TPS Posted April 4, 2013 Share Posted April 4, 2013 For those who have been around here a long time, you know that I've said on several occasions that Minsky is the economist who influenced me the most. This is an excellent read by a managing partner at PIMCO who uses Minsky's analysis to describe the financial crisis. http://www.cfapubs.org/doi/pdf/10.2470/rf.v2009.n5.15 Link to comment Share on other sites More sharing options...
meazza Posted April 4, 2013 Share Posted April 4, 2013 For those who have been around here a long time, you know that I've said on several occasions that Minsky is the economist who influenced me the most. This is an excellent read by a managing partner at PIMCO who uses Minsky's analysis to describe the financial crisis. http://www.cfapubs.o.../rf.v2009.n5.15 CFA? That's a highly corrupt organization Link to comment Share on other sites More sharing options...
DC Tom Posted April 4, 2013 Share Posted April 4, 2013 CFA? That's a highly corrupt organization Are they real, or a shadow institute? Link to comment Share on other sites More sharing options...
meazza Posted April 4, 2013 Share Posted April 4, 2013 Are they real, or a shadow institute? Given the transparency in how they give you your exam results, I'd say the latter. Link to comment Share on other sites More sharing options...
GG Posted April 4, 2013 Share Posted April 4, 2013 For those who have been around here a long time, you know that I've said on several occasions that Minsky is the economist who influenced me the most. This is an excellent read by a managing partner at PIMCO who uses Minsky's analysis to describe the financial crisis. http://www.cfapubs.o.../rf.v2009.n5.15 Gee, I wonder who else has been saying a similar post-mortem analysis since 2008? Link to comment Share on other sites More sharing options...
Jauronimo Posted April 4, 2013 Share Posted April 4, 2013 (edited) CFA? That's a highly corrupt organization You know he's grasping at straws when he cites the CFA Institute to make a case. Bunch of clowns. Seriously, was infowars mute on the topic? Couldn't dig something up from cptnpicard/alt.nude.net? Unbelievable. Edited April 4, 2013 by Jauronimo Link to comment Share on other sites More sharing options...
birdog1960 Posted April 4, 2013 Share Posted April 4, 2013 (edited) For those who have been around here a long time, you know that I've said on several occasions that Minsky is the economist who influenced me the most. This is an excellent read by a managing partner at PIMCO who uses Minsky's analysis to describe the financial crisis. http://www.cfapubs.o.../rf.v2009.n5.15 makes a great deal of sense....boom times trigger leveraged speculation which eventually triggers disasters. is capitalism therefore inherently doomed to fail?early on this quote struck me:" this does not make them immoral, merely astute interpreters of the circumsytances they face". so financiers that "progress" from speculative to ponzi models are to be at least understood if not forgiven? seems like moral relativism to me. i think a goodly number are truly immoral or at least amoral. Edited April 4, 2013 by birdog1960 Link to comment Share on other sites More sharing options...
meazza Posted April 4, 2013 Share Posted April 4, 2013 makes a great deal of sense....boom times trigger leveraged speculation which eventually triggers disasters. is capitalism therefore inherently doomed to fail?early on this quote struck me:" this does not make them immoral, merely astute interpreters of the circumsytances they face". so financiers that "progress" from speculative to ponzi models are to be at least understood if not forgiven? seems like moral relativism to me. i think a goodly number are truly immoral or at least amoral. Yes. Communism is the way to go. Link to comment Share on other sites More sharing options...
birdog1960 Posted April 4, 2013 Share Posted April 4, 2013 Yes. Communism is the way to go. well, in this case i think relativism would be desirable. not the dualism of white = capitalism and black = socialism. do we have any "pure" functioning examples of either? Link to comment Share on other sites More sharing options...
TPS Posted April 4, 2013 Author Share Posted April 4, 2013 And I thought I had my bases covered with PIMCO....drat! Link to comment Share on other sites More sharing options...
meazza Posted April 4, 2013 Share Posted April 4, 2013 (edited) well, in this case i think relativism would be desirable. not the dualism of white = capitalism and black = socialism. do we have any "pure" functioning examples of either? The closest would be Hong Kong. And I thought I had my bases covered with PIMCO....drat! Me and Jauronimo are CFA candidates so it's a little dark humor especially now which is crunch time. Edited April 4, 2013 by meazza Link to comment Share on other sites More sharing options...
