Beware of geeks bearing formulas
I always feel more comforted about a situation after hearing Buffet talk about it. He has some great lines in this interview with Charlie Rose
In a bubble there are always three I’s, the innovators, the imitators and the idiots.
That’s so true not just of an economic bubble but everything in life. That’s the visitor pattern of a great nightclub, the crowd for a great band. When he was talking about how mortgage debt was packaged a resold around the world he said.
Beware of geeks bearing formulas
I have to admit that my friends down the hall on Microsoft Excel might bear some of the responsibility for our current economic state. If you include the first dot-com bust this is the second time in a decade that geeks have been to blame for fueling an economic crisis… go nerds!
Good one …. our lives are driven by algorithms, but who owns the logic?
http://www.economist.com/business/displaystory.cfm?story_id=9795140
Colin
3 Oct 08 at 7:23 pm
Being one of the Excel people down the hallway, I can only take issue with the idea that we bear any responsibility for the financial crisis. Does Boeing bear any responsibility for September 11th?
Chris
4 Oct 08 at 2:38 pm