David X. Li's
Gaussian copula function
"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 actually exist within reality as
resources within the biosphere.
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 pace.
Wall Street fabricators of avant-garde financial
instruments are actually called "financial engineers."
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.
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.
Federal Reserve and
SEC all seem to view propping up stock
prices as a
critical part of their mission - 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
unleashed by unfettered US financial markets of the 'Roaring Twenties'.
They 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,
the financiers, 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
Jon Stevens Corzine after earning a MBA from the Chicago
School of Economics went on to become a CFO of
Goldman Sachs, a US Senator and a
Governor of New Jersey.
He made $400 million in the initial public
offering of Goldman Sachs.
helped develop a private sector plan to rescue the hedge fund Long Term Capital
Corzine is a Steering Committee member of the Bilderberg
2011 $1.2 billion disappears like magic
from Jon Stevens Corzine investment firm IM Global.
This web site is not a commercial web site and
is presented for educational purposes only.
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
this web site by the author. Violent acts against individuals due to their
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.
views and opinions presented on this web site are the views and opinions of
individual human men and women that, through their writings, showed the
capacity for intelligent, reasonable, rational, insightful and unpopular
thought. All factual information presented on this web site is believed to be
true and accurate and is presented as originally presented in print media which
may or may not have originally presented the facts truthfully. Opinion and
thoughts have been adapted, edited, corrected, redacted, combined, added to,
re-edited and re-corrected as nearly all opinion and thought has been
throughout time but has been done so in the spirit of the original writer with
the intent of making his or her thoughts and opinions clearer and relevant to
the reader in the present time.
Fair Use Notice
This site may contain copyrighted material the use of which has
not always been specifically authorized by the copyright owner. We are making
such material available in our efforts to advance understanding of criminal
justice, human rights, political, economic, democratic, scientific, and social
justice issues, etc. We believe this constitutes a 'fair use' of any such
copyrighted material as provided for in section 107 of the US Copyright Law. In
accordance with Title 17 U.S.C. Section 107, the material on this site is
distributed without profit to those who have expressed a prior interest in
receiving the included information for research and educational purposes. For
more information see: www.law.cornell.edu/uscode/17/107.shtml. If you wish to
use copyrighted material from this site for purposes of your own that go beyond
'fair use', you must obtain permission from the copyright owner.
© Lawrence Turner
All Rights Reserved