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There is a simple rule here, a rule of legislation, a rule of business, a rule of life: beyond a certain point, complexity is fraud. You can apply that rule to left-wing social programs, but you can also apply that rule to credit derivatives, hedge funds, all the rest of it.
Life can be lived at a remove. You trade in futures, and then you trade in derivatives of futures. Banks make more money trading derivatives than they do trading actual commodities.
I guess there was a little bit of a slight rebellion, maybe a little bit of a renegade desire that made me realize at some point in my adolescence that I really liked pictures that told stories of things - genre paintings, historical paintings - the sort of derivatives we get in contemporary society.
Derivatives trading should be standardized and as much as possible moved to clearinghouses.
The Fed should make a clear commitment to stable money to reduce the swings in interest rates and inflation. Instead, it champions and flaunts unstable money. This encourages momentum trading and the growth of derivatives. Meanwhile, layers of financial regulation make Washington bigger and more powerful but don't fix the underlying problems.
We print journalists are victims of economic forces beyond our control. We were as surprised as everyone else was by the sudden collapse of the reliable reporting market. We had no idea that real news and clear-eyed analysis were being 'bundled' with subprime celebrity gossip, 'U.S. Weekly' derivatives, and Jennifer Aniston/Angelina Jolie swaps.
Derivatives are financial weapons of mass destruction.
The subprime disaster was a result of financial bombs - derivatives - exploding in financial institutions such as AIG and Lehman Brothers, as well as banks and financial institutions throughout the world.
I didn't become interested in derivatives until 1982, 1983.
Money never seems to be interested in strengthening regulatory agencies, for example, but always in subverting them, in making them miss the danger signs in coal mines and in derivatives trading and in deep-sea oil wells.