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Wednesday, March 10. 2010

Rocket science finance

America's great export: Rocket science finance, layers of abstractions and computer modeling, and shadow banking. One quote:



What is shadow banking? It is one of a handful of terms — structured finance is a more technical one, ghostly economics a more evocative one — used to describe the infrastructure of debt finance that provided the conduits for capital from around the world to flow into the American housing sector. It is best understood as a technological innovation amalgamating computing power and probabilistic modeling to vastly expand the various world markets in debt securities. The late journalist Mark Pittman, in an authoritative 2008 report for Bloomberg, called it “the biggest U.S. export business of the twenty-first century”...



Related, how our government does rocket science finance - minus the rocket science.

Posted by The Barrister in Hot News & Misc. Short Subjects at 07:21 | Comment (1) | Trackbacks (0)

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This brewing disaster has been visible for years and I simply got out of the markets and sold my home. G.E. situation has been known for years, it has only made money in its financial arm. It breaks even or loses money in everything else. This financial meltdown required everyone going along with making bad investment decisions with companies that made bad investment decisions. And it ain't over yet, yippie kai yay.
#1 IndianaJones on 2010-03-10 09:52 (Reply)

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