the great gilder sleeve a special rebroadcast for all your soldiers sailors and marines of the united nations listen to another amazing episode in the life of the great gilder sleeve let's join the great gilder sleeve he's already tried three times to get his old friend judge hooker on the telephone hello judge about time you got up you don't be right away will you i'll tell you what it's about when you get here i'll tell you what it's about when you get here do laura's delray is suing me for breach of promise all right oh so that's what he thinks oh uncle mortis you're really going to sue you after all well i'm afraid so children she realizes that a public trial will probably ruin my career and she's using it to shake some money out of me are there really women like that i'll say you know nothing about it i'll thank you to remember that if you hear anybody discussing this case you too marjorie okay whatever we know about this we'll keep it on a little family understand yes sir i get out of here so i can be along with judge hooker you mean go skating no i mean go write your letters there's the judge listen hooker take a look at this what is it the fella handed to me last night i'll just get my glasses on here oh take your time judge it's just a man's good name and reputation at stake that's all now let's see what have we here mm-hmm mm-hmm well wellfully and with intent to deceive all seems in good order well gildy do you know what this means no judge what you're being sued ye gods i don't need a lawyer to tell me that judge what am i going to do about it that's what i want to know now in the first place you have to file an answer look judge you told me yourself only one week ago that the woman has no case how about that well that was my personal opinion gildy i merely gave it to you for what it was worth well for what it's worth you can have it back furthermore i was evidently not in possession of all of the facts at the time if the charges here are true oh what do you mean is it true as it says here that you and the plaintiff discussed the question of marriage well i told her she ought to get married answer yes or no yes but i was proposing she should marry you and you know that maybe i do and maybe i don't is it true that following the aforementioned discussion of marriage you kissed the plaintiff none of your business gildy i'm your lawyer and i have to know well i never would have kissed her by knowing she was going to be a plaintiff but you did kiss her well when a lady throws her arms around you and hollers kiss me what are you going to do you got to be polite that's bad you propose to the lady she should marry someone else and then you seal it with a kiss it'll never stand up in court well that's what happened what am i going to do Horace is to get hold of her lawyer Waldo Barker Waldo Barker what kind of a lawyer is he well they call him weeping Waldo good man in front of a jury i'll call him in the morning you call him right now but gildy you get a hold of him tell him we'll be right over there meet my client Mr. Gildersleeve Gildersleeve eh well i've heard a lot about you Mr. Gildersleeve yes sir i've heard a lot it's a pleasure to meet you i wish i could say the same well it's some time since i've had the pleasure of opposing you in court judge yes too you lawyers thicker than thieves last time was in the Anthony cases i remember it involved a dog yes yes one of the best witnesses i ever had said nothing and did as he was told i won that case as i remember miscarriage of justice and then we oppose each other again in fadkin versus some of the enlightened power remember manhole cover i'll never forget it i won that case too if you recall another miscarriage judge didn't you ever win the case look gentlemen i don't like to interrupt your chummy reminiscences but we've got a lawsuit here remember now guilty all in good time the law has many fascinating angles mr. gildersleeve and one of the most fascinating is breach of promise you recall the case of bohak versus gains judge no i can't say that i do i'm not up on breach of promise oh five well the point of issue there was whether a cider jug thrown in the heat of argument but without intent to name or kill constitute an appropriate termination of contract to marry i don't need to remind you that the woman one i might point out however consular that the facts are a little different in this case oh i quite agree i merely mentioned it because it was interesting no no no this is an open and shut case if i ever saw one hey now that we're not prepared to admit in fact the whole thing is nothing but a frame up consular and you know it now gilding now now now commissioner let's not get excited feelings you you're a man of some reputation in this town and a thing like this can be very embarrassing it might even cost you your career not to mention the cost of defending a long drawn-out suit in court what it doesn't need to get to court oh what do you mean well if they're handled in the proper way these things can be settled out of court how much well i haven't consulted my client but i would imagine that a settlement of five thousand dollars five thousand well you're getting off cheap i think you ought to consider it guilty listen you old goat what did i hire you for you're supposed to be my lawyer and as your lawyer i advise you to settle the case very sound judge you lawyers make me sick always getting together to cut up somebody else's money i take it then that you don't intend to settle settle i'll fight this case to the finish i'll fight it all the way to supreme court and back i'll fight this case if i have to handle it myself gilder slave will be with us again in just a few seconds back to poor old gilder slave he spent the afternoon in the public library reading the law on breach of promise and studying the rules of court procedure until he's completely confused on both of those