pellis

Comments by pellis

Experts

Response to #11: He's not in a position to be a "fraudster." He doesn't have to try to distill unimaginably complex interactions to the general public to explain why their retirement funds are worth half as much as they were five years ago. The problem with putting anyone at the captain of this ship is that they will very quickly have to explain things that they can't possibly know. So either they lie to themselves and tell you the truth, or they lie to your face. Take your pick. Nobody will get to that position by telling the truth. Additionally, Telab's in a position where people think he's a market expert due to his success. While I agree that his uniquely psychological investment strategy is sound and has worked out for him very well, I don't think he's any more of an expert than the million other people who share his opinion of what we should be doing with the market at this point in time. You don't have to go far to find someone who has been predicting this downfall for years now. Response to #48: I agree with this to some extent, but stifling complexity stifles innovation and growth. Furthermore, how much do you dumb/shrink/regulate it? It's a balancing act between speed of growth and safety, or greed and fear. I don't have any problem with derivatives at all. I don't even have a problem with leverage, as long as you have the cash to back it. I feel like all these banks just went into the Wall Street casino and bet a bunch of money they didn't have. When the casino came to collect and the money wasn't there, the government had to hit the reset button. It's fun to argue about what would happen if we implemented the ideas of this expert or that for the reset button, but I don't think it matters too much in the long run. We won't ever get the right answer.
— September 17, 2009 6:15 p.m.

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