What's something very few people agree with you on?
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“Financial engineering has produced substantial value for the average American.” is one of the relatively few which is truly controversial but not yet heretical.
Financial engineering seems to be one of those things that works amazingly 99.9% of the time, and is invisible and taken for granted, and then is hated for the 0.1% of the time it fails and is not.
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I wonder how many people realize the food on their table quite likely involved hedging strategies by the farmers, in order to de-risk crop yield...
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Taleb kinda has a point
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The problem is that the 0.1% of the time, the failures are systemic, society bears the losses and the “engineers” walk away to trade another day.
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I think the black swan comes into play here. We need to be careful not to introduce systemic risk that blows up the system when that 0.001% happens. People really hate financial engineering because bankers privatized the gains and socialized the losses
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