subjects a supper of fried oysters baked beans and dill pickles lies none too comfortably on his stomach as we find him now fitfully dozing on the couch in his parlor dozing and dreaming let all transgressors be bought to the bar pay the penalty demanded by the law for this afternoon's trial that celebrated star of bar ladies and gentlemen first case delray versus gilder slave he is the court stenographer ready yes your honor plaintiff's council ready yes your honor dependent's council ready uh i'm handling my own case your honor you are the opening statement for the plaintiff mr. barger your honor ends the jury this is an action in breach of promise instituted in behalf of the plaintiff mr. lorries delray whom you see sitting there before you and by the way did anyone ever look lovelier lovely lovely i shall prove to you before this trial is over that this little flower this tender blossom who sits here bathed in the view of her tears has been the victim of this designing monster objection overall witness it gives me great pleasure to introduce to you at this time the little lady yourself mr. lorries delray not the jury i'd like to have you meet judge hofstetter i think i meet you some place before judge no could be you don't happen to know kitty maclure do you but she's one of my best friend well what do you know say what are you doing after object what oh objection sustained the court is out of order you're telling me attorney for the prosecution will continue with the witness and is delray we know how painful all this must be to you but i'm going to ask you to try to recall for the jury is it not true that this man here mr. gilda sleeve was at one time very dear to you and trusting she came to him wide-eyed like a child to him it was just another conquest but to her to her it was the flowering of true love the meaning lies within that one word love for it's written whole poems about it to ask you only one question is it not true that mr. gilda sleeve on various occasions made to you protestations of undying affection is it not true that he begged you to marry him is it not true that he subsequently spurned you in a cruel and unusual manner and so gentlemen i rest my case help the lady down from the stand there somebody not any defense i certainly have your honor i should like to introduce first the testimony of an old and trusted servant who's been in my employee for many years miss birdie lee coggins birdie i'm right up there birdie yeah that's it now will you tell these people what kind of an employer i've been birdie mr. gilda sleeve is a fine man yeah that's it tell him some more he's a fine man that's all may i ask to witness a question no certainly go right ahead did you ever see mr. gilda sleeve in a tater tate with miss delray mr. gilda sleeve is a fine man answer the question he's a fine if it leaves the court the witness refuses to answer the questions put to her answer the gentleman's question did you ever find them embracing i still say he's a fine man i'll be cited for contempt of court i'm talking about the court i'm talking about mr. gilda sleeve and he's a fine witness has obvious sleep in coast that's a lie my next witness ladies and gentlemen is well known to summer field miss eve goodwin principal of our local grammar school tell him the kind of fellow i am eve all right drop your honor mr. gilda sleeve is a very high-minded man devoted to the public welfare he's shown his loyalty to the community by his long service as water commissioner and as a member of the school board i've always known him to be honest upright kind and good yeah there tie that mr. biker if that's all you want from this witness well who could ask for anything more you want to cross question mr. biker just two questions your honor miss goodwin were you ever engaged to marry mr. gilda sleeve yes i was did he marry you no he didn't that's all i object this wasn't the same kind of a situation have you any more witnesses mr. gilda sleeve yeah yes i'd like to call an old friend and neighbor to say a few words at this time mrs. lila rance you'll step up to the witness stand please lila must i smile at the jury throck morn i'm afraid you'll have to do more than that leave it to me well good morning judge tell me are you related to any of the virginia hofstead is by any chance nope oh proceed with the case mrs. rance how long have you known me well let me see throck morn it must be about two and a half years i remember because that was the fall cousin alley had a baby he's the same age as cindy louis child and cindy louis child is two and a half oh great you've known me two and a half years yes in all that time have you ever known me to do a dishonorable thing gracious i should say not why throck morn is the soul of honor and ridiculous all the things they're saying about him here throck morn wouldn't hurt a flower he may go around kissing everybody but he doesn't mean anything by well the witness please address the jury the jury oh y'all can come this is here i give up your witness parker mrs. ranson were you ever engaged to marry mr. gilda sleep why yes i was did he marry you no he didn't but that's all i object objection of a rule and do for you this afternoon peavey just get up there on the witness stand and tell the truth will you peavey now you're a drugist here in summerfield are you not a pharmacist mr. gilda sleep all right then a pharmacist i come into your store quite frequently do i not well objection defendant is leading the witness sustained you can't put words on the witness mouth mr. gilda sleep just ask him questions oh sorry judge i'm a little new at this time well peavey am i a customer of yours yes you are mr. gilda sleep fine now how often do i come into your store is that all right your honor yes that's all right how often does he come into your store peavey that's a question he was in yesterday yes but how often do i come