This is a good article calling into question the credibility of the cable news talking head dispensers of financial advice. Its a confessional of sorts. Highly worth reading.
Joe H.
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The Years Of Writing Dangerously
9 years ago
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About Me
- Joe Huster
- I am a 51 year old 7th year attorney and former philosophy professor. I am married and have one son. I am originally from California, but have lived in Honolulu and Salt Lake City, Utah all of my adult life.
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1 comment:
Hey, Joe, I will tell you that one of the things bankers rely on is the inability of regulators and auditors to understand their business. I have never met an auditor who could, for example, price a swap or option. Given that, how can they determine the level of risk in the transaction? They can't. That's very frightening. And the journalists who cover financial news are jokes. I heard one on NPR, who was described a an expert, try to explain what a "haircut" was and his answer wasn't anywhere near the ballpark. He had no idea and he's trying to explain the concept to other people.
Thank you for pointing this out.
Alan
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