Richard Dooling Quotes
As the financial experts all over the world use machines to unwind Gordian knots of financial arrangements so complex that only machines can make - 'derive' - and trade them, we have to wonder: Are we living in a bad sci-fi movie? Is the Matrix made of credit default swaps?
Dooling, Richard. "Day of the Machines." The New York Times, 12 Oct. 2008.
She had warned about the unregulated derivatives 10 years earlier, but to no avail. See {637987}. Then when she had been proven prescient in the Meltdown of 2008, Congress was more interested in how she thought they could prevent future problems with derivatives. Some were adopted but not all. The financial institutions claimed that they needed derivatives to hedge positions and hence “stabilize” the system. Of the members of Congress who voted on this issue, almost none understood derivatives and credit default swaps were and how they worked. But some were sure they were bad, and others were sure that they were necessary for stability. Derivatives can, and did, get so complicated that the people who originally created them sometimes cannot tell whether they are at risk or not. Even computer cannot calculate the value and risks of these instruments because the values and risks depend on what happens to other companies or instruments which themselves have derivatives insuring them. See {620038} for a good description of the difficulty.
Here is an example of the mental set of NSA regarding electronically capturing information. It is easy to see why the agency got into a position where they were castigated by groups throughout America for the large scale gathering of even Private communications.
Richard Patrick Dooling (born 1954) is an American novelist and screenwriter. He is best known for his novel White Man's Grave, a finalist for the 1994 National Book Award for Fiction, and for co-producing and co-writing the 2004 ABC miniseries Stephen King's Kingdom Hospital.
