I'll admit I've been on a KBar kick as of late. He's been sending me some choice readings and I'm thankful for it. One such reading is A Wall Street Trader Draws Some Subprime Lessons: Michael Lewis and it is, to me, an excellent and worthy read.
It's fascinating to me on so many levels. I'm neither agreeing nor disagreeing with anything Mr. Lewis writes. I do note that for someone not in his audience (ie, "I mean anyone who the SEC wouldn't allow to invest in my hedge fund.") translation is required. This is why NextStage developed the RWB language engine, to help people not versed in the language of finance understand what is being said by people speaking in financial terms.
One point Mr. Lewis makes is "Poor people don't respect other people's money in the way money deserves to be respected." I'd probably rephrase this to "Some people don't understand 'money'." because there is no doubt in my mind that the latter is both true and valid. I recognize that certain social classes conceptualize money as a differentiator only and other social classes conceptualize money as both a differentiator and tool. It is that last part that is the key.
Another point that I really appreciated follows:
3) I've grown out of touch with ``poor culture.''
Hard to say when this happened; it might have been when I stopped flying commercial. Or maybe it was when I gave up the bleacher seats and got the suite. But the first rule in this business is to know the people you're in business with, and I broke it. People complain about the rich getting richer and the poor being left behind. Is it any wonder? Look at them! Did it ever occur to even one of them that they might pay me back by WORKING HARDER? I don't think so.
But as I say, it was my fault, for not studying the poor more closely before I lent them the money. When the only time you've ever seen a lion is in his cage in the zoo, you start thinking of him as a pet cat. You forget that he wants to eat you.
I'm truly feeling this guy's pain here. I seem to be in that same situation myself. Again, this comes back to some recent experiences I've had and that I'm developing a research project around; basically "Do marketers really know (connais, pas sais) who they're marketing to?"
I've been trained to be a social chameleon, essentially to foster what's known as participant observation to an extreme degree. I found myself facing (what is to me) a true dilemma; should I stop flying coach and start flying first class. Most of my clients market to people who "travel coach" so flying coach is an excellent opportunity for me to observe and share the experiences of my end audience. But I'm six feet tall and about 230#. First class is much more comfortable to me. But I only have 6-7 clients that market to "first class".
I also got a kick out of "Our society is really, really hostile to success. At the same time it's shockingly indulgent of poor people."
Yes, and the reasons are numerous and from history. If you're interested, let me know and I'll go over them with you.
Meanwhile, a fine read. And a chuckle or two.
Please contact NextStage for information regarding presentations and trainings on this and other topics.
Upcoming Trainings:
Upcoming Conferences:- XChange on 20-21 Sept 07
- DC Emetrics Summit on 14-17 Oct '07
- Society for New Communications Research Annual Research Symposium & Awards Gala on 5-6 Dec 07 in Boston.
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