Wednesday, March 3, 2010

Upton Sinclair

In this The Atlantic interview, John Bogle said he believes that the current business school curriculum is too narrow and should have "a much greater emphasis on the classics":

"The Odyssey will tell you an awful lot about human nature and life, and therefore about business, and societal values. Read the Odyssey. Read Dante's Inferno. You can also learn a lot by reading Seneca’s essay on the shortness of life or Montaigne's essay on vanity."

Later in the interview he went on to say...

As to why speculation is so hard to curb, despite repeated warnings over the years, Bogle once again dug back into a classic for his answer. "There's a quote by Upton Sinclair," he replied. "It's amazing how difficult it is for a man to understand something if he's paid a small fortune not to understand it."

With that paraphrase of Sinclair's quote in mind, don't expect some of the more logical changes to the financial system to occur anytime soon.

Entrenched interests are paid too much "not to understand" why the casino should be reigned in.


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