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Make: Technology on Your Time Volume 16
book

Make: Technology on Your Time Volume 16

by Mark Frauenfelder
November 2008
Intermediate to advanced content levelIntermediate to advanced
192 pages
8h 32m
English
Make: Community
Content preview from Make: Technology on Your Time Volume 16

WELCOME

The Visible Hand

BY DALE DOUGHERTY

As I write this, there is panic on Wall Street despite Washington’s $700 billion rescue attempt. The crisis is not contained by U.S. borders, but extends to Europe and Asia. Like many people, I’m incredulous. How could this happen?

Wall Street hired the best and the brightest, paid them handsomely, and gave them unlimited resources and technology. It turns out they were building enormously complicated castles made of sand. A great wave washed them away, astounding all the smart people who devoted their lives to speculation, not production. Their models based on historical data predicted future profits, not collapse. Few people saw this coming until it hit.

“It was the triumph of data over common sense,” ...

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Publisher Resources

ISBN: 9781680456158Errata Page