

Financial crisis has deep roots in academia - joe_the_user
http://www.latimes.com/business/la-fi-books7-2009sep07,0,5708398.story?track=rss

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fburnaby
"Down with the pointy-headed academics! Their magical theories have failed us
again!"

It is ridiculous to blame academics for forming and publishing theories. The
theories did not cause anything to happen. Someone who didn't understand them
decided to use them anyways. Anyone who takes an academic theory, and blindly
applies it, without understanding it is bound to screw themselves. From the
article:

"most traders know it does not work and only pretend to use it because finance
theory is fashionable and criticizing the model is a heresy"

So, they knew the theory didn't work for their purposes, tried it anyways, and
now blame the people who made the theory. Brilliant.

------
envitar
As it says in the article: it is Taleb revisited! He's been banging his head
about the issue and even discussed abolishing the Nobel prize with the King of
Sweden

