Paul Volcker!

Yesterday the T-Rex/Solon of US finance ripped into the current financial system – including business schools in his critique. To quote:

“We had all our best business schools in the United States pouring out financial engineers, every smart young mathematician and physicist said ‘I don’t want to be a civil engineer, a mechanical engineer. I’m a smart guy, I want to go to Wall Street.’ And then you know all the risks were going to be sliced and diced and [people thought] the market would be resilient and not face any crises. We took care of all that stuff, and I think that was the general philosophy that markets are efficient and self correcting and we don’t have to worry about them too much.”

See the whole thing here.

Read highlights here.

One thought on “Paul Volcker!

  1. James

    The Trouble with believing that “intelligent” people will solve all problems is twofold, one they generally have little wisdom or real life experience. Secondly we don’t live in a intelligent universe, our so called intelligence has little to do with reality or with regards to the nature of human emotions.


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s