in hard to say would you say he comes in once a month well some months he does would you say i come in once a week some week yes does he ever come in more than once a day some days yes well come found it then he comes into your store quite frequently doesn't he wouldn't say that let it go peavey now look do you remember my talking to you about mr. delray that's all i believe i do great did you ever hear me say anything about marrying her marrying her yeah marrying her yes not did i remember all right in your opinion he's nothing but a woman chaser well no i wouldn't say that by george peavey as a matter of fact i'm indifferent to women am i not wouldn't say that peavey you're the world's worst witness no no i wouldn't say that i give up your witness parker i pass well any more witnesses for the defense i guess not your honor i guess i'm through is that all well you've got no case whatsoever gilda sleave but your honor i never thought of marrying this woman nobody has proved i after to marry me your honor may i recall mr. delray to the stand go ahead and now mr. delray you say mr. gilda sleave asked you to marry him oh yes he certainly did do you recall the words in which he proposed to you uh-huh yes i recall him very well would you mind repeating them please no not at all exactly as he said them yes sir yes sir best of me best of me much i object that's nothing but a song i intend to show your honor that defendant gilda sleave offered marriage to my client in the course of the song mr. gilda sleave did you sing this song to mr. delray well yes then you'll hold your peace until she's had her say uh proceed mr. delray oh thank you judge you're so kind proceed best of me that means kiss me it's spanish proceed best of me much that means that kiss me plenty it does not proceed each time i cling to your kiss i hear music divide now i ask you if the defendant said that it's just a song quiet uh this is a musical treat the court seldom enjoys then kiss me you too yeah me my darling and say that you'll always be mine uh i i don't like to interrupt the court's pleasure but i wish to call particular attention to that last phrase hold me my darling and say that you'll always be mine there's the whole thing in a nutshell let the lady sing this joy is something new my arms and folding you never knew this thrill before thought i'd be holding you close to me whispering it's you i adore lovely and they call this justice dearest one if you should leave me could leave me all of my dreams court's attention well i don't know how you fellas feel about it in the jury but that's enough for me what how about it boys have you reached the verdict wait wait well what is it you wish to say you fiend in human form i want a lawyer sorry you've had your chance all right gentlemen you may give your verdict no no glad to see you that case listen that's just what i got to talk to you about i've just been through it i mean i had a dream i mean something tells me never mind we've got to settle it judge do anything but settle it but you can't settle it now gildy he'll double the ante he'll make a ten thousand instead of five no gildy we'll do it your way what do you mean i'm going to fight that's the stuff yes by golly they can't scare me i'll carry this case all the way to the supreme court i'll fight this thing through to the finish if it takes every cent you've got well still that's less than five thousand dollars oh what is it why don't you marry the girl why not i better sleep on it good night everybody


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52 lead singer Simon LeBond celebrating his birthday today, 64 years young. Okay, there's Ivan here with you on a 30th evening, broadcasting right across the Northwest of Ireland. I'm beyond on how to radio.com and we're currently live on all our social platforms this evening, bringing you some great news. If you're a fan of the Rolling Stones, some hints of new original music coming very, very soon. Also, the late Rolling Stones drummer Charlie Watts will feature on the band's next album, Rolling Woods has revealed that the legendary rock group who are currently on their first LP of original songs for 18 years are working hard on it, original songs as well, which is important. And the 75 year old guitarist says that Charlie, who sadly, of course passed away in August of 2021, he was aged 80. Charlie will be heard on the eagerly anticipated record, which is expected to be released in 2023. That's the only news on a release date. So we'll have to watch this space. Ronnie spilled. We are recording the new album now. We're going off to LA in the next few weeks to carry it off and finish it. And Charlie is on some of the tracks. New sticks man Steve replaced Charlie on the drum kit for the Rolling Stones 2022 60 tour, which marks six decades of the band. The new album will feature will be the first time LP to feature new compositions by Mick Jagger and guitarist Keith Richards since 2005's A Bigger Bang. The album last sorry, the band's last album, I should have said was released back in 2016. That was called Blue and Lonesome. And breaking the news of the album source has said that after Charlie's passing, there was some uncertainty about what to do next that the stadium dates had been scheduled. So we had to press ahead, but afterwards it wasn't clear what the future looked like. But now that they've had time to reflect, they all feel it's the right time to keep doing what they've always done as a band, make new music and hopefully hit the road again to perform to their fans. They've had a knock in recent years, but the show goes on as the Stones always do in front play. They're still rocking and it's great that great Charlie Watts lives on in their music and that album is due for at least some time in 2023. So we'll await a bigger breath. Here they are with a good song for Halloween to sympathize with the devil.


