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eric pebble

Ft: Good Article By Gillian Tett On Banksters:

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FT: Eliminate financial double-think

"/...But by 2005, credit products had become so complex and bespoke, that most never traded at all. Thus they had to be valued according to models, since they could not even be priced in a market – in a supposed free-market system.

These days such paradoxes look so extraordinary that it is hard to believe they went unnoticed for so long. But the really interesting question about all this “complicitous silenceâ€, as Bourdieu says, is not simply why it arose in the past – but what it implies about the future. After all, one reason why this double-think persisted for so long is that bankers and policy makers alike have all been trained in recent years to take economic theories at their face value, shorn from social context, or power structures.

But if regulators and politicians are to have any hope of building a more effective financial system in future, it is crucial that they start thinking more about power structures, vested interests and social silence. That might sound like an irritatingly abstract or pious plea. However, it has some very practical implications about how policy is formulated."

Read it all here: - http://www.ft.com/cms/s/0/96810a0e-8d8f-11...?nclick_check=1

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