gregbo (gregbo) wrote,

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Where have all the smart people gone?

Gone to Wall Street, every one ...

Well, not literally, but for those who are wondering why there aren't more engineers, it's an argument I've made in the past. (Some) people who might otherwise have gone into engineering decided to work on Wall Street because the money was better.

There are numerous articles, blogs, clips, etc. that mention warnings that were not heeded about the financial instruments created on Wall Street. Why weren't they heeded? Did the smart guys ignore the doomsayers? Why weren't the doomsayers' arguments considered? Scott Berkun's Why smart people defend bad ideas offers an explanation. As in my past arguments about the dangers of pay-per-click advertising, especially when web publishers are paid a share of ad revenue, if you're not (considered to be) as smart as the people espousing something you see problems with, you may be ignored, especially when lots of money is being made.

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