And we're live right here at MIT in the Media Lab, where we're prepping for the computational law course of 2019 starting in just a couple of days on January 15th and 16th and 17th. And this is a sort of a promo preview session to let you know more about one of our featured breakout groups, the one that is in fact, exploring the, well, how to integrate apps and services with a legal platform, in this case in the context of discovery, which is part of litigation. And this is all about starting to educate people with real world examples of what it means to have structured data and interoperability as part of the law as a computational field. And I'm just tickled pink to have a, well, frankly, like an expert and an entrepreneur in the space. One who will introduce himself a little more detail after Brian sets the context started Enserio, which is a company that's really a good example, I would say of how to create a constellation of apps and services that are interoperable and build out from these big legal platforms that are starting to be such an important feature of the landscape of law online. So with that, Brian, would you mind filling in some of the context and introducing Juan for us? Sure. So one of the reasons we get connected with Juan was because in the past, I'd done some work with Relativity and was, and have always been really interested in figuring out different potential use cases for what eDiscovery can do. So kind of like, what does innovation in the eDiscovery space look like? And as somebody who's kind of been in the space for a little while, another reason this seemed like a really good fit was because eDiscovery was really the kind of like the core legal tech use case, I think, or at least the most widely known one that I think people can connect with. So having something that we can frame in the context of eDiscovery, which people are becoming more and more familiar with, was very important. And from having worked with her during my project with the ABA Center for Innovation, I reached out to James Holman, the Director of Academic Process and Relativity, and she said, you know, hey, you should talk to this guy, he's a lot of really cool stuff. And in Serio, like getting to know more about Juan and more about in Serio, it's exceeded every expectation that I think everyone has had with how cool the software is and how much exciting stuff you can do with it. I think the approach is one that is very, it's not centered on what the law is, it's centered on what the law can be and designing the law for people. And so with that, I'll hand it over to Juan so that he can dive in further and kind of talk a little bit about what the working sessions are going to look like. Great, thanks, Brian. Hi Juan, thank you for taking the time to prep these applications for the class and the time to prep with the core team delivering the class and now to give us a bit of a walkthrough of your session. No, thank you guys. Super honored with the, I think, exaggerated introduction and I'm honored to be part of this course, obviously. You know, I think we're in a state right now where law and technology are flushed right now, right? We talk about eDiscovery and Relativity originally was a review company where it replaced the old associate attorney reading stacks of papers and reviewing documents to see if they were, you know, relative to the case. Right now Relativity is our preferred platform where they started in review but now they're opening up all kinds of places where, you know, the whole EDR on spectrum is being covered. And their platform has really helped us because their API and the way they have realized that writing and customizing and adapting to certain legal cases has been important to law firms, to governments, to corporate. And so they've adapted to that by providing a very extensive and full coverage API which allows a company like me or like mine, like in Serio to really kind of talk to law firms and say, hey, you know, what is this case about? How can we help you? And so that's kind of what we want to talk about on Wednesday and Thursday, which is, you know, let's dive deep into some of the applications that we've built and we'll give you some examples, whether it's a collaboration between Relativity and Slack or whether it's, you know, some real estate or, you know, in the case I gave before, which was an oil pipeline where they wanted to identify some points, you know, geographic points and we used Google Maps to visualize that versus, you know, looking at a list of coordinates that no one's gonna relate to or it's not gonna be easy to work with. It's a simple project management, right? A simple to-do list using Relativity as kind of like the source of data that everyone can collaborate on and to, you know, the beginnings of what we're seeing, which is the consumption of some of these AI tools that are available, you know, by Amazon, by Google, by Microsoft. So these are the things that kind of we wanna talk about on Wednesday and Thursday and we invite you to join us on these two days. If you're subscribed, please join us. If you're not, join us. I don't know if you can still join it, it's closed. I think it does. I don't know if you can join it for long. Okay, everybody can join. All right, fantastic. Not only is this free and basically open, while registered students needed to fill out an application and be approved, and they'll have the opportunity to actually post questions and form little teams for exercises, everybody can learn. So this will be broadcast and you can find the link through law.mit.edu using YouTube, excuse me, Hangout on Air, which goes to YouTube Live and will save the introduction and the presentation part of the sessions on our YouTube channel. So everybody can enjoy that. And we're also gonna probably archive the whole course on OpenCourseWare, which is the open source Creative Commons archive for MIT courses. Or in any case, and you can also see it in the Media Lab GitHub repository. So I really do wanna encourage people to take this session. If it aligns their interests, there are other sessions. Part of what's interesting about, well, first of all, we got great feedback from students. It was the top choice of a lot of students when we asked them to prioritize. But moreover, the examples that you'll get a chance to see and dig into of having a to-do list that's with a basic front end, something like Angular, is a great entree to talk about project management on modern business methods for managing activities and deadlines and collaboration and tracking things in the context of law. It's a perfect entree. Looking at something like integration of a map is a literal extrapolation from Brian's lecture on computational law and the importance of having structured data so that we can programmatically address it, is how you'd say it literally, but to visualize it is one of the classic things you would do with data. You can visualize it statistically. You can put it on a map. You can make a timeline or a scattergram. It's essential for why we would bother to make the law compute. And then when you look at something like the translation service, this is an entree into the application of artificial intelligence to basic legal processes. So it may be a translation app or a service today. Tomorrow it could be optical recognition or it could be facial recognition or it could be any number of cognitive services or other AI services. And again, looking at how to have data wrangled and ready in a platform and an interface that can be integrated with an AI service that might be coming from a different system in your company or your law firm externally in this case is essential. And all of the examples that they chosen are not just great examples, literally how to extend and connect with relativity in this case in the discovery context and litigation with all the document review in that context, but it's a canonical design pattern for computing the law itself. So I couldn't be happier basically with these sessions and that's partly why we've decided to not just have the breakout session with one on Thursday during the breakout sessions, but by popular demand, we're going to also provide sort of part one of the session this Wednesday, January 16th. And you can check our agenda on the class page for the specific times, but in the afternoon at Eastern time on January 16th we'll be part one and then we'll extend it part two on Thursday and we'll try to structure it in a way where you can come to one or the other or both. But the hope is that this will give us an opportunity to be able to go a little bit deeper in each of these four examples that they put together and all of the connected questions, legal, business and technical that will arise from looking at this. So with that, I want to thank you again for connecting us in the first place, Brian, it's very valuable and thank you so much for putting the time in and for your whole team putting the time and we're looking forward to meet them as well and to really take this by the horns with you and move it forward one. Awesome, no, thank you guys. Okay, so we'll see you online and if you're just seeing this YouTube kind of out in space you can learn more at law.mit.edu.


