Wednesday, April 04, 2012

Marcel, a future economist?

Thomas and I watched Inside Job the other night. Despite both being fairly into economics, following stock markets and the likes it was still absolutely astounding to be reminded of the magnitude of what has been going on for the last decade or more in the US economy. To see all the same culprits pop up in Obama's government and realize they haven't the slightest intention of regulating the banks any more in the future than they did in the past was more than soul-destroying, especially given that any future Republican president would be even less likely to look in that direction than Obama if he scrapes back in... It was thoroughly depressing. 

Marcel was hanging about with nothing to do today - or rather it was too snowy to venture out so I asked if he'd like to see it. I explained it was more or less a documentary and that it might be hard to follow but he should stick with it if possible because it would be very significant, at least historically for his life and understanding thereof...

He disappeared into the TV room. I expected him to last 20 minutes before putting on a different movie - something with Will Smith or Meryl Streep or the likes, but no he remained glued for the entire two hours then came bouncing out completely invigorated, talking ten to the dozen analysing the whole sub-prime market, the insurance, CDO and derivatives issues etc. He was absolutely enthralled and said it was the most outrageous but also most fascinating financial plan he'd ever seen. Unlike us, who found it depressing, his young brain was thrilled at the state-master-minded bank robbery and he couldn't stop analysing all day, how it could have been done better so as either not to have collapsed, or to have collapsed slower so only a future generation would have found out what had happened. He cynically concluded that with a little tweaking, something should be able to be done to make the plan work better next time round. He sat analysing how the CEOs taking smaller bonuses might have made it drag on longer and wandered off to check out entrance requirements for economics degrees here and in the States, muttering under his breath 'There's a shitload of money to be made out of this mum!'
I don't know whether to be proud or scared witless!

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