I was watchng a documentary about the guitarist and producer Nile Rodgers, who together with his musical collaborator Bernard Edwards had, with Chic and (as producer) Sister Sledge, a golden run of hits in the late 1970s, at the height of the disco boom. And then – after the so-called ‘Disco Demolition Night‘ in 1979’ – neither band had another hit. Without trying to overthink it this was a cultural moment that deserves a little more reflection.
I’m indebted to a letter in The Guardian for this account by J K Galbraith of the history of the American economy between 1929′ the year of the Crash, and 1932, the last year of the Hoover administration:
“Gradually interest rates were brought down. The rate at which banks could borrow was 1.5%, hardly a usurious charge. Bonds were bought on a considerable scale and the resultant cash went out to the banks. Soon the banks were flush with lendable funds.
“All that remained was for customers to come to the banks. Now came a terrible discovery. The customers wouldn’t come. Even at the lowest rate they didn’t think they could make money. And the banks wouldn’t lend to those who were so foolish as to believe that they could.”
And people say that history never repeats itself.
The image is a 1932 cartoon mocking Hoover for asserting that prosperity was just around the corner. It is from the Princeton Alumni Weekly, and is used with thanks.
Here’s a second post on digital technology from my contributions to Ogilvy Do.
The revolving door that takes you into my office in London has just been replaced after five months out of action. You needed to push the old doors; the new ones are automatic (and stop the instant you touch them). Sometimes, watching people trying to unlearn their old behaviours and apply new ones, I’ve been wondering if someone in the building is carrying out an experiment to see how quickly people are able to change learned habits in the absence of visual cues.
And this thought was partly prompted by a recent post by Alex Pang on the fad on the invisible interface. As Alex writes:
I think that, when it comes to interacting with the world or with information at a level above randomly waving your arms and legs around, there’s no such thing as an intuitive gesture that could be used by digital devices or wearables to trigger some action.
And he quotes the director and designer Timo Arnall, who has amassed a splendid collection of faddish cuttings on the notion that “the best design is invisible”. (more…)
I’ve been contributing some posts on a digital theme, through The Futures Company, to the Ogilvy.Do blog. Here’s the first of them, on Facebook Home.
There’s an interview in Fast Company with the former CEO of Groupon,Andrew Morton, who was forced out of the company after some disastrous results. About halfway through he tells his interviewer, “the moment a company goes public the conversation shifts from how they’re trying to change the world and the product they’re building to how they’re making money.” Of course: we all want to change the world, but that’s not the reason investors put money into an IPO
But it’s maybe a thought that should be on Mark Zuckerberg’s mind as well these days. Zuckerberg holds onto his belief that Facebook is on a mission to change the world, but the numbers aren’t looking good. It’s hard to avoid the notion that the company’s IPO caught the peak of Facebook sentiment, and the only way is down. The company’s problem is exemplified by its Home phone, previewed this month, and summarised by my Futures Company colleague Chloe Cook as “Essentially, Facebook gets wallpapered over the inside of your phone.” It effectively locks its users in to Facebook, which led the British commentator John Naughton to describe the company as a “pathogen”. (more…)