of us is not and never has been perfect … thus the lively discussion above.

    This thread is about Jobs, of course.

    But what do we know about Tim Cook?

    Is he up to the job? In ten years, will we be lauding Cook as “The Great Tim Cook”?

  • DanH

    Karl Denninger is a bitter old fart who hasn’t achieve 1/100th of what Steve Jobs has. They’re of the same generation and he’s bitter that he never did much with this life. So what. Steve Jobs played such an instrumental role in the computer and mobile phone spaces that it’s practically impossible to quantify his impact. He has indirectly employed millions of people and given us all the ability to be more efficient and productive by streamlining life in so many different ways.

    I can’t believe KD would even think of writing that sort of bull. I am stunned anyone even reads his website anyhow.

  • Greater Fool

    Who knew this old Apple commercial would be so appropriate today?

    http://youtu.be/dX9GTUMh490

  • LVG

    People actually take Denninger seriously? Isn’t he basically a slightly more sane version of Zero Hedge’s rants?

  • quark

    I know you know and I’ve read that you are an advocate for the productive sectors of government but I just felt it needed to be said in this instance. I have a close friend who spent his early career as a university academic conducting research, he then went into the private sector for 10 years and while he was financially rewarded well beyond his initial expectations he found it stifling to his creativity so he has returned to the environment which allows him to be more creative in his research and to have a greater beneficial impact to society.

  • http://www.covel.com Michael Covel

    “Shortly after the iconic iMacs came out in 1998, Mr. Gates took a swipe at Apple, which was still struggling to survive. ‘The one thing Apple’s providing now is leadership in colors,’ Mr. Gates said. ‘It won’t take long for us to catch up with that, I don’t think.'”

  • Roger Ingalls

    You have crafted a jewel of a website.

    No need to let angry and inane comments dirty this.

    Vote hillbilly off the island. It’s not like there aren’t ten million sites where his comments wouldn’t be welcomed.

    I love your opening statement to commentators…

  • Dismayed

    “Once again, the MMT’ers show their true colors. Downloading music illegally from servers into their Ipod didn’t exactly advance society, did it? But for the marxist MMT’ers, its a dream world of everything is free free free!

    Steve Jobs was the greatest producer of adult children around. What did he invent? He ripped everybody off and started the MBA craze.”

    Downloads form iTunes are not illegal, and royalties are paid to the artists. Hillbilly seems confused by the earlier mp3 players and illegal downloads that were common before Apple entered the scene.

    So what did Jobs create with the iPod? How about a completely new, and leagal, distribution channel for entertainment!

    As for creating adult childer – I suppose you lump all entertainment into that category. That damn Shakespeare is the real culprit!

  • Roger Ingalls

    Plus 100!!!

    If you have commentors tht are particularly annoying, ban em.

    Hillbilly has contributed nothing but vitriol.

    Heck, you can ban me if you like, but I love reading the comments and exchanges!

  • Dismayed

    “If you don’t see where innovation in the financial services industry has contributed to economic growth over the past 50 years then your biases are a severe impediment to your analysis”

    Yeah. Just imagine how uch worse off we’d be without Credit Default Swaps and CDOs!

  • Dismayed

    “If you don’t see where innovation in the financial services industry has contributed to economic growth over the past 50 years then your biases are a severe impediment to your analysis.”

    Yeah, we’d be far worse off than we are now if it weren’t for Collateralized debt Obligations and Credit default Swaps!

  • BT

    “We advance as a society and as human beings when we are surrounded by entrepreneurs who create goods or services that improve our standard of living.”

    That’s a pretty broad definition of entrepreneur – one that includes scientists, artists, teachers, engineers, architects and many other creative types – many of whom can be funded by government as well as the private sector.

    The wikipedia definition of an entrepreneur is “a person who has possession of a new enterprise, venture or idea and is accountable for the inherent risks and the outcome of a product” – i.e.: the owner(s)/borrowers.

    It’s important to realise how much entrepreneurs depend on an infrastructure of technology discovery and development, and the education systems that support it, both of which are often funded by government.

  • Jim

    Clearly Jobs is a great entrepreneur. If you have been in business playing with big dogs you know they are not saints. They play hardball.

    At the same time, to put entrepreneurs at the top of humanity’s benefactors is a serious optical illusion. Man does not live by bread alone, nor is material advancement the highest good. There are benefactors of a far higher order than the Jobs of the the world.

  • percolator

    You appear to be the bitter one when the best you can do is ad hominem attacks on KD. Please explains why the points KD made about Mr. Jobs are “bull”.