ﾓIF you really want to know why the financial system nearly collapsed in the fall of 2008, I can tell you in one simple sentence.ﾔ
Insanely true and in it's delivery ironic to the umteenth degree!
October 15 2009 12:21 AM EDT
A bit simplistic, methinks...
It's like saying index funds won't work once we all get onto it and all invest in them. We can't ALL index. Well, we can, because someone else will always bet on discrete stocks, thinking they can beat the odds.
The story (while exceedingly well written and entertaining) smacks of looking for a problem where the issues have already been decided: real estate, lax regulations, and a populous devoid of critical thinking skills. If the guy in the bar had made his one, penultimate statement a simple, "Easy. People are getting too fracking stupid," I might have bought it.
October 15 2009 2:10 AM EDT
it's really not rocket science... it is so simplistic it's tragic
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