David X. Li's
Gaussian copula function
|"Li's formula, known as a
Gaussian copula function, looked like an unambiguously positive breakthrough, a
piece of financial technology that allowed hugely complex risks to be modeled
with more ease and accuracy than ever before. With his brilliant spark of
mathematical legerdemain, Li made it possible for traders to sell vast
quantities of new securities, expanding financial markets to unimaginable
levels." - Felix Salmon
"The Chicago School
bears the blame for providing a
seeming intellectual foundation for the
idea that markets are self-adjusting and the best role for government is to do
nothing." - Joseph
StiglitzThe financial engineers of profit-driven
innovation agree that mathematical models of risk simply failed to take into
account all of the variables.
According to expert consensus risk models proved
The financial engineers focused on
variables concerned with expected returns and the default risk of financial
Mathematical models failed to take into account the
reality that financial instruments in the final analysis must be based on
actual assets that exist in reality as objects within the biosphere.
The variables neglected include an out of control debt spiral based on
never ending growth within a closed finite biological system experiencing
catastrophic environmental degradation world wide at a rapidly increasing
Wall Street fabricators of
avant-garde financial instruments are actually called "financial
They got their
training in "labs" much like that of
located places like Wharton, Princeton, Harvard and Berkeley which is based
upon the laissez-faire
economic ideology of Milton Friedman and the
Chicago School of Economics.
While the old regime, the Reagan-Bush
counterrevolution, has lived off the heady vapors of the
FIRE sector, it has left in its wake a deindustrialized nation, full of
immigrants and millions of families whose earnings have suffered steady
Two wage-earners, working longer hours, are now needed to
(barely) sustain a standard of living once earned by one.
doesn't count the melting away of health insurance, pensions and
other forms of protection against the vicissitudes of the
free market or
calamities." - Steve Fraser 01/08
"In its latest push
confidence the authorities are placing enormous pressure on the
Financial Accounting Standards Board to suspend "mark-to-market" accounting.
Basically, this means that the banks will not have to account for the
actual value of the assets on their books but can claim instead that they are
worth whatever they paid for them.
The Treasury, the
Federal Reserve and the
SEC all seem to view propping up stock
prices as a
critical part of their mission - indeed, the Federal Reserve sometimes
seems more concerned than the average
Wall Street trader
with the market's day-to-day movements." - Michael Lewis & David Einhorn
"Neoliberal (neocon in America)
economists in the last three decades have denied the possibility of a replay of
the worldwide destructiveness of the
Great Depression that followed
the collapse of the speculative bubble unleashed
by unfettered US financial markets of the 'Roaring Twenties'.
fooled themselves into thinking that false prosperity
built on debt could be sustainable with monetary
Now history is repeating itself, this time with a new,
more lethal virus that has infested deregulated global financial markets with
'innovative' debt securitization, structured
finance and maverick banking operations
flooded with excess liquidity released by accommodative central banks.
A massive structure of phantom wealth was built on the quicksand of
debt manipulation." - Henry C.
K. Liu 11/15/08
"Until the last year, the biggest growth industry
within the US had been the financial sector, producing profits of over $500
billion as late as 2006.
The US has replaced working for a living with
the manipulation of money and the extraction of
interest, either by lending it or by brokering the lending and investment by
In order to enrich themselves,
with a lot of help from the government, designed the
merger/buyout bubble of the
1980s, the dot.com
bubble of the 1990s, and the housing/equity/hedge fund/derivative
bubble of the 2000s." - Richard C. Cook
"Investment banks, like
Merrill Lynch, were never subject to
the same kind of safety and soundness regulation as commercial banks.
Over the years bank services and bank risks migrated outside of the
regulatory safety net.
Wall Street securities
firms developed the commercial paper market, which replaced much of banks'
short term corporate lending.
Newer market participants, like
hedge funds, were not subject
to any regulation at all.
Even regulated banks were gradually allowed
to own securities and insurance
businesses within a holding structure, and they were allowed to hold
highly-risky speculative positions in
purpose" entities." - Mark Jickling
Stevens Corzine after earning a MBA from the Chicago School of Economics went
on to become a CEO of Goldman Sachs, a US
Senator and a Governor of New Jersey.
In 1999 he made $400 million in
an initial public offering through Goldman
2011 $1.2 billion disappeared like
magic from Jon Stevens
Corzine investment firm IM Global.
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This website defines a
new perspective with which to engage reality to which its author adheres. The
author feels that the falsification of reality outside personal experience has
forged a populace unable to discern propaganda from reality and that this has
been done purposefully by an international corporate cartel through their
agents who wish to foist a corrupt version of reality on the human race.
Religious intolerance occurs when any group refuses to tolerate religious
practices, religious beliefs or persons due to their philosophical ideology.
This web site marks the founding of a system of philosophy named The Truth of
the Way of the Lumière Infinie - a rational gnostic mystery religion
based on reason which requires no leap of faith, accepts no tithes, has no
supreme leader, no church buildings and in which each and every individual is
encouraged to develop a personal relation with the Creator and Sustainer
through the pursuit of the knowledge of reality in the hope of curing the
spiritual corruption that has enveloped the human spirit. The tenets of The
Truth of the Way of the Lumière Infinie are spelled out in detail on
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religious beliefs in America is considered a "hate crime."
This web site
in no way condones violence. To the contrary the intent here is to reduce the
violence that is already occurring due to the international corporate cartels
desire to control the human race. The international corporate cartel already
controls the world economic system, corporate media worldwide, the global
industrial military entertainment complex and is responsible for the collapse
of morals, the elevation of self-centered behavior and the destruction of
global ecosystems. Civilization is based on cooperation. Cooperation does not
occur at the point of a gun.
American social mores and values have
declined precipitously over the last century as the corrupt international
cartel has garnered more and more power. This power rests in the ability to
deceive the populace in general through corporate media by pressing emotional
buttons which have been preprogrammed into the population through prior
corporate media psychological operations. The results have been the destruction
of the family and the destruction of social structures that do not adhere to
the corrupt international elites vision of a perfect world. Through distraction
and coercion the direction of thought of the bulk of the population has been
directed toward solutions proposed by the corrupt international elite that
further consolidates their power and which further their purposes.
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