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If they can do it for carpenters… November 27, 2008

Posted by Jim Satterfield in Business & Society, Employment.
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I was just watching a bit of This Old House on the digital tier of my local public TV station. They did a little featurette about a carpenter’s apprentice that works with the show. Don’t you think that paid apprenticeships would work for lots of fields that don’t have it now like accountants, programmers and network engineers among others?


Quants, Assumptions and Unexamined Actions November 23, 2008

Posted by Jim Satterfield in Economics, The Big Crash of 2008, What is Justice?.
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If you combine these articles with my previous post about the article from Scientific American don’t you have to wonder about every analysis concerning finance and credit?

Steve Lohr in the New York Times

Lee Gomes in Forbes

Citigroup Saw No Red Flags Even as It Made Bolder Bet

Aren’t these largely the same processes that credit bureaus use in determining how to create “credit scores” for the rest of us? Don’t you wonder about their ability to figure out a darn thing? Don’t you think that just maybe they ignore the human factor entirely in their analyses of people’s ability and willingness to pay back their debt? Should people be cut some slack in times like these as the companies that extend them credit prove that they in fact don’t have a clue when it comes to risk analysis? Questions, questions.

Wall Street GIGO November 21, 2008

Posted by Jim Satterfield in Business & Society, Economics, Government, Technology, The Big Crash of 2008.
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Scientific American points out a couple of things that helped lead to our current disastrous situation. What, you might ask, would SciAm have to say about something that comes down to economics and politics? Simple. The financial industry pled for a lifting of rules for how much they needed to hold in reserve. Complex modelling was used with a basic set of assumptions in order to forecast what these institutions could do under the new rules. Those assumptions were based on old fashioned basic assumptions from classical economics. They were completely wrong. The models based on them failed miserably. The big question is whether or not the people in charge of these institutions will draw the correct conclusions in the aftermath and with their egos I just don’t know if I’d bet on it.

Related Issues November 13, 2008

Posted by Jim Satterfield in Business & Society, Government, Health Care, Health Insurance.
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I stumbled across this article through Google news. It’s always sad when someone joins in with others who just miss the point completely. If you do something to help take care of the health care situation and do it properly then it will in fact help the economy.