3 ms·

Is that so? The designers of toxic recommender systems on social media are stupid? The bundling of thousands of mortgages into "AAA" bonds was done by stupid pe

Is that so? The designers of toxic recommender systems on social media are stupid? The bundling of thousands of mortgages into "AAA" bonds was done by stupid people? The lab in Wuhan where they were collecting bats was staffed by stupid people? Ok maybe that last one is fair.

deleted 6y ago
[deleted]
LatteLazy 6y ago
The sub prime crisis is almost a perfect example of this actually. Why stuff bonds with shit? Because there are buyers who will spend 1bn dollars on a bond tranch without doing 10k in analysis of the underlying. Not just some buyers, a huge market of them. If people had done a little due diligence 5 years earlier, the crisis would have been 20 times smaller. It would have been a minor story on page 27 of the finance section. Social media algos are the same. They recommend conspiracy bs because there are 1million morons glugging it down for every developer pushing it. They fund his bonus cheque. That's none of my business until they go out and vote or refuse to wear a mask...
- AndrewBissell 6y ago
  If anyone had alleged "toxic paper is being stuffed into these CDOs and rated AAA by the ratings agencies even though they know it's garbage" while it was ongoing, it would have been dismissed as "conspiracy bs".
- triangleman 6y ago
  Let me get this straight. Thieves and grifters are not the problem, none of your business in fact, it's the rubes who fall for their sophisticated schemes?
  - LatteLazy 6y ago
    I didn't say that. I just said it cost people who didn't get involved just as much as it cost the rubes. You and me are paying for those bailouts despite never being dumb enough to buy a cds or criminal enough to make a bad one...
    - triangleman 6y ago
      Even so, the blame is not with the "stupid", especially when stupid seems to be a catch-all definition for all kinds of reasonable behavior, including acting in one's own interest, and not having all the information available before making a decision. Sorry, I cannot support elitism, and I don't have a better definition on-hand of what I'm seeing here, so let's call it even with "stupidity" ok? I blame the thieves and grifters.

deleted 6y ago

[deleted]

LatteLazy 6y ago

The sub prime crisis is almost a perfect example of this actually. Why stuff bonds with shit? Because there are buyers who will spend 1bn dollars on a bond tranch without doing 10k in analysis of the underlying. Not just some buyers, a huge market of them. If people had done a little due diligence 5 years earlier, the crisis would have been 20 times smaller. It would have been a minor story on page 27 of the finance section. Social media algos are the same. They recommend conspiracy bs because there are 1million morons glugging it down for every developer pushing it. They fund his bonus cheque. That's none of my business until they go out and vote or refuse to wear a mask...

AndrewBissell 6y ago
If anyone had alleged "toxic paper is being stuffed into these CDOs and rated AAA by the ratings agencies even though they know it's garbage" while it was ongoing, it would have been dismissed as "conspiracy bs".
triangleman 6y ago
Let me get this straight. Thieves and grifters are not the problem, none of your business in fact, it's the rubes who fall for their sophisticated schemes?
- LatteLazy 6y ago
  I didn't say that. I just said it cost people who didn't get involved just as much as it cost the rubes. You and me are paying for those bailouts despite never being dumb enough to buy a cds or criminal enough to make a bad one...
  - triangleman 6y ago
    Even so, the blame is not with the "stupid", especially when stupid seems to be a catch-all definition for all kinds of reasonable behavior, including acting in one's own interest, and not having all the information available before making a decision. Sorry, I cannot support elitism, and I don't have a better definition on-hand of what I'm seeing here, so let's call it even with "stupidity" ok? I blame the thieves and grifters.