Chairman Yang Quotes

One Stanford op-ed in particular was picked up by the national press and inspired a website, Stop the Brain Drain, which protested the flow of talent to Wall Street. The Stanford students wrote, The financial industry’s influence over higher education is deep and multifaceted, including student choice over majors and career tracks, career development resources, faculty and course offerings, and student culture and political activism. In 2010, even after the economic crisis, the financial services industry drew a full 20 percent of Harvard graduates and over 15 percent of Stanford and MIT graduates. This represented the highest portion of any industry except consulting, and about three times more than previous generations. As the financial industry’s profits have increasingly come from complex financial products, like the collateralized debt obligations (CDOs) that ignited the 2008 financial meltdown, its demand has steadily grown for graduates with technical degrees. In 2006, the securities and commodity exchange sector employed a larger portion of scientists and engineers than semiconductor manufacturing, pharmaceuticals and telecommunications. The result has been a major reallocation of top talent into financial sector jobs, many of which are “socially useless,” as the chairman of the United Kingdom’s Financial Services Authority put it. This over-allocation reduces the supply of productive entrepreneurs and researchers and damages entrepreneurial capitalism, according to a recent Kauffman Foundation report. Many of these finance jobs contribute to volatile and counter-productive financial speculation. Indeed, Wall Street’s activities are largely dominated by speculative security trading and arbitrage instead of investment in new businesses. In 2010, 63 percent of Goldman Sachs’ revenue came from trading, compared to only 13 percent from corporate finance. Why are graduates flocking to Wall Street? Beyond the simple allure of high salaries, investment banks and hedge funds have designed an aggressive, sophisticated, and well-funded recruitment system, which often takes advantage of [a] student’s job insecurity. Moreover, elite university culture somehow still upholds finance as a “prestigious” and “savvy” career track.6

One Politburo meeting had an important topic to discuss, but before the meeting began, Jiang Qing raised a fuss, saying, 'Premier, you need to solve a serious problem for me, otherwise there will be real trouble!' Zhou Enlai asked, 'Comrade Jiang Qing, what is this serious problem?' Jiang Qing said, 'The toilet im my quarters is so cold that I can't use it in chilly weather - I'll catch the flu the moment I sit on it, and once I catch the flu, I can't go to see Chairman Mao for fear he'll catch it. Isn't this a serious matter?' Zhou Enlai said, 'How shall we deal with this? Shall I send someone to have a look at it after the meeting?' Jiang Qing found this unacceptable, saying, 'Premier, you lack class sentiment toward me; the class enemies are just waiting for me to die as soon as possible!' Zhou Enlai had no choice but to cancel the meeting and take us all over to Jiang Qing's quarters. Zhou Enlai looked at Jiang Qing's toilet and rubbed his chin thoughtfully without coming up with a solution. Finally he said, 'Comrade Jiang Qing, how about this: We don't have the technology to heat this toilet, but we could wrap the seat with insulating material, and also pad it with soft cloth, and that should solve the problem temporarily.' Jiang Qing agreed to this, and Zhou Enlai immediately told the Central Committee Secretariat to send someone over to deal with it.

Minister of Public Security Xie Fuzhi approved an infantile demand by the Red Guards that traffic police replace their batons with Quotations of Chairman Mao, claiming that only Mao Zedong Thought could point people in the correct direction. Zhou Enlai managed to talk the Red Guards out of their demand to change traffic lights because red was the symbol of the revolution and should not be the color for obstructing progress. He and the commander of the Beijing Military Region, Zheng Weisan, were also able to convince the Red Guards to abandon their demand to march from west to east (i.e. away from capitalism) when being reviewed by Mao at Tiananmen Square, pointing out that reversing the direction would require Red Guards to salute Mao with their left hands and force Mao to look right rather than left from the gate tower.