The Wired cover article this month is worth a read but brings me on a big rant. The article covers how people trained in theoretical physicists migrated into Wall Street over the last 30 years and created the math that lead the financial bubble bursting.
I was trained as a condensed matter theoretical physicist at the University of Illinois at Urbana-Champaign. My advisor created the company that built software similar to the ones that powered this disaster when I was there (mid 90’s). Half of my advisor’s students ended up “quants” on Wall Street.
You’re. In. My. House.
And I have only one anecdote to relate.
It has always amazed me the competency gap between the liberal columnists and the conservative and moderate ones on the New York Times. The gap widened today as New York Times columnist, Paul Krugman, has won the Nobel Prize in Economics.
For the last four years on this blog I’ve been quoting him profusely.