The Bush administration never paid any attention to the US and Global economy till now.

http://niche-audience.blogspot.com/ ——–>Niche Audience

http://www.lrb.co.uk/v30/n09/mack01_.html

“Short” doesn’t mean “easy.” You might want to print it out and
save it for Sunday afternoon, when you can take it to
the hammock with a pitcher of mint julep.

The writer, Donald MacKenzie, is a sociologist. Some of
what he says is hilarious (well, hilarious for financial commentary.)
For example:

“An investment bank with a big presence in the market will have thousands of positions in credit default swaps, CDOs, indices and similar products. The calculations needed to understand and hedge the exposure of this portfolio to market movements are run, often overnight, on grids of several hundred interconnected computers. The banks’ modellers would love to add as many extra computers as possible to the grids, but often they can’t do so because of the limits imposed by the capacity of air-conditioning systems to remove heat from computer rooms.”

Um…in other words, the credit blowup is an air conditioning problem?

L