Now let's come to the deep gluteal muscles. So we have reflected the gluteus maximus This is the prone cadaver left side of the cadaver and I have lifted up this muscle here We can see the remnant of the gluteus medius just in front of my instrument here. This is the pyriformis It is roughly pear shaped This is a unique muscle in so far that the origin takes place from inside the pelvis It takes origin from the front anterior aspect of the sacrum and then it emerges Through this opening here where my finger has gone in and this is the opening. This is the greater sciatic foramen and Then the tendon comes and it gets inserted onto the of the greater trochanter and that we can see here This is the insertion of the pyriformis This pyriformis and the other deep group of muscles have got a common action and we shall mention them all together The pyriformis is supplied by S1, S2 anterior division This pyriformis serves some important functions 1. As it is emerging from the greater sciatic foramen It divides the greater sciatic foramen into a suprapyriformis compartment where my instrument has gone in and it divides it into an intrapyriformis compartment From the suprapyriformis compartment. We have the superior gluteal artery and the superior gluteal nerve emerging and we can see all the neuro vascular structures here and From the intrapyriformis compartment. We have three sets of nerves coming out We have the sciatic nerve coming out the biggest nerve in the human body Then we have the inferior gluteal nerve and the gluteal artery and then we have Pudendal nerve and the pudendal artery coming out So these are the three structures which come out from the intrapyriformis compartments That is one aspect about the pyriformis So that brings me to an important clinical correlation pertaining to the sciatic nerve The sciatic nerve can be compressed in inflammation or swelling of the pyriformis when a person falls on his back Especially during skiing or during exercise Swelling of the pyriformis can compress the sciatic nerve and can produce a condition known as pyriformis syndrome And if it is a chronic condition and the painful Patient has repeated pains going along the sciatic nerve shooting electric shock pain which mimics sciatica Then the only treatment is either to give Botox injection or to do Insides the tendon of the pyriformis from the tip of the greater trochanter The superior border of the pyriformis is used as a landmark For giving sciatic nerve block This is the region of the posterior superior iliac spine and this is the greater trochanter So if we were to draw a line Then that roughly corresponds to the superior border of the pyriformis and if you go one inch below that We can do a sciatic nerve block So these are some clinical importance of the pyriformis Next muscle in the deep group is this muscle which I have lifted up here with my probe This is the tendon of the operator in turn us The operator in turn us muscle takes origin where my finger is located and please take a look at the axis of my finger It takes origin from the inner surface of the operator memory on the inner on the inside the pelvis So this is the surface from where the operator in turn us takes origin and as it comes posteriorly It makes a 90 degrees bend and this is the axis of the bend this bend Takes place across a bone which we can feel under this and that is the ischial spine So this 90 degrees bent is the location where there is a person called the operating turn us versa to prevent friction And then the tendon continues and it gets inserted on to the Media surface of the greater trochanter where my fingers located called the trochanteric fossa. So that is the operator in turn Now let's take a look just about the operator in turn us and for that I'm going to just remove the probe a little bit and show you this muscle here this muscle which I have lifted up This is the superior gemelus This takes origin from the ischial spine where my finger is located and the tendon gets inserted onto the operating turn us itself Now I'm going to remove this probe to show the next muscle under the operating turn us and that is this one here This is the inferior gemelus This takes origin from the ischial tuberosity and the tendon gets inserted on to the operator in turn us So therefore these three muscles the superior gemelus The operating turn us tendon and the inferior gemelus. They are collectively called the triceps oxy Last muscle of this group is this muscle here. This is the quadratus femoris it takes origin from the ischial tuberosity It's a quadrangular shaped muscle and it gets inserted onto the quadrate tubercle on the posterior aspect of the femur So we can see that the deep group of muscles except the pyriform is namely the superior gemelus Operator in turn us inferior gemelus and the quadratus femoris. They form a bed Between the ischial tuberosity and the greater trochanter and running on the surface of the bed is this big Nerve, which is the shading now the largest now in the