Word: useless
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...Taleb, who has held positions at Columbia, Wharton, and NYU, argues that these events—which he dubs “black swans”—are the most important determinants of the course of history. Models that fail to account for them are all but useless. Even so, Merton insists that the “degree of sophistication” and the “mindset” in risk management have greatly improved in recent decades, since VaR was developed and popularized. But as its use became widespread, its users became, on average, less knowledgeable...
...consider it rude or insulting to tell students that their arguments or insights are incorrect, but this does the students a grave disservice. Rather than learning from mistakes, students do not even know when a mistake has been made in many cases, and so discussion sections become essentially useless as the good arguments are often not separated from...
Maybe You Shouldn't Buy That is a handy guide to some of the Web's wackiest and most useless pieces of merchandise - some of which cost more than the latest Prius or, you know, the average American home. Take the magnetic floating bed created by a Dutch architect, valued at a bargain price of $1.5 million. Or maybe you're interested in some gold pills filled with edible gold leaf, designed for users to "digest to increase self-worth." Bravo! There's nothing like flushing $429 down the toilet...
...mortgages. The Senate recently passed a "Credit Card Holders Bill of Rights" that will make it more difficult for lenders to take personal financial information and decrease people's credit lines or raise their interest rates. The Bill of Rights will make most of the payment tracking software useless. The banks that bought it will have to write it off. They also have to face the prospect that people who are poor credit risks can run up tremendous sums on their cards, expose the lender to greater risk, and not have to pay a tenth of a percent in extra...
...Flip Burgers, Not Cups Congratulations to Steven Purugganan for breaking the world record at a totally useless endeavor, sport stacking [April 27]. I'm sure he feels that $30 for a set of cups, timer and mat are well worth the price. I only hope that when he grows up he will find more sensible ways to spend his valuable time. Neil Bresnahan, Poing, Germany...