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China Is "The Great Future Growth Story of the World"
Steven Rattner led the Obama Administration's efforts to restructure the auto industry in 2009 as Counselor to the Secretary of the Treasury, having taken a break from his private investment firm Quadrangle Group, LLC. He has also served as Deputy Chief Executive Officer at Lazard, after having worked at Morgan Stanley and Lehman Brothers. Rattner was also employed by the New York Times for nearly nine years, principally as an economic correspondent prior to working in finance. He is author of "Overhaul: An Insider's Account of the Obama Administration's Emergency Rescue of the Auto Industry."
Question: How do you recruit and retain great talent?
Steven Rattner: As you said, finding and recruiting and retaining top talent is the single biggest, most important part of any business. I remember somebody saying on a panel once many years ago, and I’ve never forgotten it, that his principle of his career had always been to work for the best people he could work for and find the best people he could to work for him. And I’ve always tried to do this same thing as well.
And another business leader once said to me, “”A” people hire “A” people and “B” people hire “B” people.” And so I’ve always tried to surround myself with “A” people on the theory that they would hire “A” people. And I’ve always tried to work for “A” people. And in terms of hiring people, it’s really giving people a sense of empowerment, a sense of motivation, a sense of involvement, and of ownership of what they do. And of course, compensation is not exactly irrelevant either, but I think more than compensation, people really want to feel that they are a part of what they are doing, and that work should be fun. I believe that work should be fun. I would not do a job that I did not think was fun.
Question: Is leadership different in business and government?
Steven Rattner: There are significant differences, and this is where many business people who try to go to Washington, or vice versa, find it frustrating. Business is certainly motivated by one principle objective which is to be, have the enterprise be financially successful and so there is a very clear standard of accomplishment, there’s a very clear metric, there’s a very clear scorecard that everybody follows. And there is kind of a command-and-control organizational structure, which is not to say businesses aren't collegial, but at the end of the day, there is a CEO who can make decisions and move something forward.
Even the President doesn’t have that much authority within his organization. He has to deal with Congress. He has to deal with outside constituencies and with independent agencies. So government by its nature is a much more collaborative, consultative, compromising kind of management style than the private sector. And that’s something that people don’t always appreciate.
When you go into government, you really have to keep in mind the famous saying of "not let the perfect be the enemy of the good." If you can get something done that is positive you can’t torture yourself over the fact that it is not perfect because there are so many cooks in the kitchen when you are in government.
Question: Why are some many people attracted to finance?
Steven Rattner: There’s nothing wrong with finance. It is an honorable profession. I would be happy if my children or friends went into it. It’s an important part of society. Finance is the lubrication that makes the economy work, and there’s nothing at all wrong with it. I do hope and believe that even people who go into finance will keep some balance in their lives, get involved with non-profit, give something back, public service, however they choose to do it. I think there’s more to life than finance and there’s more to life than making money. But there’s nothing wrong with finance and there’s nothing wrong with making money.
I think that the attractiveness of professions waxes and wanes a bit, and finance has been very hot for a while, I don’t think that necessarily will always be so, and I think there are many talented people who are going into other businesses, such as a business like Big Think. I have many talented – I know many talented young people who are trying to make their career as entrepreneurs and startups and interesting companies that could be hugely transformational to the country. So, I don’t despair about it.
Question: What would you do if you were starting your career now?
Steven Rattner: If I were starting my career again, I would go to China. There was a famous newspaper man who, I think Horace Greeley, who once said, “Go West young man,” meaning go to the frontier because that where, in America, the great opportunity was. And that’s how I feel about China. I’ve only been there twice, I think, but I’ve certainly spent time trying to learn about it, meeting with people and it’s a very controversial subject because there are many people who think China is a big Ponzi Scheme or is on an unsustainable course, or this or that. I think China is the real thing. And I think it – I think it is the great future growth story of the world, for the foreseeable future of the countries anyway. And if I was just starting out I my career, whether I be a journalist or a banker or a businessman, or even a government, I would be focused on China.
Recorded September 23, 2010
Interviewed by Victoria Brown
Firms interested in recruiting and retaining talent and leaders should keep in mind the draw and potential of China.
An article in Journal of Bioethical Inquiry raises questions about the goal of these advocacy groups.
- Two-thirds of American consumer advocacy groups are funded by pharmaceutical companies.
- The authors of an article in Journal of Bioethical Inquiry say this compromises their advocacy.
