tag:blogger.com,1999:blog-4119943.post4809683405741655260..comments2023-09-29T06:57:06.991-07:00Comments on Anglachel's Journal: CR Looks BackAnglachelhttp://www.blogger.com/profile/01110546252851760414noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-4119943.post-56714876956664016862008-10-11T13:27:00.000-07:002008-10-11T13:27:00.000-07:00I consider myself to be reasonably well-read. I d...I consider myself to be reasonably well-read. I did know that some people were taking on mortgages that might blow up in their faces, but I assumed (naively, of course) that it was an individual problem. It never occurred to me that the people doing the lending had not taken the risk into account. <BR/><BR/>And, no doubt, like many I lack the smarts to understand things like derivatives. I assumed, again naively it appears, that the brilliant math & physics guys developing all these things actually knew what they were doing. <BR/><BR/>I admit to having had occasional nightmares about another Depression (my parents grew up in the 30s and their parents lost everything) because of the increased distance between actual, physical cash and the bits & bytes of a computerized global economic system. (Imagine a world in which nobody has coins or bills or silver or gold, just computer records of expenses & income and the incredible degree of trust required to keep such a system from, sooner or later, imploding.)<BR/><BR/>Which brings me to the unanswerable question, I guess. How do citizens with no expertise in economics or science or any technical field for that matter make informed decisions on such matters - assuming they come to our attention at all?YABhttps://www.blogger.com/profile/00273753861194159127noreply@blogger.com