Facebook Follies

So the big news is in – Facebook’s long-awaited Initial Public Offering (IPO) will happen this Spring. The company will offer at least $5 Billion worth of stock to the public, and be totally valued at somewhere between 75 and 100 billion dollars.

Facebook owes its success to the affection and loyalty of some 720 million ordinary people around the world who are Facebook fans. So it seems very ironic that Facebook’s stock offering is about to create truly extraordinary wealth for a tiny cadre of company insiders and Wall Street bankers and investors. Continue reading

The Natural Order of Things

My grandmother was born in the 1880s, died in the late 1940s, and lived what I have come to think of as a nineteenth-century life.

As the daughter of Irish immigrants, she was born into a family and culture of working class poverty. She was literate but otherwise poorly educated. She married young, lost one child and raised five others, including my mother, who was her youngest. Grandma helped support her family first by working as a laundress for a wealthy Park Avenue family, and later by running a boardinghouse on the West Side of Manhattan.

My grandmother’s life was very tightly circumscribed – her family, relatives, neighbors, the Catholic Church, and the endless struggle of the poor to stay alive, stay employed, stave off illness, and educate their children in the hope that they would have a safer and better life. Continue reading