When the entangled narrative is based on the Bible, the problem is the Bible.
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The smile in Black and Scholes
This is a bit of a detective story, a bit of a puzzle. The method is archaeological.
This morning a colleague of mine sends me an e-mail entitled “importance of correlations.” There are several attachments. One of them is an article by Don Chance entitled “Rethinking Implied Volatility” (*). In it, the author writes […]
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The miracle that never was
I was driving along the Pacific Coast Highway on the morning lap of my daily commute and was listening to the classical music program broadcast from the University of South California and I was thinking to myself “This is great, this is what we like to hear on a classical music station: something different. What […]
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California salivating
What we did last Saturday was a bit over the top: we drove 200 miles to have dinner. We’re bound to have eaten too little on Friday night as we woke up the following morning wondering where to have dinner. We ruled out our default solution, the zero degree of our imagination, Gladstone’s in Pacific […]
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The Greenspan and Kennedy papers on Equity Extraction from Housing (1990-2006) – A graphic exposition
The first Greenspan and Kennedy paper (*), published in 2005 provides figures about equity extraction in the US over the 1990 to 2005 period. In the first diagram, the numbers for cash-out extracted at the occasion of refinancing are shown along origination of Home Equity Loans and Lines of Credit. There is no essential difference […]
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Please keep quiet Mr. Greenspan!
Poor Mr. Greenspan: can’t open his mouth without giving investors the heebie-jeebies!
He promised he would be quiet, just like his predecessor Mr. Volcker was about monetary policy when he himself took over. Even when he only whispers, people pay a lot, a lot of attention, and go into a frenzy of wanting to […]
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Subprime, CDOs and the threat to home ownership
In a well-documented recent paper (*), Joseph R. Mason of Drexel University and Joshua Rosner of Graham Fisher & Co. ask if a chain of events has not begun unfolding that will end up in a situation where funding for the mortgage industry is massively curtailed. In their paper, Mason and Rosner draw a parallel […]
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An experiment in Wikiology
I marvel at Wikipedia. There is hardly a day when I don’t go and check their site, looking up some concept, often mathematical, sometimes financial, or finding out about any other question I happen to be asking myself, about Joachim Pateniers or the bodhisattva.
In the beginning, I would only fix the typos I was […]
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Beijing’s Food Palace
The girl who was taking us to the opera asked where we intended to have dinner and we told her we would be going for the third time in a row to the Golden Tripod Attic. There was some sneer in her voice when she said “But that’s a normal place!” And she was right: […]
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Where did the housing bubble come from?
In today’s Wall Street Journal, Andy Laperrière, a managing director of the Washington office of the ISI Group, wrote a piece on the crisis in the mortgage industry, I wrote to the Journal’s editor, the following letter:
In his “Mortgage Meltdown” (Wall Street Journal, March 21, 2007), Andy Laperrière assigns the residential real estate bubble […]
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Malaise in the subprime sector
In today’s Wall Street Journal, Alex J. Pollock a former President and Chief Executive Officer of the Federal Home Loan Bank of Chicago wrote a piece on the subprime industry, I wrote to the Journal’s editor, the following letter:
“In his “Credit Crack-Up” (March 12, 2007), Alex J. Pollock offers a perceptive summary of the […]
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Most recent comments
I intend to read the Krichmar paper, thanks for mentioning it. I looked in my library, I’ve got a 1987…
It’s becoming clear that with all the brain and consciousness theories out there, the proof will be in the pudding.…
Do Androids dream of electric sheeps ? Yes. Thanks Paul.
You say that A machine with only primary consciousness will probably have to come first. That’s the way evolution proceeded:…
It’s becoming clear that with all the brain and consciousness theories out there, the proof will be in the pudding.…
I fear your views of AI are pretty much outdated. They pre-date in any case neural networks. What you are…
Unfortunately IA is not The solution… We have to think outside the box… And IA just calculate fast but inside…
very well my brother
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