Daily Archives: March 21, 2011

High Five!

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Twitter is five years old today. As @NickKristof of the NYT tweeted just now: “The Middle east crisis proved its huge value: it’s the haiku of news.”

This from the Twitter Blog.

It’s easy to remember working with @jack, @ev, and our tiny team on a project we called Twitter like it was last week. Amazingly, it’s five years ago today that the first tweet was sent. Over these years, Twitter has matured and made an impact in the areas of social responsibility, politics, sports, media, and more. The people who use Twitter have made it what it is today, and on our fifth birthday, it’s the people that make Twitter special who we are celebrating.

There are now more than 400 full time employees working at Twitter. In the last year alone we have made huge progress towards stability and performance. This work sets us up to continue innovating but it also allows us to build a profitable business on a strong foundation. We are in a position now which allows us to continue serving and delighting everyone who relies on Twitter to connect them to that which is meaningful for another five years and beyond.

Twitter users now send more than 140 million Tweets a day which adds up to a billion Tweets every 8 days—by comparison, it took 3 years, 2 months, and 1 day to reach the first billion Tweets. While it took about 18 months to sign up the first 500,000 accounts, we now see close to 500,000 accounts created every day. All of this momentum and growth often pales in comparison to a single compassionate Tweet by a caring person who wants to help someone in need.

En passant, just looked at my Twitter account to find that I have 1,999 followers.

Also: just remembered that I wrote a column about it last year.

Rantings of an Ex-Maestro

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Paul Krugman was asked for his reaction to a piece by Alan Greenspan opining that Obama’s ‘activism’ was preventing economic recovery. He replied as follows:

I could go through the weak reasoning, the shoddy econometrics that ignores a large literature on business investment and ignores simultaneity problems, etc., etc..

But never mind; just consider the tone.

Greenspan writes in characteristic form: other people may have their models, but he’s the wise oracle who knows the deep mysteries of human behavior, who can discern patterns based on his ineffable knowledge of economic psychology and history.

Sorry, but he doesn’t get to do that any more. 2011 is not 2006. Greenspan is an ex-Maestro; his reputation is pushing up the daisies, it’s gone to meet its maker, it’s joined the choir invisible.

He’s no longer the Man Who Knows; he’s the man who presided over an economy careening to the worst economic crisis since the Great Depression — and who saw no evil, heard no evil, refused to do anything about subprime, insisted that derivatives made the financial system more stable, denied not only that there was a national housing bubble but that such a bubble was even possible.

If he wants to redeem himself through hard and serious reflection about how he got it so wrong, fine — and I’d be interested in listening. If he thinks he can still lecture us from his pedestal of wisdom, he’s wasting our time.