- Groups like the National Alliance on Mental Illness act more like lobbyists than patient advocates.
The Corruption That Brought Prozac to Market — Robert Whitaker, Journalist<span style="display:block;position:relative;padding-top:56.25%;" class="rm-shortcode" data-rm-shortcode-id="bea9cff2b25efc18b663a011a679ba16"><iframe type="lazy-iframe" data-runner-src="https://www.youtube.com/embed/UyaJExxFPAE?rel=0" width="100%" height="auto" frameborder="0" scrolling="no" style="position:absolute;top:0;left:0;width:100%;height:100%;"></iframe></span><p>Consumer-oriented groups gained steam over the ensuing decades. Their efforts helped inspire the 1938 Food, Drug, and Cosmetic Act after over 100 people (mostly children) died from a sanctioned drug, Sulfanilamide. If not for the hard work of these advocates, this case might have been overlooked.</p><p>Early efforts also focused on the food industry, which was increasingly using chemical preservatives. The origin of Consumer Reports can be found in the consumer advocacy movement. Both the food and drug industries were getting a free pass to experiment on citizens with few repercussions.</p><p>These movements provided a social foundation for important advocacy work in the second half of the century. Female-led groups evolved to focus on women's reproductive rights, AIDS, and mental health. As the authors write, these groups struck a balance between working <em>with</em> and <em>against</em> current trends. Sometimes you need to craft legislation with officials; at other times, you have to rage against the machine with everything you've got. </p><p>Advocacy marked an important turning point in public health (and culture in general). These groups were tired of placating to a medical model that treated the male body as the standard. This wasn't limited to anatomy. As I <a href="https://bigthink.com/coronavirus/pandemic-warnings-rp-eddy" target="_self">wrote about last week</a>, a high-profile 1970s-era conference about the role of women on Wall St featured no women on stage. You can imagine what reproductive health looked like during that time. </p><p>Advocacy groups made real impact in public health. Then the money began pouring in. </p><p style="margin-left: 20px;">"These groups were funded largely by individual donations with some foundation support, but in the late 1980s, newer women's health groups moved to professionalize, effectively splitting the women's health movement."</p><p>A number of groups resist corporate ties to this day, such as the National Women's Heath Network and Breast Cancer Action. Too often, however, groups argue that their existence depends on corporate funding. This can lead to uncomfortable compromises. </p><p>An estimated two-thirds of patient advocacy groups in America accept funds from the pharmaceutical industry. Pharma companies gave <a href="https://link.springer.com/content/pdf/10.1007/s11673-019-09956-8.pdf" target="_blank">at least $116 million</a> to such groups in 2015 alone.</p><p>For example, over a three-year period, the National Alliance on Mental Illness (NAMI), which was founded by two mothers whose sons suffered from schizophrenia, received nearly $12 million from 18 pharmaceutical companies. The largest donor was Prozac manufacturer, Eli Lilly. By 2008, three-quarters of NAMI's budget was funded by the pharmaceutical industry. It gets worse:</p><p style="margin-left: 20px;">"An Eli Lilly executive was even 'on loan' to NAMI, paid by Eli Lilly, while he worked out of the NAMI office on 'strategic planning.'"</p>
A customer waiting for his medication at the Headache Bar in a pharmacy in Sydney, Australia. Among the items on sale are 'Paigees with Chlorophyll' and Alka Seltzer on tap.
