The evidence about these matters is clear, as I've posted many times.
The financial crisis was caused by Gen-Xers who purposely created
fraudulent subprime-mortgage backed synthetic securities, knowing they
were faulty, and then sold them to Boomer investors hoping to screw
them.
It was impossible for the Boomers to have been responsible for this,
because the technology necessary to develop these fraudulent
securities was developed and promulgated in the 1990s by "financial
engineering" courses in colleges. Boomer managers could not have
created one of these securities if their life depended on it. They
were purposely created by thousands of Gen-X financial engineers.
The Boomer managers were responsible to the extent that they allowed
this to happen. In particular, the Senate showed that the banks took
collections of B rated subprime mortgage securities, and used a
"slicing and dicing" process to transform them into A rated
securities. This is mathematically impossible, and the Boomer
managers should have realized that and stopped them. Instead, they
went along with criminal activities of the Gen-Xers.
** Financial Crisis Inquiry hearings provide 'smoking gun' evidence of widespread criminal fraud
** http://www.generationaldynamics.com/pg/ ... 100414.htm
In the computer industry, I've seen things horrendous things from
Gen-Xers that would have been completely unthinkable in the 1990s,
when the Silents and Boomers were in charge. Once the Gen-Xers were
in charge, the amount of fraud, corruption and criminality has
increased to a level that I never imagined would be possible in my
lifetime.
When I write about the "destructiveness and self-destructiveness" of
Generation-X, I mean Generation-X, not the Boomers. However, the
Boomers are to blame for going along with the criminality, and that
makes the equally culpable.
The evidence about these matters is clear, as I've posted many times.
The financial crisis was caused by Gen-Xers who purposely created
fraudulent subprime-mortgage backed synthetic securities, knowing they
were faulty, and then sold them to Boomer investors hoping to screw
them.
It was impossible for the Boomers to have been responsible for this,
because the technology necessary to develop these fraudulent
securities was developed and promulgated in the 1990s by "financial
engineering" courses in colleges. Boomer managers could not have
created one of these securities if their life depended on it. They
were purposely created by thousands of Gen-X financial engineers.
The Boomer managers were responsible to the extent that they allowed
this to happen. In particular, the Senate showed that the banks took
collections of B rated subprime mortgage securities, and used a
"slicing and dicing" process to transform them into A rated
securities. This is mathematically impossible, and the Boomer
managers should have realized that and stopped them. Instead, they
went along with criminal activities of the Gen-Xers.
[i][url=http://www.generationaldynamics.com/pg/ww2010.i.smoking100414.htm]** Financial Crisis Inquiry hearings provide 'smoking gun' evidence of widespread criminal fraud[/url]
** [url]http://www.generationaldynamics.com/pg/ww2010.i.smoking100414.htm[/url][/i]
In the computer industry, I've seen things horrendous things from
Gen-Xers that would have been completely unthinkable in the 1990s,
when the Silents and Boomers were in charge. Once the Gen-Xers were
in charge, the amount of fraud, corruption and criminality has
increased to a level that I never imagined would be possible in my
lifetime.
When I write about the "destructiveness and self-destructiveness" of
Generation-X, I mean Generation-X, not the Boomers. However, the
Boomers are to blame for going along with the criminality, and that
makes the equally culpable.