Not only do we know better, we can make the choice to do better.
A year ago, many knew that the market was over-priced. Heck, it was visible even before that.
So, what caused the reality that it took a year for this thing to unwind? Well, that we will look at, but a variant on Minsky's thinking is apropos.
But, words that come to mind are gaming, malfeasance, entitlement (of the rich, CEO, etc. - not so much the lowly work, folks), sheer stupidity, denial (wishful thinking), ...
Yes, there are culprits all around.
08/01/2013 -- We're relook at this as we consider the good side (as if there is one) of financial engineering.
09/15/2009 -- Lessons, one year after Lehman. Also, Time on culprits.
08/24/2009 -- Last year, Ben blinked and panicked. He frantically pulled out all stops as if with no thought for tomorrow. Now, he has no use for 'mea culpa' big daddy that he is. Ben, start to unwind now. The Vienna School's view that these things are undecidable (which is a computational issue) is right on.
07/17/2009 -- China has eaten our lunch (and dinner). Shows how silly our games are. Yet, finance can be run by people who can be non-profit in scope and who have an impeccable (oh, what quaintness!) un-interest in money.
11/24/2008 -- In the last two days, the DOW (and other indexes) were up 11% which is a record or close to one. With this type of volatility, how does one plan? Well, that's one problem to be considered.
10/15/2008 -- That the market jumped back with a large increase after more governmental meddling indicates the level of interest in the gaming approach. All sorts of infrastructure has been built to support this gaming (the casinos of the Street - and Chicago and ...). That we pay attention and cheer is another sign.
So, it's time to go back to the basics and start over in the analysis with comments, such as: now that we the taxpayers are involved, we know that it is absolutely true that the fat cats want their privatization of profit (rolling into their pockets) and their socialization of loss (rolling out of our pockets).
Too, if the government is going to be involved, then we need oversight. It is possible despite the protestations otherwise of Alan and Ben.
Another Job Cut
1 day ago