human body So that brings me to the action of these deep group of muscles Collectively the party form is operating turn us superior gemelus inferior gemelus quadratus femoris all of them are lateral rotators of the hip So this is the action of this By the form is supplied by a separate nerve called the nerve to party form is which is only one that your division s1 s2 Operator in turn us and superior gemelus are supplied by the nerve to operate in turn us an Inferior gemelus and quadratus femoris are supplied by nerve to quadratus femoris So this is the nerve supply of the deep group of gluteal muscles. Thank you very much for watching Dr. Sanjus and you're signing out if you have any questions or comments, please put them in the comment section below Have a nice day


I think that we're still at the very beginning of a decades-long trend toward increasingly evidence-based data-intensive decision-making across really all aspects of life, including medical care but through to education. And machine learning applied to big data as well as driving this trend. One of the interesting developments in machine learning is a new class of software agents that learns continuously. For example, at Carnegie Mellon, we've developed our never-ending language learner, NEL, which is learning to read the web. And NEL has been learning now continuously for five years, improving its reading skills weekly, and now building up a collection of 100 million beliefs that it has read from the web. Beyond reading, NEL is also now learning to reason, to infer new beliefs that it hasn't read before. Those beliefs are inferred by rules that it has learned, hundreds of thousands of them, including one that says, for example, if some athlete plays on Team T and Team T plays Sport S, that athlete probably plays Sport S. So NEL is one example of this new kind of continuous learning system that requires only limited human input. A second example, also from Carnegie Mellon, is our never-ending image learner, Miele, which is continuously learning to analyze images that it finds on the web. Now, recently, NEL and NEL have begun to routinely communicate so that they now form a team of learning agents with complementary expertise. So how will we apply machine learning to health data? Some suggest that we should form a global database with all the world's medical data and then analyze it. But I think not. I think privacy issues and competition among organizations make a single global database impractical. And instead, I think we may see the development of many never-ending learning agents specializing on different patients, diseases, hospitals. Like NEL and NEL, these agents will learn continuously and collaborate. One class of agents will focus on patients. Each of us will have our own personal assistant that tracks our medical history throughout our lifetime. It'll know about the diseases we've had, our treatments, our genetic makeup, allergies. And it will use this data to act as a kind of patient representative, an advocate for us, providing our data to doctors when needed, but also sharing that data with personal agents of other people in order to find the most similar other patients and to use their medical history to suggest treatments for us. So as a second kind of agent, we will also have agents that focus on diseases. For example, if I come down with diabetes, my personal agent will contact the diabetes agent, providing my clinical details and asking for advice. The diabetes agent will then assist and gain some more training experience about its disease. A third class of agents will focus on individual hospital rooms. It will use sensors like cameras, microphones, patient monitoring equipment to build up a model of exactly what are the routine things that go on in that room. Then it will use that model to monitor the room 24 hours a day to assure that standard medical practices are being correctly followed, to sound an alarm if the patient is not responding as desired, to sound an alarm if a hospital orderly accidentally brings in the wrong medications. So just think of the collection of experience that these different agents will collect over the 24-hour-a-day operation. They will actually collect more experience than a human nurse and doctor could ever in a 100-year career, and they will be the most experienced agents in our healthcare system. So the challenge for us is to find a way to convert this growing volume of medical data into improved medical care. Some suggest a global medical database, but privacy, trust, and national boundaries raise roadblocks. Instead, I propose to you that we may have a better solution with a collection of learning agents. They can deal with a privacy issue in a way that we already deal with it in the medical system. Each agency is only the data that it needs to do its job. And as these agents learn from that experience, they can provide doctors and nurses with more informed advice which allows them to provide us with more effective medical care. Thank you.


