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Topic Title: 'Your wealth or your 401(k) isn't going to protect you': NYU's Galloway
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Created On: 03/27/2020 05:18 PM
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 03/27/2020 05:18 PM
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dingpatch

Posts: 19032
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'Your wealth or your 401(k) isn't going to protect you': NYU's Galloway
Julia La Roche
Julia La RocheCorrespondent
Yahoo FinanceMarch 27, 2020, 3:20 PM EDT

Scott Galloway, professor of marketing at NYU Stern School of Business, believes we will emerge from COVID-19 pandemic to a "much different" world.

In an interview with Yahoo Finance, Galloway explained that one of the advantages of the human species is its ability to adapt, with the critical question being, "What will we learn?"

"[I'm] hopeful that corona might end up serving, if you will, as a bit of a vaccination itself. And, that is, if you had the virology of corona and the mortality of Ebola, you could have the end of our species. And, this might be an opportunity for us to really battle test our systems, immunize our beliefs, our capital allocation, and our industries such that if and when this happens again - because it's not if, it's when - that we're better prepared for it," Galloway said.

For starters, the NYU professor expects the U.S. will probably "rethink our priorities in capital allocation." He pointed out that throughout history, pathogens have resulted in more death of people than violence or war combined. Yet, the budget for the Department of Defense is north of $680 billion, while the CDC's is only around $12 billion.

What's more, he expects Americans will wake up to the fact that defunding government in critical areas such as climate change or pathogens will have consequences that wealth won't be able to shield.

"It's become evident that the virus doesn't care about your political ideology, or your wealth, or your status. In America, I think we've taken cold comfort in believing that we're all going to be rich and that none of us are ever going to get sick," he said, later adding, "Your wealth or your 401(k) isn't going to protect you."

In terms of the future of business, Galloway believes that new sectors and companies will emerge, from distributed health and telehealthcare to the growth in online education that will disrupt the limited number of enrollment spots on university campuses.

Most importantly, he hopes that people will walk away, recognizing "the greatness in the agency of others."

"I'd like to think a lot of what we're taking from this is that viruses have no respect for borders, and what can we learn from our allies, how can we join hands and fight this collectively? Such that again, we realize a comity of man here. And that this supersedes a lot of things we were concerned out before this," he said.

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Dora Hates You
 03/27/2020 05:28 PM
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Cole

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I agree and I can't say that about most of the things you have posted in the past.

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 03/27/2020 05:44 PM
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dingpatch

Posts: 19032
Joined Forum: 07/24/2003

Well, for the most part, what I post has a lot to do with "just raking your stones" and such.

I am fairly conservative and also somewhat pretty liberal. Kinda amoral at times. A Green Beret Captain told me that I was "one cold Son of a Bitch". I thanked him and he said "Fuck, I thought you'd say that!"!

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Dora Hates You
 03/27/2020 05:55 PM
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fishkller

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We spend how many trillions of dollars on the military, and we didn't have a couple airplane hangars stocked full of respirators in case of a problem?

Yeah, reallocation seems like a good idea.

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 03/27/2020 06:11 PM
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dingpatch

Posts: 19032
Joined Forum: 07/24/2003

Well, really though, nobody could have guessed about the current need for respirators. The national stockpile had 10,000 of them! But, at around maybe (Government contract negotiation pricing) $10k each, thats $100 million just "sitting around". ?? Maybe, maybe not. "Hindsight" is a true, MF'ing, bitch.

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Dora Hates You
 03/27/2020 07:11 PM
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fishkller

Posts: 20566
Joined Forum: 11/13/2016

Nobody could have guessed we might need respirators for alot of people at once? Uhh.. whaaa?

The Cold War was when? The government was concerned about Germ Warfare how far back? 1950's? 1960's?

I'm not in the military, and even I know you may wanna stockpile some shit that helps people breathe should the gas bombs come down..


But noo.. we need a shit ton of $900 hammers

DERP


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Edited: 03/27/2020 at 07:11 PM by fishkller
 03/27/2020 07:16 PM
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dingpatch

Posts: 19032
Joined Forum: 07/24/2003

Hey! I bought $900 hammers and $600 toilet seats. They had to have their raw material chemically analyzed in labs, their raw casting blanks had to have ultrasounds, and the finished hammers had to be X-rayed.

"Gas bombs" are so "1917". LOL


Oh, and otherwise, I'm guessing that you would not be too concerned with being hooked up to a 50 year old respirator (where they even invented back then?). I'm thinking that they were called "iron lungs" back then!!!!!

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Dora Hates You

Edited: 03/27/2020 at 07:20 PM by dingpatch
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