Word: computerize
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Dates: during 2000-2009
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TIME: Alan Greenspan said in recent Congressional hearings that the financial crisis was partly enabled by advances in computer and communications technologies. Do you feel the need to confess?
On the contrary. Computers didn't invent things like flawed program trading - people did. Program trading simply followed algorithms that people wrote. So while a computer may help make dumb decisions happen faster, I think putting the blame on computers when they've been such a driver of productivity is...
I'm not going into economic prognostication. But I do think that, in essence, the computer is a tool of productivity, and in typical, traditional downturns in the past, tech has done better than other industries for that reason. The other thing that has happened since the last downturn is...
Well, not so much China. China is already the second-largest computer market in the world, it hardly needs an accelerator. China actually buys a richer mix of products than the U.S. now. When you go to Beijing or Shanghai, it's not very different from Hong Kong or New...
And so risk morphs from a slop trough of moneymaking into a business line like any other, one that requires human beings to ask the big-picture questions that computer models don't, like, What would happen if fundamental assumptions--house prices go up, institutions are too big to fail...