We have with us today Professor James Crotty, Emeritus Professor of the University of Massachusetts at Amherst, and one of the world's experts on financial economics and Keynes and Minsky and the current financial crisis. Thanks for being here today. That's my pleasure, I think. I wanted to talk to you about this paper you wrote on Rainmaker Financial Firms. And the precise title is How Bonus Driven Rainmaker Financial Firms Enrich Top Employees Destroy Shareholder Value and Create Systemic Financial Instability. So first off, I just wanted to ask you, what is a Rainmaker? This paper, which has a very long title, is specifically about the compensation structures, how they pay important people in critical Wall Street financial firms. So Rainmakers refer in this paper to anyone who has a lot of decision-making authority, a lot of influence on what the banks are doing, who raises a lot of funds for the banks. So it refers to traders, people who buy and sell, buy and sell partly for clients, but also very heavily for the banks themselves. So they're the gamblers. But also, mergers and acquisition teams, the leaders of those, initial public offerings, top salesmen for the banks and senior executives of the banks. Those are the people whose decisions essentially determine what the position of the banks is, how much money they make, how much risk they take, how vulnerable they are. And those are my Rainmakers. Now, the overall point of your paper, which we're going to come back to in more detail, is that somehow these Rainmakers were partly responsible for the financial crisis we've just experienced. Can you briefly say how that would be? Sure. There were a lot of elements that came together to generate the financial crisis. So financial crisis is nothing new. In fact, we've had financial crises off and on ever since we've had financial markets. So there's a pattern in history of financial booms and busts and some modest, some fairly big, some enormous over hundreds of years of the history of market economies. And so what causes them? Well, numerous things cause them. I mean, sometimes there's important to critical new innovations in the real sector where the internet might be invented or telecommunications might be really hot or some new technology or process will come along that will get people excited, it'll have profitable opportunities, people will want to invest lots of money in this. So there'll be feeder industries that come off of this and all of a sudden everyone will begin to think that the economy as a result of these new technologies and innovations is much more profitable than it used to be. And they'll be willing to pay more to buy the stocks and bonds and other securities associated with this. So something will trigger a sense that the financial markets are prosperous and that financial security prices are going to rise, in which case people thinking that they are going to rise will want to buy them, which will make them rise. People who begin to believe that it's a sure thing that they're going to rise will want to borrow lots of money to do this and we'll get this bubble started. So there's all kinds of reasons why the bubbles start. What I'm talking about is something that normally isn't discussed in this standard theory of what makes for booms and busts in financial markets. It happens to be the case that in modern financial markets, particularly in the last 20 years or so, that the people who are making the decisions about the buying and selling and creating of securities in Wall Street and other financial operations are increasingly paid by bonuses. So they get maybe 10% or 15% of their compensation in the form of a standard payment every year and the rest depends on how much money the firm makes. So any time that the rain makers can make decisions, the traders or the executives in Wall Street can face with decisions about what they should do in financial markets, their concern is to get their revenues and profits up so they can get their bonuses up. These are enormous bonuses, millions, tens of millions, hundreds of millions in some case. Now why does this cause the crisis or the bubbles to be worse and the crisis to be bigger? Well, basically if they can borrow money, can take excessive risks, can do things that look like they're shaky in the intermediate to long run, but this can allow them to do lots of business and sell lots of products and buy lots of products and take lots of risks. They take a lot of money, at least while the bubble is going on. They'll get enormous bonuses when the bubble is going on. So there's this enormous incentive among rain makers to take maximum risk, borrow maximum money to generate maximum revenues in the short run because when all this bubble creating activity leads to a collapse in financial markets, you don't have to give the bonuses back. So you keep the bonuses even if you crash your firm. So secondly, we know in modern periods if most people crash their financial firms, the Federal Reserve will step in and will rescue your firm and you'll be right back in business in six to ten months. So this incentive to take actions which increase risks, increase borrowing, increase leverage, because that's the way to make the most money is a significant contributor to financial instability. Now, economic theory would suggest that this operates in the best interest on the long term of the shareholders of the firm and the public. So that the rain makers... Well, actually, I'd interrupt you and say there isn't a theory about this in standard economic theory. There's no theory of the problems of perverse bonus structures. In standard financial market theory, nobody can take excessive risk. Nobody can be confused. You can't sell security to someone that isn't worth what they pay for it. So there are no stories about how you get financial bubbles. But isn't this operation of the rain makers, isn't it tolerated because it's in the best interest of the shareholders of the firm? If you look at the data over time, both the shareholders of the banks, the owners of the banks, don't they benefit from this? No. They tend not to benefit from this. It's a kind of... I suppose it's a delicate question. If you look at the financial markets by themselves and what these firms do, they take excessive risk. They borrow lots of money that they can't pay back when things go bad. And so they create these crashes. If financial markets were left to themselves and not constantly rescued by the public, what we would see is perhaps another late 1920s, 1930s collapse of the financial system where everybody got destroyed. Stock prices went down by about 80% between 29 and 1933. So it's absolutely against the interest of the public. So if the firms aren't rescued, then the stockholders get destroyed. If the firms are rescued, they're rescued with taxpayer money. And we just build up a bigger bubble. The data suggests, for example, that if you were a shareholder in S&P 500, you bought the average stock in 1999. And you sold it in 2009 when the crash came before the rescue came. You would have lost well over half the value of your holding. So it's a great... In the long run, in the intermediate