Thursday, October 14, 2010

On The Corrupt Nature of Finance and How It Led to the Foreclosure Catastrophe

Read this very disturbing article about the corrupt state of finances and how it has lead to the economic crisis. "Inside Job": Global Finance as a Criminal Conspiracy.

Here's one highlight:
finance is really kind of zero-sum. It's a trading game, it's a gambling game. There's a relatively fixed pool of money, but there's a lot of money and the way you make more, as a banker, is by making sure that someone else makes less. It's really hard to keep that industry ethical without appropriate legal and regulatory controls. If Intel made microprocessors that blew up the computers they're in, Intel would go out of business. The same is not true for financial services. It was a very sobering moment.

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