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A comment on The real cause of the financial crisis -- An MIT Blackjack Team perspective.

Re:The real cause of the financial crisis -- An MIT Blackjac... by kingkongrevenge on Wednesday January 14, 2009 @12:03PM (#433862)
The financial crisis has little to do with probabilities or risk analysis. It's not like blackjack. It was more like seeing that a ball was falling and would eventually hit the ground. Everyone has latched onto discussions of risk analysis and reward structures because it conveniently excuses widespread idiocy and greed.

"Why did I just lose a fortune? Oh it's not my fault, it was a Black Swan! And my fund manager's incentives were not properly regulated." No acknowledgment is ever given to the notion that the financial markets have worked exactly as they should: fools have been separated from their money.

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Re:The real cause of the financial crisis -- An MIT Blackjac... by jderick on Wednesday January 14, 2009 @01:46PM (#434004)
When you have to define "fools" as "almost everyone in the world", I'm not sure you have a workable definition.
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Re:The real cause of the financial crisis -- An MIT Blackjac... by anewaccountname on Thursday January 15, 2009 @07:51PM (#436003)
When you define "almost everyone in the world" as the <5% that own stock, then I'm not s.......
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