« All Gave Some. Some Gave All. | Main | Wile E. Coyote »
November 11, 2008
Liar's Poker
Here's a good article on the mortgage collapse by the guy who wrote Liar's Poker...
Technorati tags:
Delicious tags:
Folksonomy:These icons link to social bookmarking sites where readers can share web pages.
Posted by Rob Kiser on November 11, 2008 at 9:52 PM
Trackback Pings
TrackBack URL for this entry:>
http://www.peeniewallie.com/mt/mt-tb.cgi/2136
Comments
I feel so ignorant. That this was out there and I hadn't a clue.
Posted by: sl on November 12, 2008 at 11:20 AM
I never read Liar's Poker. But what I think was most informative was the switch from private to publicly traded firms. Who cares if the shareholders get left holding the bag? Big deal. If it was a private firm, and it was their own money they were gambling with, it would be a different story, I think.
The problem with a publicly traded firm is the "diffused responsibility". The average shareholder doesn't have time or expertise to really evaluate what the company and it's traders are doing on a daily basis. So, they all hand over their money and hope it goes up. How sad.
Posted by: Rob Kiser on November 12, 2008 at 12:41 PM