By George A. Akerlof, Robert J. Shiller
Ever on the grounds that Adam Smith, the primary instructing of economics has been that unfastened markets offer us with fabric health and wellbeing, as though by means of an invisible hand.
In Phishing for Phools, Nobel Prize-winning economists George Akerlof and Robert Shiller carry a primary problem to this perception, arguing that markets damage in addition to aid us. so long as there's revenue to be made, dealers will systematically take advantage of our mental weaknesses and our lack of know-how via manipulation and deception. instead of being primarily benign and constantly developing the larger sturdy, markets are inherently full of methods and traps and should "phish" us as "phools."
Phishing for Phools as a result moves a substantially new path in economics, in keeping with the intuitive concept that markets either supply and remove. Akerlof and Shiller deliver this concept to lifestyles via dozens of news that exhibit how phishing impacts every body, in virtually each stroll of existence. We spend our cash as much as the restrict, after which fear approximately the way to pay the subsequent month's money owed. The economy soars, then crashes. we're attracted, greater than we all know, via ads. Our political approach is distorted by way of funds. We pay an excessive amount of for gymnasium memberships, vehicles, homes, and charge cards. Drug businesses ingeniously industry prescription drugs that do us little sturdy, and infrequently are downright dangerous.
Phishing for Phools explores the critical position of manipulation and deception in attention-grabbing element in each one of those components and lots of extra. It thereby explains a paradox: why, at a time after we are than ever ahead of in historical past, all too many folks are best lives of quiet desperation. whilst, the booklet tells tales of people who've stood opposed to fiscal trickery--and the way it should be diminished via larger wisdom, reform, and law.
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Extra info for Phishing for Phools: The Economics of Manipulation and Deception
Example text
On the contrary, those investment banks, deal by deal, are looking for the highest ratings possible for whatever issue they are currently pushing. And the ratings agencies know the consequences if they fail to oblige. Why Was the Reputation Mining So Profitable? Here we see a bit of the true magic of complex financial structures. Part of the magic is real; but part is deceptive, and aids in phishing. Before modern financial derivatives, corporations would typically slice up the returns to the firm between payments to the bondholders and the payments to stockholders (which might be kept in the firm as “retained earnings”).
As long as times were rosy, this fine print had no bite: the undiluted value of the CDSs and also AIG’s AAA credit rating were assurance enough. 47 But then, in the financial turmoil surrounding the failure of Lehman Brothers in September 2008, AIG could not raise the credit for the called-for collateral. 48 They shoveled $182 billion into AIG. 49 But that is the good end to a bad story: that intervention was needed as a crucial step in saving the world from the Great Depression of the Twenty-First Century.
It would temporarily hold these large asset blocks in anticipation of the later resale. In this way it was beginning to trade on its own account. But playing the middleman in this way also opened up a potential conflict of interest: as the middleman in such deals, how much should Goldman keep for itself? What price should the buyer pay, what price should the seller take, when the difference between the two would accrue to Goldman’s? ” He was fearful that Goldman would lose the ethic of serving the customer that had, with a few exceptions, informed it ever since Marcus Goldman had first set out his shingle in 1869.
