Eugene Linden writing for Huffington Post in his article The Ecology of Toxic Mortgages, July 5, 2007 rips off iTulip's Risk Pollution, April 5, 2006.
The premise of "Risk Pollution"?
"We are experiencing a replay of an out-of-control credit expansion and a classic battle between the public good and corporate gain play out in the market for unregulated financial innovations. Hedge funds, banks, mortgage companies and other financial institutions are busy cranking out and selling new financial innovations faster than central banks and governments can control or monitor them. Many of these products help society, for example by giving households access to credit that did not have access before and deserved it. But let’s not lose sight of the reason financial institutions are creating and selling these products: not to help society, but to make money. Due to lack of regulation, much of the potential future costs of financial toxins to society have been externalized. They are making a lot of money and in the process polluting the financial system with risk. "
In Linden's feeble, rip-off starts off with:
"At a metaphorical level, there are irresistible parallels between a profound flaw in early models of how to deal with pollution, and an almost exactly analogous flaw in financial models for how to deal with the financial universe's own version of toxics: risk."
Over a year ago, iTulip said:
"First generation government pollution control policy in the U.S. was, no kidding, "The solution to pollution is dilution." Mix enough air and water with pollutants then toxicity is reduced enough to make them nontoxic."
Now Linden comes up with the bright idea, on all his own:
"...the flawed environmental model for dealing with risk might be summed up by the cute phrase, "dilution is the solution to pollution."
And on and on.
What an idiot.
The premise of "Risk Pollution"?
"We are experiencing a replay of an out-of-control credit expansion and a classic battle between the public good and corporate gain play out in the market for unregulated financial innovations. Hedge funds, banks, mortgage companies and other financial institutions are busy cranking out and selling new financial innovations faster than central banks and governments can control or monitor them. Many of these products help society, for example by giving households access to credit that did not have access before and deserved it. But let’s not lose sight of the reason financial institutions are creating and selling these products: not to help society, but to make money. Due to lack of regulation, much of the potential future costs of financial toxins to society have been externalized. They are making a lot of money and in the process polluting the financial system with risk. "
In Linden's feeble, rip-off starts off with:
"At a metaphorical level, there are irresistible parallels between a profound flaw in early models of how to deal with pollution, and an almost exactly analogous flaw in financial models for how to deal with the financial universe's own version of toxics: risk."
Over a year ago, iTulip said:
"First generation government pollution control policy in the U.S. was, no kidding, "The solution to pollution is dilution." Mix enough air and water with pollutants then toxicity is reduced enough to make them nontoxic."
Now Linden comes up with the bright idea, on all his own:
"...the flawed environmental model for dealing with risk might be summed up by the cute phrase, "dilution is the solution to pollution."
And on and on.
What an idiot.
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