Tuesday, July 27, 2010

Collapse of intellectual edifice

Books of Account
The End of Wall Street
Roger Lowenstein
( http://www.landmarkonthenet.com/)

Flawed tools for measuring risk

Counter to the view of its apostles, the market system of the late twentieth and early twenty-first century did not evolve in the natural course; it evolved with its own peculiar prejudices and rites, writes Roger Lowenstein in The End of Wall Street. The institution of government was nearly absent, and in its place had arisen a system of market-driven models, steeped in the mathematics of the new finance, he adds.


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