GG Posted April 4, 2013 Share Posted April 4, 2013 makes a great deal of sense....boom times trigger leveraged speculation which eventually triggers disasters. is capitalism therefore inherently doomed to fail?early on this quote struck me:" this does not make them immoral, merely astute interpreters of the circumsytances they face". so financiers that "progress" from speculative to ponzi models are to be at least understood if not forgiven? seems like moral relativism to me. i think a goodly number are truly immoral or at least amoral. I love the eternal, capitalism is doomed to fail talk. Capitalism is prone to boom & bust cycles, but that doesn't equate to its eventual demise. From the ashes of the previous cycle's bust, another cycle emerges. No one argues that it's painless. The argument is that over a longer period of such cycles, society is better off overall than in socialist or communist regimes which tries to contain the growth to avoid the crashes. In a sense, socialism is a desire to stifle human propensity for innovation. Link to comment Share on other sites More sharing options...
TPS Posted April 4, 2013 Author Share Posted April 4, 2013 makes a great deal of sense....boom times trigger leveraged speculation which eventually triggers disasters. is capitalism therefore inherently doomed to fail?early on this quote struck me:" this does not make them immoral, merely astute interpreters of the circumsytances they face". so financiers that "progress" from speculative to ponzi models are to be at least understood if not forgiven? seems like moral relativism to me. i think a goodly number are truly immoral or at least amoral. Which is why I rejected the dominant neo-keynesian model in grad school--there is no place for profit-driven banks and private sector debt in their models. Minsky never developed a formal model, but was more descriptive and prescriptive. There are some interesting attempts to develop Minsky-type models using balance sheet accounting; for example, Steve Keen and the folks at the Levy Institute. The closest would be Hong Kong. Me and Jauronimo are CFA candidates so it's a little dark humor especially now which is crunch time. I was going to ask which exam you failed, but I didn't want to be so mean...good luck! Link to comment Share on other sites More sharing options...
birdog1960 Posted April 4, 2013 Share Posted April 4, 2013 I love the eternal, capitalism is doomed to fail talk. Capitalism is prone to boom & bust cycles, but that doesn't equate to its eventual demise. From the ashes of the previous cycle's bust, another cycle emerges. No one argues that it's painless. The argument is that over a longer period of such cycles, society is better off overall than in socialist or communist regimes which tries to contain the growth to avoid the crashes. In a sense, socialism is a desire to stifle human propensity for innovation. i suppose it depends on where in the food chain you are and your confidence in remaining at that level or higher. Link to comment Share on other sites More sharing options...
meazza Posted April 4, 2013 Share Posted April 4, 2013 Which is why I rejected the dominant neo-keynesian model in grad school--there is no place for profit-driven banks and private sector debt in their models. Minsky never developed a formal model, but was more descriptive and prescriptive. There are some interesting attempts to develop Minsky-type models using balance sheet accounting; for example, Steve Keen and the folks at the Levy Institute. I was going to ask which exam you failed, but I didn't want to be so mean...good luck! Once level 2 and once level 3. Cheers Link to comment Share on other sites More sharing options...
....lybob Posted April 4, 2013 Share Posted April 4, 2013 TPS,The CFA Institute has an extensive and strict code of ethics , hear about anyone who has lost their charter over unethical behavior? Link to comment Share on other sites More sharing options...
meazza Posted April 4, 2013 Share Posted April 4, 2013 (edited) TPS,The CFA Institute has an extensive and strict code of ethics , hear about anyone who has lost their charter over unethical behavior? Yes. Here is a list. http://www.cfainstitute.org/ethics/conduct/Pages/current_industry_related_sanctions.aspx Edited April 4, 2013 by meazza Link to comment Share on other sites More sharing options...
Chef Jim Posted April 4, 2013 Share Posted April 4, 2013 I love the eternal, capitalism is doomed to fail talk. Capitalism is prone to boom & bust cycles, but that doesn't equate to its eventual demise. From the ashes of the previous cycle's bust, another cycle emerges. No one argues that it's painless. The argument is that over a longer period of such cycles, society is better off overall than in socialist or communist regimes which tries to contain the growth to avoid the crashes. In a sense, socialism is a desire to stifle human propensity for innovation. Or the ability to buy low.........REAL low. Link to comment Share on other sites More sharing options...
Jauronimo Posted April 4, 2013 Share Posted April 4, 2013 TPS,The CFA Institute has an extensive and strict code of ethics, hear about anyone who has lost their charter over unethical behavior? This is the first I've heard of it. Whats contained in this code? Link to comment Share on other sites More sharing options...
....lybob Posted April 4, 2013 Share Posted April 4, 2013 This is the first I've heard of it. Whats contained in this code? http://www.cfapubs.org/doi/pdf/10.2469/ccb.v2010.n14.1 Yes. Here is a list. http://www.cfainstit..._sanctions.aspx Thank you Link to comment Share on other sites More sharing options...
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