Group items tagged

In a world of rapidly accelerating change, from iPads to eBooks to genetic mapping to MagLev trains, we can't help but wonder if technology is our servant or our master, and whether it is taking us in a healthy direction as a society.* What forces drive the steady march of innovation?* How can we build environments in our schools, our businesses, and in our private lives that encourage the creation of new ideas--ideas that build on the new technology platforms in socially responsible ways?Kevin Kelly and Steven Johnson look at where technology is taking us. One of the co-founders of Wired Magazine, Kelly's new book, What Technology Wants, makes the argument that technology as a whole is not a jumble of wires and metal but a living, evolving organism that has its own unconscious needs and tendencies. Johnson's new book, Where Good Ideas Come From, explains why certain spaces, from 18th-century coffeehouses to the World Wide Web, have an uncanny talent for encouraging innovative thinking.

This story from Bloomberg just hit the wires this morning.  Bank of America is shifting derivatives in its Merrill investment banking unit to its depository arm, which has access to the Fed discount window and is protected by the FDIC. What this means for you is that when Europe finally implodes and banks fail, U.S. taxpayers will hold the bag for trillions in CDS insurance contracts sold by Bank of America and JP Morgan.  Even worse, the total exposure is unknown because Wall Street successfully lobbied during Dodd-Frank passage so that no central exchange would exist keeping track of net derivative exposure.