The problem with the poker comparison is that, as I understand it, poker relies a good deal on bluffing. And while the typical trader may learn to read the occasional bluff in the markets, how would he go about effecting one?
Broke-- The New American Dream
- Thread starter marketsurfer
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The evidence I have seen doesn't support that Lederer, Ferguson, Wasicka, etc. have made their nice stakes from bluffing.
imho both activities are very similar: you have to know when to hold them, when to fold them, when to walk away and when to run.
In poker you see the fear and greed in the persons body language, in trading you see the fear and greed in your system.
the whole trick is how do you edge the other person in making a mistake (erhhh taking a loss?)
much the same, no diff
Maria
Sounds like a film that I would put into the dis-info category, although still an interesting one.
Why is this such a difficult concept? The "average guy" has no discretion whatsoever over the credit derivative markets. The "average guy" is not getting a bailout.
The actual mortgages themselves are not a critical problem, there has been a mature foreclosure market for a while. Subprime lending was around before 2000.
Blaming the "average guy" is pointless and has no merit. They are getting foreclosed on, as they should.
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The film casts blame where it should, and we will agree to disagree here, but it is also hopeful. Not everyone has gone broke. Personal responsibility is a thread throughout.
You're trying to put some of the blame on the "Average Joe" in regards to the financial crisis. That is preposterous and illustrates that you do not understand the situation.
If you are trying to make the Average Joe take responsibility for his/her own debacle, that's different. But that's not an issue, mortgage defaults & foreclosures are a part of the real estate industry.
The recent mortgage defaults have little to do with the current financial crisis. They simply unveil the charade & the scam at a faster rate.
if you give a 3 year old a gun and he kills someone then who is to blame?
if the banks push a mortgage and tells the client he is an acceptable risk, what does the average Joe know about the economy ready to implode?
Maria
Does a 3 year old have greed? thats a super poor analogy.
the greed of the average joe is a key cause of the situation.
if average joe wasn't greedy for a mc mansion, there would be no mortgage broker to push for the liar loan, on up the chain.
the economic illiteracy and understanding cause/effect, on this board, is eye opening!
surf