Joined Apr 1, 2010
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Thanks, Chess. Very interesting talk!
Yes, thanks for posting. …”So, ah, you have these sort of brokerage firms who played a big time game using credit-swaps (financial instruments way too technical to explain in this Yale course b/c only about 3 people in the whole world understand what they are) to the tune of trillions & trillions of dollars, in addition to these brokerage firms ‘sort of’ having made guarantees that they’ll do something’ — well, really too many of these something’s — and if the brokerage firms go bankrupt they can’t follow through ~ ever ~ with these guarantees; which leaves the whole! system vulnerable to total collapse… ‘sort of’. And this is the financial world we adults have left you to enter when you (19-21 yr olds) finish your crazy-expensive educations at Yale.” It is interesting to listen to this incredibly wealthy, financial genius-innovator stammer through explaining one of the most damaging financial events since the last most damaging financial event (depression) of the modern financial world, to the generation his colleagues screwed. I listened to (most of the taped classes of) Prof Shiller’s coursera.org Intro to Finance & Investing course. This lecture was one I’d skipped. Glad to have a chance to see now. A good reminder: Far, far too many play uber high stakes games behind their shield of limited liability permitted by the corporate form.