throw474374383
throw474374383 on Hacker News
the bulk of the economic dislocation was caused by well intentioned people making good faith decisions that in hindsight proved very foolishI agree with that. But that comes about because we've arranged our economic activity into monolithic 'corporations' that are immortal, have the legal status of persons, and are compelled to chase shortsighted profit above all else, show no remorse, and any moral wrongdoing is just a slight financial risk to be approached like any other monetary risk.
All the humans working for the oil industry today are making good faith decisions but together they work for a massive unstoppable inhuman juggernaut that is destroying our climate while fighting every attempt to rein it in with every means possible at its disposal.
And yes I can call corporations greedy. They have demanded to be treated as people in the courts of law so I'll judge them as people
Right so it's the government's fault for encouraging the corporations to do something they didn't really want to do, which inevitably led to the corporations naked inhuman amoral greed running amock.
I talked to a banker at the time (from BoA I think) and he said these things came about by the banks re-arranging the structure again and again, running it through the risk and credit rating algorithms and then tweaking and retrying until they got something with a good rating. So essentially that's like finding exploits in the other parties risk calculation algorithms or credit rating algorithms until you find some hack that labels crap as gold. So I think of it as hacking basically. The banks figured out how to hack Moody's algorithms, as it were.
Don't forget through all of that madness Moody's was rating utter crap as AAA
https://en.m.wikipedia.org/wiki/Credit_rating_agencies_and_t...