October 14, 2009
Why Wall Street Nearly Collapsed
Seriously. Go read the article:
“IF you really want to know why the financial system nearly collapsed in the fall of 2008, I can tell you in one simple sentence.”
via Gruber
comments
Leave a Reply
Seriously. Go read the article:
“IF you really want to know why the financial system nearly collapsed in the fall of 2008, I can tell you in one simple sentence.”
via Gruber
comments
Leave a Reply
Smart people ruin everything. Well, almost, anyway.
good read.
This article is sure to make lots of people feel good about not being smart enough to be guilty. And of course everybody knows that the proletariat, after seizing power, will demonstarte a superior moral ability that prevents such things as purges and mass executions…. However true it might be that smart people are capable of staggering damage to any system, due to an ability to actually understand its nuances–it is not therefore the case that the answer to our difficulties is–more power for stupid people.
As I commented off clusterflock: clever, if not true.
yes, Daryl. my counter argument was the last 8 years.
I actually agree with the crux of this person’s argument but think that the problem was not that smart people were on Wall Street but that smart people were doing things that ‘dumb’ people didn’t understand and the smart people weren’t smart enough to think about what the ‘dumb’ people might quickly realise they could do with these new tools. Or ‘weapons’. I think you can easily see the analogy between these “financial weapons of mass destruction” and nuclear weapons.
The solution is not therefore that the jocks should be in charge, nor is it that the nerds should be in charge, the solution is as it is with everything: education and communication.
Also I’ve been thinking for a while now that the people really to blame are the people who thought it was reasonable to buy a house with a mortgage that they couldn’t afford because they didn’t even have a job, let alone one that could cover the repayments.