What Chess Can Teach Us About The Financial Crisis
Wed, 08/22/2012 – 1:27pm
by CNN Money
Chess Daily News from Susan Polgar
What Chess Can Teach Us About The Financial Crisis
Wed, 08/22/2012 – 1:27pm
by CNN Money
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Ken is super smart.
I disagree with Ken Rogoff’s analogy between a “forced move” in chess with bailing out financial institutions that were guilty of gross malfeasance during the financial crisis a few years ago. Instead of having the US taxpaper (you and me) bail the wrongdoers out, the stockholders, executives, and employees who were (ir)responsible should have been the ones to take it in the shorts.
There is a better analogy from a different game: poker. “Don’t throw good money after bad.”
Ken Rogoff is a much better chess player than I am, and a lot more clever, but when it comes to setting public policy, people who are very clever are in danger of overlooking the minimum moral standards that are absolutely necessary for carrying on business in our, or any, society.
Lucymarie Ruth