Adam Curtis (2011). 'All Watched Over by Machines of Loving Grace' (2 of 4)
https://www.youtube.com/embed/hvNfHUq4Kd4
Quote: "as [Alan] Greenspan had predicted a boom began and as share prices rose higher and higher a belief started to grow that this time the boom would be different it wouldn't run out of control and the reason was the computers the computers allowed the banks to create complex mathematical models that could predict the risk of making any loan or investment this had enormous implications because if a risk could be predicted then it could be balanced by hedging against it for the banks and the hedge funds this was like a new world for in the chaos and the volatility of the markets the computers had for the first time ever created stability it allowed Banks to lend money to millions of people they would never have touched in the past at the same time the internet and other computer networks allowed businesses to respond to each other's needs instantaneously and to the consumer's desires it was the cybernetic feedback predicted by the Californian ideologists and a belief arose that America had now entered into a new age of stability it was called the new economy whether they came from Silicon Valley or from Washington from academia or from Wall Street there were a number of leading individuals who basically articulated a body of thought now known fondly as the new economy uh that was based on the premise of a dramatic and permanent increase in the rate of productivity growth sparked by new information technologies that would let this thing go on forever this is a sort of Mana from Heaven this is the candy that politicians only dream of I mean you don't have to do anything just push a button and Presto you've got a brand new economy" https://www.youtube.com/watch?v=hvNfHUq4Kd4&t=434s