run, the system is a great value destroyer. And the only reason we don't see it in the data is these firms get rescued constantly and get bigger and more dominant. And each crash then becomes more and more scary. So you say that the rain makers make a lot of money on the way up and they don't have to give it back on the way down. And part of the reason is because these banks get rescued by the taxpayers. But are there things internal to the operations of the firms? Something about the structure of the rain baker compensation systems that give them such a big share of the bonus going up and don't make them give it back on the way down relative to other stakeholders in the firms? So there's two questions. Why don't the rain makers... Why do the rain makers give such a big share of the upswing and don't have to give so much back on the downswing, even relative to other stakeholders of the financial firms? What is it about the way the rain maker operation works? Well basically, the bigger firms operate in relatively non-competitive markets. They dominate the market. So they're kind of like in oligopolies, they have monopolistic power. But fundamentally, the issue is that the firms are run by the rain makers. They're run for the rain makers. And so they don't want to share the booty with shareholders on the way up, although stock prices do go up on the way up. Their goal for the firm is not to maximize shareholder value. Their goal for the firm is to maximize rain maker bonuses. And there's no one who can prevent them from doing this. So in this paper I mentioned from a somewhat longer paper that we might expect regulators to stop them since it's so destructive, but we don't have effective regulation. We did not have it before the recent crash and we still don't have it. You might expect the chief executive to want to... He's supposed to take care of the interest of the shareholders, but in fact, he's the chief rain maker. But he doesn't make any money. The people who make his money, the reason he gets 10 million or 20 million or 100 million or whatever, is that he's got these traders and IPO guys and salesmen and whatever who are making all the money. So if he wants to make his 100 million, he's got to keep the rain makers who are actually generating the funds happy. So he has no intention of stopping them. There's a famous quote from Chuck Prince, who was the CEO of Citigroup saying that, you know, I'll lose all my people if I start acting appropriately and don't take these risks and they don't get these bonuses. It's like a game of musical chairs as long as the music is playing. Even though I know the end is coming, we have to keep dancing. I have to keep paying these bonuses. Shareholders can't do anything about it. First of all, they don't have the power. The boards of directors and CEOs are insulated from shareholder pressures. And moreover, shareholders don't want to stop it in the bubble because they're making money in the bubble. The prices are going up. There's always a story about why this bubble, why the internet stock market telecommunications based stock bubble in the late 1990s or the mortgage backed security bubble in the mid 2000s. There's always a story that spreads about why this is permanent, why this is long run, why this isn't going to end. And people believe the story, act on it, shareholders buy the stock, hold the stock, buy more stock, and it goes up and up and up and up. So in the midst of the bubble, which they begin to think is permanent, they don't want to tell these guys to stop doing what they're doing. Competition is not sufficiently strong to cut down the returns that they get so that there's no one in the standard story of things that are supposed to stop this from happening. The CEO is supposed to stop it, the board of directors is supposed to stop it, Sheryl is supposed to stop it, regulators is supposed to stop it, competitors is supposed to stop it, none of those things are true. So are there things that we can do? Are there changes in laws or rules or taxes or regulation that could be put in place to prevent this kind of perverse incentive towards risk and crisis from occurring? Sure. What are some of the proposals? There's been lots and lots of proposals about this, about changing the compensation system. For example, it has been proposed by many people, including you, that instead of having people get their bonuses and be able to cash their bonuses out during the bubble, that if there are bonus payments, they should be put aside someplace. The term is usually they're put in escrow, but they're held. And if the bonus parts were held for five, seven, ten years, then the incentive to take the risk right now wouldn't be so good if when the markets crashed, the firm took the money back. And there are other kinds of suggestions. Another approach is the regulatory approach, which says that you shouldn't be allowed, the firm shouldn't be allowed to take the risk that it takes because of these incentives. So it shouldn't be able to leverage itself very much. It should have to have low leverage. It should have to keep lots of capital. It should have, if it takes risky activities, there should be honest assessments of risks rather than the fake assessments of risks that we have now. And then the firm has to hold more and more capital, can't borrow more money. It's constrained from taking part in these activities, in which case the return to the bubbles wouldn't be so much. So there's many, many ways of eliminating this. The problem is there's no political will to eliminate this because, on the one hand, economists keep arguing that relatively unregulated financial markets are good. We should let the markets set compensation. On the one hand, so we have that. And on the second, Wall Street firms are one of the largest contributors to the politicians and political campaigns. They have immense lobbying power. They give everyone money to the people who are going to decide on the regulations of politicians. They give them money to run their campaigns. They surreptitiously or in a hidden way, they offer marvelous job opportunities to congressmen and to their chief staff so they don't want to irritate Wall Street. So nobody will do it. It's easy to do. No one will do it. Well, the banks themselves say that if you impose some of these taxes or some of these regulations you described, then the rain makers won't be able to make as much money and they'll go somewhere else. They'll go to London or they'll go work for hedge funds or they'll go to Germany. And U.S. banking system will become less competitive and that will be bad for the economy. What do you say to them?  Stop destroying us. Stop distorting our economy. Stop giving all the wrong signals to people coming out of schools that they shouldn't be scientists and technicians and doctors and engineers but they should basically gamble as on Wall Street.  I'm sure you've noticed that economic performance in general has been really bad. The economy isn't working for ordinary people anymore.  The society they caused in the crashes of the economy caused the budget deficits that we're also concerned with. Go. Thank you very much. You're welcome.