NP: No gov't; best gov't..from John Lanchester LRoB

[Keith Davis]

Granted, I understand very little about how the financial system works, and
to understand it would require much more study than I have time for, or
maybe even ability to understand. I would also have to admit that I would
rather have someone feed me stories that are easily digested and help prop
up my pre-existing bias, and provide some entertainment at the same time.

On the other hand, if I come across a chopped up corpse in the woods, I
don't need to know what hacking methods were used to realize that a crime
has been committed.

On Sun, Sep 4, 2011 at 7:45 AM, alice wellintown
<alicewellintown at gmail.com>wrote:

> The books and articles I recommned may bore you, but you'll learn how
> things actually  work, what the problems really are, and what the real
> solutions might be. I don't believe that the journalists and
> ex-insiders and muck-raker types are worth reading if you want to know
> the facts. To understand this stuff, you need to do some math and
> master some fundamentals:
>
> How do banks and the Money Market and the the Federal Reserve work?
>
> What are derivatives?
>
> What is a Mortgage and what is a Mortgaged Back Security?
>
> How do the capital markets work?
>
> What is structured finance and private placement finance?
>
> So on and so forth in this, what many will find a stodgy and difficult
> education.
>
> Next to To Big to Fail, Liar's Poker, Bonfire of the Vanities, The
> Great Stagnation, Secrets of the Temple ...but still on Amazon's
> shelf, you'll find Frank Fabozzi and Marcia Stigum. These are two
> authors you simply can not avoid of you want that double major at
> Princeton ;-)
> The Money Market is a basic book with math in it and is a standard in
> finance courses at the best B-school programs. Fabozzi is the experts
> in derivities and mortgages and structured finance. You can never
> really get a clear understanding of how things work unless you know
> what is in these works.
>
> Now, sorry, but the best sources are the best and you'll need to put
> up with the politics, WSJ and Barrons. Take the WSJ dailly and Barrons
> on the weekend.
>
> That should do it.
>



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