Wednesday, April 01, 2009

Three Mile Island Memories - Cringely on technology

"The folks at TMI did not really know how to manage the technology of a nuclear power plant, and that led to a huge mess. The same thing has now happened to our economy. Congress changed the banking and mortgage lending rules without regard to their purpose. Many firms bought derivative securities without the slightest thought to the math behind them or the risk they were incurring. Nuclear power plants run on a chain reaction process of atomic decay. Our government and investment community created a chain reaction of economic decay."

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