Davey Boyd

1. Abstract thought is insane. You can’t make something from nothing and there’s no getting away from that. Engineers create useful things whereas Financial Engineers create illusions.
2. Don’t make things complicated (derivatives, CDO’s and CDS’s etc.)
3. Truth telling is key. Where this breaks down lies persist. The credit rating agencies needed to report the truth, the Professors of business schools should have been disclosing who paid them to speak and write, the banks should have had integrity and responsibility.
4. The moral integrity of political leaders, educational leaders and heads of the financial industry is paramount. Personal and corporate self-interest and greed that drives behaviour leads to massive corruption. e.g. pervasive use of prostitution, drug use and even the fraudulent billing of prostitution as business expenses in Wall St and Washington.
5. Predatory lending to unsuitable people is oppressive.
6. Crimes cannot be overlooked, those who have done wrong must be punished. None of the bank bosses have been charged. Compare this to the Savings & Loans Crisis in the 70’s where financial exec’s where jailed.
7. Warnings must be heeded. See Raghuram G. Rajan’s 2005 paper ‘Has Financial Development Made the World Riskier?’ and Charles R. Morris’ book The Trillion Dollar Meltdown and others.

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