Letters to the Editor
Credit Crisis
In “Four questions for Jean-Laurent Rosenthal and Philip T. Hoffman” (Summer 2019), Jean-Laurent Rosenthal said, “Building banks when the information system is deficient will lead to little lending or, worse yet, financial crises.”
The same is true if government policies force financial institutions to ignore information they have used for decades.
The 2006 credit collapse began in 1994, with the Buycks-Roberson v. Citibank lawsuit. Citibank lost and was required to extend a loan to the plaintiff. Attorney General Janet Reno extended the principle nationwide. The result was that banks were required to extend loans to borrowers who they knew could not repay them. The problem was covered up by three federal agencies (FHA, FNMA, FHMLC) buying the worthless loans and repackaging them as “credit default swaps,” which encouraged unscrupulous lenders. The Bush administration tried six times to rein in this program but was thwarted at every turn. When the 2006 credit collapse occurred, the Bush administration was blamed.
Van Snyder
Mathematician and Software Engineer, JPL
Fictional Caltech
I recently listened to the audiobook of a novel, Lost and Wanted by Nell Freudenberger, whose main character is a theoretical physicist on the faculty at MIT who grew up in Pasadena but did not go to Caltech. However, several other characters are involved with LIGO, and Caltech is mentioned frequently. The expository bits about physics are quite good.
David Lewin
Frank Macabenta, a postdoc in biological engineering, in front of his Game of Thrones artwork. In his sketchbook is the start of a new project inspired by drosophila, stained glass, and roundworms.
Mystery Solved
I understand that you’re looking for the artist who drew the Game of Thrones whiteboard artwork. I’m happy to let you know that it was the work of one of Caltech’s postdocs (and a friend of mine) Frank Macabenta. He works in the lab of Angelike Stathopoulos.
Aditi Dubey
Classic HBG! That is truly a fantastic fountain, though. I spent many lunches in the tranquil BI courtyard @caltech listening to the gentle sounds of water falling. #GrayNation