My job is to watch dreams die • Hacker News Board

Re: My job is to watch dreams die

#21

Post by sudonim » Sun, Sep 04, 2011, 2:50 PM UTC

I've been following the housing bust.

In 2009, I remember reading a resignation later by a guy who made his "F* you money" betting for a housing collapse. He blasted the big banks, ivy leaguers, and old boys network.

I bought complex derivatives (SRS, SKF) but lost betting against the market.

I read http://calculatedriskblog.com for a while and educated myself about the macro factors in the markets.

Through "calculated risk", I learned of Jim the Realtor http://www.bubbleinfo.com/ who videos (vacant) casualties of the housing collapse. Seeing it made it real for me.

Over time, I've realized that the further from reality that decisions are being made, the more likely we are to make destructive decisions.

When soldiers kill people with drone aircraft in video game-like conditions, it removes the reality from something that would be extremely traumatizing when done with bare hands.

In our wonderfully complex world, we sow complexity, and reap disaster. Im not sure what the answer is, but there is something terribly wrong when destruction is more profitable than creation.

Re: My job is to watch dreams die

#22

Post by Retric » Sun, Sep 04, 2011, 3:04 PM UTC

vladd wrote: post #12

davidw wrote: post #10

Earlier quoted context omitted.

This is way more of a 'tugs at the heartstrings' type of thing than gratifying intellectual curiosity. Did anyone not really understand that it's rough for people to lose their houses?

There are thousands of things that are rough in life or that can be improved, yet one constant complaint I hear about startups nowadays is that they're solving web2.0 problems that move text or images from one screen to another. To fix things, you first need to hear about the process, to learn intricate details about it, how people end up in these situations and what's at stake. Only then you can become passionate ab…

That sounds suspiciously like you have 1 year to either get a new loan or live with zero rent which is not that bad of a deal IMO. Because, your underwater on your mortgage it's free rent, otherwise you should be able to either get a new loan or sell within a year.

Re: My job is to watch dreams die

#23

Post by tptacek » Sun, Sep 04, 2011, 3:05 PM UTC

MichaelApproved wrote: post #14

davidw wrote: post #10

Earlier quoted context omitted.

This is way more of a 'tugs at the heartstrings' type of thing than gratifying intellectual curiosity. Did anyone not really understand that it's rough for people to lose their houses?

No, its that, to a lot of us, this is a new part of the story that we've never heard before.

You can say that about every Reddit IAmA.

Re: My job is to watch dreams die

#24

Post by alecco » Sun, Sep 04, 2011, 3:29 PM UTC

sudonim wrote: post #21

I've been following the housing bust. In 2009, I remember reading a resignation later by a guy who made his "F * you money" betting for a housing collapse. He blasted the big banks, ivy leaguers, and old boys network. I bought complex derivatives (SRS, SKF) but lost betting against the market. I read http://calculatedriskblog.com for a while and educated myself about the macro factors in the markets. Through "calcula…

> I remember reading a resignation later by a guy [...]

http://ftalphaville.ft.com/blog/2008/10/17/17194/andrew-lahd...

A very good read. Andrew Lahde bet against the "too big to fail" financial institutions. He was an outsider. And he only closed his operations because he considered those institutions wouldn't be able to pay back [further] bets.

Re: My job is to watch dreams die

#25

Post by vladd » Sun, Sep 04, 2011, 3:30 PM UTC

Retric wrote: post #22

vladd wrote: post #12

Earlier quoted context omitted.

There are thousands of things that are rough in life or that can be improved, yet one constant complaint I hear about startups nowadays is that they're solving web2.0 problems that move text or images from one screen to another. To fix things, you first need to hear about the process, to learn intricate details about it, how people end up in these situations and what's at stake. Only then you can become passionate ab…

That sounds suspiciously like you have 1 year to either get a new loan or live with zero rent which is not that bad of a deal IMO. Because, your underwater on your mortgage it's free rent, otherwise you should be able to either get a new loan or sell within a year.

In my country you're responsible with your full wealth for your debt (and there's no personal bankruptcy law - it applies only to businesses). They'll retain 1/3 of your salary until they fully recover the difference, if there's any left after the foreclosure.

Re: My job is to watch dreams die

#26

Post by sudonim » Sun, Sep 04, 2011, 3:31 PM UTC

alecco wrote: post #24

sudonim wrote: post #21

I've been following the housing bust. In 2009, I remember reading a resignation later by a guy who made his "F * you money" betting for a housing collapse. He blasted the big banks, ivy leaguers, and old boys network. I bought complex derivatives (SRS, SKF) but lost betting against the market. I read http://calculatedriskblog.com for a while and educated myself about the macro factors in the markets. Through "calcula…

> I remember reading a resignation later by a guy [...] http://ftalphaville.ft.com/blog/2008/10/17/17194/andrew-lahd... A very good read. Andrew Lahde bet against the "too big to fail" financial institutions. He was an outsider. And he only closed his operations because he considered those institutions wouldn't be able to pay back [further] bets.

Thanks! I tried to find it without much success.

Re: My job is to watch dreams die

#27

Post by alecco » Sun, Sep 04, 2011, 3:41 PM UTC

sudonim wrote: post #26

alecco wrote: post #24

Earlier quoted context omitted.

> I remember reading a resignation later by a guy [...] http://ftalphaville.ft.com/blog/2008/10/17/17194/andrew-lahd... A very good read. Andrew Lahde bet against the "too big to fail" financial institutions. He was an outsider. And he only closed his operations because he considered those institutions wouldn't be able to pay back [further] bets.

Thanks! I tried to find it without much success.

More context:

http://en.wikipedia.org/wiki/Andrew_Lahde

  > Andrew Lahde (born 1971) was a California-based hedge fund manager
  > who in 2007 earned some fame for achieving return rates in the vicinity
  > of 1000% with his Lahde Capital, based in Santa Monica,
  > California. The fund speculated on increases of U.S. subprime
  > mortgage defaults.

Re: My job is to watch dreams die

#28

Post by Aron » Sun, Sep 04, 2011, 4:16 PM UTC

davedx wrote: post #5

Interesting, but hacker news? Come on... if I wanted general news, then I'd go to Reddit.

You are right, but since the readers of this comment thread are self-selected, you lose the karma battle. Kind of like how on Youtube, every song is the best song in the world.

Re: My job is to watch dreams die

#29

Post by jamaicahest » Sun, Sep 04, 2011, 4:46 PM UTC

And the influx of redditors on HN is complete.

Re: My job is to watch dreams die

#30

Post by DanI-S » Sun, Sep 04, 2011, 4:49 PM UTC

sudonim wrote: post #21

I've been following the housing bust. In 2009, I remember reading a resignation later by a guy who made his "F * you money" betting for a housing collapse. He blasted the big banks, ivy leaguers, and old boys network. I bought complex derivatives (SRS, SKF) but lost betting against the market. I read http://calculatedriskblog.com for a while and educated myself about the macro factors in the markets. Through "calcula…

Although I agree with your sentiment, it has been reported that drone pilots flying remote missions from the US exhibit similar problems with post-traumatic stress as those flying in-theater:

http://www.msnbc.msn.com/id/26078087/