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The Spaniard

Scientists Of The Subprime - Banking & Biology

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Broadcast at 9pm on Thursday 17 February, and worth a listen on iplayer, though understandably limited:

http://www.bbc.co.uk/iplayer/episode/b00yjs4m/Scientists_of_the_Subprime/

Motivated by this paper in Nature:

http://www.nature.com/nature/journal/v469/n7330/full/nature09659.html

Anyone know how to see the full paper for free?

Go to your local large WH Smiths and read it there. If this embarrasses you, put it inside a copy of Double D Tranny Granny.

Alternatively, e-mail Robert May's secretary at Oxford (Lynne Bradley) and request a reprint.

Can't imagine it has anything insightful to say though. We know d*mn well what happened.

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Can't imagine it has anything insightful to say though. We know d*mn well what happened.

After reading the abstract I suspect the authors may have made the ground-breaking discovery that if you introduce too many piranhas into a bowl of goldfish all the goldfish get eaten

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Quite an entertaining and amusing way to fill in some airtime along with an opportunity to propagate some stuff, muddy the blame and wheel out some Dr Strangelove accents (for the science angle you know).

The (perhaps unintended) underlying message being that if you take the lessons from any branch of knowledge and indeed banking itself it was clear that a calamity was in the pipeline. It was common sense but the BBC have to transform it into a sort of BBC version of Private Eye's Pseuds Corner.

They can dress it up as much as they like. Blame it on some other speciality such as maths and try to make it like a relatively new speciality like ecology or try to equate it to biology, weather systems, transport systems, global warming or bio diversity loss :rolleyes: or whatever but ultimately it was simply caused by the bankers and their ilk's fraud in subprime lending and LIAR loans etc. Not only was there bundles upon bundles of fraud there was a fair share of fraud related incompetence as well partly because the fraud covered up a lot of the incompetence - until the tide started to go out.

How difficult was the system to understand. Not at all dificult as the programme itself proved and it's admitted that in 2003 they used stripped down toy models to understand the system and what was at risk became very clear (9 minutes into the programme). Amazingly they say in 2003 they had to experiment to discover that shocks could flip a system over - and these people are in charge and still in charge :o They still did nothing after their "discovery". Lessons will be learnt my Aunt Sally.

Now the fraud persists in implying scapegoats in other specialities, more lies about the background to it all and trying to put a respectable veener on the crookedness. As well as posh background music etc.

Edited by billybong

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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