New York Times (January 20)
“A detailed report put out by JPMorgan Chase last week on how it lost $6 billion from ill-fated trading in 2012 should be required reading for policy makers and financial executives. The 129-page document serves as a case study of how excessive complexity and poor oversight still threaten many parts of the financial system more than four years after the failure of Lehman Brothers.”
Tags: Complexity, Financial system, JPMorgan Chase, Lehman Brothers, London, Oversight, Trading loss
New York Times (October 12)
“Bank bailouts were supposed to be followed by financial reform to limit the banks’ destructive power. Instead, bailed-out banks are bigger than ever and have resisted reforms to limit their size and complexity.” Fortunately, there are some promising signs of change. The most recent arrived in a report from a committee led by Erkki Liikanen for the European Commission. Should the recommendations be approved “the lack of progress, however, may yet give way to change.”
Tags: Bailouts, Banks, Complexity, Erkki Liikanen, European Commission, Reform, Size
New York Times (February 26, 2012)
“Are people getting dumber?” Not according to four of five experts. Based on IQ tests, “the average person today would be 30 points above his or her grandparents, so we are not getting any dumber.” And yet, the increasing pace of complexity leaves many feeling left behind and technology has dulled some skills, like mathematics or spelling, once taken for granted. Moreover, “the really dumb things that people do…get amplified almost instantaneously” thanks to the internet. Still, we are far more advanced in terms of “abstract reasoning: the ability to ignore appearances and reckon in formal categories.”
“Are people getting dumber?” Not according to four of five experts. Based on IQ tests, “the average person today would be 30 points above his or her grandparents, so we are not getting any dumber.” And yet, the increasing pace of complexity leaves many feeling left behind and technology has dulled some skills, like mathematics or spelling, once taken for granted. Moreover, “the really dumb things that people do…get amplified almost instantaneously” thanks to the internet. Still, we are far more advanced in terms of “abstract reasoning: the ability to ignore appearances and reckon in formal categories.”
Tags: Complexity, Intelligence, Internet, IQ, Reasoning, Technology
