Tuesday, January 12, 2016

Boys and Their Toys

The Silicon Valley is awash with new money and new money in the Valley is not like Wall Street new money which is blown up the nose, on the hookers and expensive food at Per Se for $325 dollars per plate (without wine), no,  this is the we are saving the world bullshit that they dish out with Chipolte coupons.  I can see that choosing which group I would rather sup with is easy on that one. If I am hanging with douchebags I am still going to go with quality eats despite the review.

And so it was not surprising that this week announced the sale of the New Republic, bought last year with much disruption to the point of most of the staff walking. Hey old money did this too with Sheldon Adelson's purchase of the Las Vegas Journal Review but without all the subterfuge.

Andrew Ross Sorkin, chief apologist for the Wall Street crowd, has no love lost for the new money crowd of the other coast.  This week's column is about the ways the new money set have lofty ideas and equally lofty goals that they abandon once failed.  What he neglected was the floundering attempt by the husband of the New Republic's owner in chief to buy public office like old money does by buying a home in a district and running for local election. Like the New Republic it didn't work out either.

The Valley trumps itself as the epitome of meritocracy and the reality is like old boys network with sexism and classism running rampart. The Guardian released a study that found over 60% of the women in the tech sector faced some type of sexual harassment or gender discrimination.  Shocking, I know. Not really.

And this is another industry that is in deep denial about the matter. As this chart from Mother Jones from last year demonstrates the level of discrimination in the varying professional sectors.

Aside from sexism there is the issue of hiring equality across color lines that are not from Asia, and in turn the income inequality that furthers the divide as this article from Wired of last year discusses. 

When I read this bullshit piece in Fortune the first words that came to mind was my mother's warning "note the source."  This individual is connected to the Obama White House and that cache alone is enough to eliminate any sense of hunting in the phrase "job search."  I loved the fake ad placements as endorsements, I hope he was compensated.

This essay in the Daily Kos of course is a contrast to that piece as it discusses the history of this issue and the long term wage gap as the unicorns come riding back into the barn and the long term affect that may have on the economy is still an issue as more standard companies such as GM's investment in Lyft marks.

Then this essay from a Silicon Valley investor PRAISING income inequality brings the guff in aws when one reads his support of this divisive issue. 

Many of the Obama staffers have done the revolving door to tech industry jobs. His was the first Presidency to really corral the long apolitical and largely Libertarian followers to serve and then leave for cushy stock options that the Valley proffers vs those of Wall Street bonuses, but they too are appreciating the exodus to their doors as well.

And as we await the start of the State of the Union know that this matter will not change and that in reality we are as fucked as we were 8 years ago but just with more lube this time.


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