The Well-Rounded Nerd's Personal tumbleblog

 I just finished reading Michael Lewis’s “The Big Short”, about the 2008 financial crisis (and the fact that nothing’s changed, really). It’s an incredibly exciting book that describes with frightening clarity the combination of greed, corruption, and mediocrity behind the subprime loans instruments, and the multiplying effects of a highly globalized and connected world. 

Greed and corruption —that’s not news. But I enjoyed in particular the description of the level of mediocrity of everyone involved —and how they were paid to not think :

“What are the odds that people will make smart decisions about money if they don’t need to make smart decisions?”

The incentives have not changed, and so it’d be foolish to expect a different result in the coming years.