LOL! Information OVERLOAD! MIT economist says he knows LESS after readiing 20 books on the financial crisis! It’s so funny, I thought CITIGROUP chairman REED (who now is on the board of MIT) cleared up all this sillyness, saying he even told his friends at MIT they are part of the problem (with all that NEW math)
Ever thought you would have to read 21 books to get to the bottom of what caused the financial crisis?
Andrew Lo, an economist at MIT, has some bad news: it’s going to take at least 22.
Lo, a leading expert on hedge funds and financial engineering, has written a paper (h/t NPR)for the Journal of Economic Literature describing his experience reading 21 books on the crisis — nine by journalists, 11 by academics and one by a former Treasury Secretary.
His conclusion: In a field that prides itself on its scientific rigor (however dismal), the books reveal that alarmingly few facts about the crisis have been agreed upon. Was there too little or too much regulation? How much of a factor were low interest rates? No one’s been able to say conclusively.
“After each book, I felt like I knew less,” Lo told NPR’s Planet Money.
@Save America, A future treasury secretary potential – Larry Summers:
“The central irony of financial crisis is while it is caused by too much confidence, too much borrowing and lending and too much spending, it can only be resolved with more confidence, more borrowing and lending, and more spending.”
I’ve wondered why conservatives have an annual CPAC, yet liberals do not have an annual LPAC. It would be a great way to get new economic perspectives out to the nation.
LOL! Information OVERLOAD! MIT economist says he knows LESS after readiing 20 books on the financial crisis! It’s so funny, I thought CITIGROUP chairman REED (who now is on the board of MIT) cleared up all this sillyness, saying he even told his friends at MIT they are part of the problem (with all that NEW math)
http://www.businessinsider.com/andrew-lo-21-books-financial-crisis-2012-2
Ever thought you would have to read 21 books to get to the bottom of what caused the financial crisis?
Andrew Lo, an economist at MIT, has some bad news: it’s going to take at least 22.
Lo, a leading expert on hedge funds and financial engineering, has written a paper (h/t NPR)for the Journal of Economic Literature describing his experience reading 21 books on the crisis — nine by journalists, 11 by academics and one by a former Treasury Secretary.
His conclusion: In a field that prides itself on its scientific rigor (however dismal), the books reveal that alarmingly few facts about the crisis have been agreed upon. Was there too little or too much regulation? How much of a factor were low interest rates? No one’s been able to say conclusively.
“After each book, I felt like I knew less,” Lo told NPR’s Planet Money.
@Save America, A future treasury secretary potential – Larry Summers:
“The central irony of financial crisis is while it is caused by too much confidence, too much borrowing and lending and too much spending, it can only be resolved with more confidence, more borrowing and lending, and more spending.”
Larry Summers October 23, 2011
I’ve wondered why conservatives have an annual CPAC, yet liberals do not have an annual LPAC. It would be a great way to get new economic perspectives out to the nation.
Can anyone show up, or do you need to submit a paper? I can’t think of any place I would rather be than Kansas City in later September.
anyone can show up and watch the presentations