Photo by Dennis Rowe/BIPs/Getty Images<p>This influx of cash skews public understanding of drugs. It also influences advocates to overlook real problems caused by pharmaceutical interventions, especially when it comes to mental health.<br></p><p>For a real-world example, consider how Xanax came to market. As journalist Robert Whitaker <a href="https://www.youtube.com/watch?v=2e829xdb4AA" target="_blank">explains</a>, an <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC1463502/?page=1" target="_blank">initial study</a> was conducted to determine efficacy in treating panic attacks. After four weeks, Xanax was outperforming placebo, which is common with benzodiazepines over short-term usage. But it wasn't a four-week study; it was a 14-week study.</p><p>At the end of eight weeks, there was no difference in efficacy between Xanax and placebo.</p><p>At the conclusion of the study after 14 weeks, the placebo outperformed Xanax. By a lot.</p><p>Why is Xanax still prescribed for panic attacks? Because the pharmaceutical company, Upjohn, only published the four-week data. The 14-week data was not in its favor. Nearly forty years later, over <a href="https://www.statista.com/statistics/781816/alprazolam-sodium-prescriptions-number-in-the-us/" target="_blank">25 million</a> Americans receive a prescription despite its <a href="https://drugabuse.com/xanax/effects-use/" target="_blank">long list</a> of side effects and addictive profile. </p><p>As the authors note, many consumers are not aware of how advocacy groups are funded.</p><p style="margin-left: 20px;">"An international study of groups in the United States, United Kingdom, Australia, Canada, and South Africa found that the extent of relationships with industry was inadequately disclosed in websites that addressed ten health conditions: cancer, heart disease, diabetes, asthma, cystic fibrosis, epilepsy, depression, Parkinson's disease, osteoporosis, and rheumatoid arthritis."</p><p>That's a tangled web of relationships. Pharmaceutical industry funding negatively impacts the work advocacy groups should be focused on: protecting us. NAMI, for example, claims that as a "natural ally" to the pharmaceutical industry, it helps consumers access "all scientifically proven treatments." When the industry ignores evidence of long-term damage caused by its treatments, you have to wonder what's being advocated. </p><p>Although, as the authors conclude, that question is easy to answer. </p><p style="margin-left: 20px;">"Instead of drawing insights from patient experience to set organizational agendas and challenge industry agendas, today's groups are silent on high prices and drug harms, oppose efforts to regulate these basic rights, and demand access to drugs that challenge the safety and effectiveness."</p><p><span></span>--</p><p><em>Stay in touch with Derek on <a href="http://www.twitter.com/derekberes" target="_blank">Twitter</a>, <a href="https://www.facebook.com/DerekBeresdotcom" target="_blank">Facebook</a> and <a href="https://derekberes.substack.com/" target="_blank">Substack</a>. His next book is</em> "<em>Hero's Dose: The Case For Psychedelics in Ritual and Therapy."</em></p>
- Modern antibiotics can effectively treat bubonic plague, which spreads mainly by fleas.
Bacteria under microscope
needpix.com<p>Today, bubonic plague can be treated effectively with antibiotics.</p><p style="margin-left: 20px;">"Unlike in the 14th century, we now have an understanding of how this disease is transmitted," Dr. Shanthi Kappagoda, an infectious disease physician at Stanford Health Care, told <a href="https://www.healthline.com/health-news/seriously-dont-worry-about-the-plague#Heres-how-the-plague-spreads" target="_blank">Healthline</a>. "We know how to prevent it — avoid handling sick or dead animals in areas where there is transmission. We are also able to treat patients who are infected with effective antibiotics, and can give antibiotics to people who may have been exposed to the bacteria [and] prevent them [from] getting sick."</p>
This plague patient is displaying a swollen, ruptured inguinal lymph node, or buboe.
Centers for Disease Control and Prevention<p>Still, hundreds of people develop bubonic plague every year. In the U.S., a handful of cases occur annually, particularly in New Mexico, Arizona and Colorado, <a href="https://www.cdc.gov/plague/faq/index.html" target="_blank">where habitats allow the bacteria to spread more easily among wild rodent populations</a>. But these cases are very rare, mainly because you need to be in close contact with rodents in order to get infected. And though plague can spread from human to human, this <a href="https://www.healthline.com/health-news/seriously-dont-worry-about-the-plague#Heres-how-the-plague-spreads" target="_blank">only occurs with pneumonic plague</a>, and transmission is also rare.</p>
A new swine flu in China<p>Last week, researchers in China also reported another public health concern: a new virus that has "all the essential hallmarks" of a pandemic virus.<br></p><p>In a paper published in the <a href="https://www.pnas.org/content/early/2020/06/23/1921186117" target="_blank">Proceedings of the National Academy of Sciences</a>, researchers say the virus was discovered in pigs in China, and it descended from the H1N1 virus, commonly called "swine flu." That virus was able to transmit from human to human, and it killed an estimated 151,700 to 575,400 people worldwide from 2009 to 2010, according to the Centers for Disease Control and Prevention.</p>There's no evidence showing that the new virus can spread from person to person. But the researchers did find that 10 percent of swine workers had been infected by the virus, called G4 reassortant EA H1N1. This level of infectivity raises concerns, because it "greatly enhances the opportunity for virus adaptation in humans and raises concerns for the possible generation of pandemic viruses," the researchers wrote.
Want help raising your kids? Spend more time at church, says new study.
- Religious people tend to have more children than secular people, but why remains unknown.
- Conversely, having a large secular social group made women less likely to have children.