and now for my next trick

Posts Tagged ‘banking

regulation shuffle

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Greenspan met Rand in the early fifties after leaving Columbia, attending meetings at Rand’s apartment with a circle of like-minded jerkoffs who called themselves by the ridiculous name of the Collective and who provided Greenspan the desired forum for social ascent.

These meetings of The Collective would have an enormous impact on American culture by birthing a crackpot anti-theology dedicated to legitimizing self interest — a grotesquerie called Objectivism that hit the Upper East Side cocktail party circuit hard in the fifties and sixties.

It is important to to spend some time on the seriously demented history of Objectivism, because this lunatic religion that should have choked to death in its sleep decades ago would go on, thanks in large part to Greenspan, to provide the entire intellectual context for the financial disasters of the early twenty first century.

Griftopia, Matt Taibbi

Written by Peter Rudd

September 15, 2011 at 9:54 pm

black swan – kahneman and taleb speak

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Taleb in conversation with Kahneman on the banking crisis.  Unlike most stuff out there, these guys talk in easy terms about the historic and social roots of how banks work.

Topics include — hindsight biases, the illusion of patterns, perception of risk, and denial.  Taleb says he learned many things from the great psychologist Kahneman including: 

People take risks because they are ignorant of the odds and are cowards.

People would rather make 100 times a dollar than make a 100 dollars right away, but they would rather incur a huge loss once than make a series of losses.

You can’t trust humans with information.

More radically, he says that even today medical practitioners kill more people than they help.  And that there was a very long period in history in which physicians knew their practices were killing people.  His great understated exclamation, how can medicine fool people for 13 centuries?

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Written by Peter Rudd

March 11, 2009 at 11:21 am