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vgr's profile
Venkatesh Rao
Venkatesh Rao
Venkatesh Rao
@vgr

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Venkatesh Rao

@vgr

Conversational account. For work follow @ribbonfarm, @breaking_smart, @artofgig. Tweets are 90% vacuous views, apathetically held. Mediocritopian. IKEA builder.

Los Angeles, CA
venkateshrao.com
Joined August 2007

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    1. Venkatesh Rao‏ @vgr Jun 4
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      Interesting. Rent default domino effect.https://www.washingtonpost.com/business/2020/06/03/next-big-problem-businesses-cant-or-wont-pay-their-rent-its-setting-off-dangerous-chain-reaction/ …

      8 replies 8 retweets 37 likes
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    2. Venkatesh Rao‏ @vgr Jun 4
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      This makes me think that financialization of mortgates via bundling etc is a problem primarily because it discards the illegible trust on which debt forgiveness/debt rescheduling type actions rest. Creates a financial doomsday device.

      3 replies 1 retweet 21 likes
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      Venkatesh Rao‏ @vgr Jun 4
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      If I owe you $100, and can't pay, you and I can negotiate and maybe I give you $50 on schedule, and $50 later at slightly lower interest. But if you sell the debt as 100 $1 loans to 100 anonymous people on a market, that flexibility is lost because I can't negotiate with them.

      9:36 AM - 4 Jun 2020
      • 2 Retweets
      • 23 Likes
      • Joel Louzado Kyle Leon Markham gomezoscar Steven Anant M Alex Clouse Orual Philip Hellyer
      4 replies 2 retweets 23 likes
        1. Venkatesh Rao‏ @vgr Jun 4
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          Basically consequences of distress and defaults should never be automated because they tend to be complex contingencies requiring human responses. Automating AND distributing them is double jeopardy. Sudden automated repo trigger on 1 missed payment, flash crash etc.

          1 reply 2 retweets 16 likes
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        1. Steve H  ☕️‏ @SecurelyHashed Jun 4
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          Some bank is going to make a lot of money re-intermediating borrowers and MBS owners, and negotiating this. And making a huge profit on the principal-agent spread

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        1. Song Avram Boriskin O.‏ @butanmist Jun 4
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          Replying to @vgr

          Yes and because that quickly grows to a group of people way past your Dunbar's number, you can't hold an emotional connection to them. So they are not "real" to you and nor is their lost investment. #tribalizecivilization

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        1. Matt Goldstein‏ @GoldsteinMatt_ Jun 4
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          Replying to @vgr

          This highlights the existential issue with financial engineering — optimizing for capital availability, stability, and capital market returns at the cost of entirely abstracting the value chain from the day-to-day operations of the underlying businesses.

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