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To be fair, there are a lot of engineers on the market with a small-but-positive value under a structured process who would be totally useless in an environment
by closeparen 7y ago
To be fair, there are a lot of engineers on the market with a small-but-positive value under a structured process who would be totally useless in an environment like this. I can see why it might be rational to managers.
- drapred7 7y agoThe problem is that software engineers are paided poorly compared to bankers, executives, and a myriad of other occupations relative to how it used to be 30 years ago. Even doctors aren't paid like they used to be. So way too many smart people go into finance and real estate, which are jobs that really anybody could do, except that our corrupt system makes it worthwhile to pay the smartest people to come up with new ways to scam the public and the government. See: Fed policy, CDOs, sub-prime loans, QE...
- jevgeni 7y agoSub prime loans are the only thing out of that list where the public was scammed. Everything else you listed are internal banking things.
- drapred7 7y agoThe public absolutlely paid the price in the form of bailouts. If those banks had been allowed to fail I would agree with you, but they knew they'd probably be bailed out from the beginning and used CDOs to ensure it. QE is a direct transfer of wealth from dollar holders to investors and banks. No way around that.
- closeparen 7y agoThe bailouts were loans and equity stakes which got paid back, not grants.
- drapred7 7y agohttps://en.m.wikipedia.org/wiki/Martingale_(betting_system) https://en.m.wikipedia.org/wiki/Martingale_(betting_system) Gambling with unlimited amounts of other people's money is going to be profitable. https://www.rollingstone.com/politics/politics-features/2008-financial-bailout-809731/ https://www.rollingstone.com/politics/politics-features/2008...