Yessiree, expect various current and former head honchos of Wall Street to spread this line as fast as they can.
But, to the complaint that computers underestimated the risk of derivatives manipulation, I add two rebuttals.
One is that plenty of people were flagging the potential problems two years ago or more. I’d rather blame Wall Street “rock stars” for not listening to Warren Buffett than for having faulty computers.
No. 2 is the old programmers’ acronym of GIGO. Hell, for all I know, Wall Street quantitative analysts may have even gamed their computers, which would then give us LIGO:
Lies In, Garbage Out.
Indeed, Leslie Rahl, the president of Capital Market Risk Advisors, says something along those lines, although she’s more charitable on the issue of intentionality than I am. And, I didn’t have to read that far down the Times financial blog post to guess that.
Of course, you know the next step will be to discriminate between Republican and Democratic computers or programs, or something along those lines. And since John McCain can’t e-mail, allegedly, well, then, he can’t vote on the bailout, one way or the other, either, can he?
And, if Democrats in the Senate are really stupid enough to believe Crazy Uncle Henry that Schmuck Talk’s vote is in the bag, well, I’ve got a CDS with liquidity to sell them.
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