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By Philo on 19-10-13
Plain English + goofy examples = good intro
I wish every high school student could hear this, just to get a decent start understanding our market economy, banking, regulation, and related topics. I have taught business law in a similar style for many years, and was for a time a trial lawyer, requiring similar skills. While plenty of this is obvious to me, I was yet pleasantly surprised from time to time throughout it, by elegantly simple images clarifying a concept. Imagine water passing from tanks into a kids' pool to explain the banking system, money supply and liquidity; and a pyramid of champagne glasses catching pouring champagne, sequentially, to explain tranches in a CDO. Likewise, we get a clear depiction of the web of derivatives and other interconnected deals enmeshing the banks as the '08 crisis unfolded. I am a fan of having a good simple starter image, the mind can readily grasp, and upon which a more advanced understanding can be built. Missing this elementary stage often slows my learning process. If a teacher cannot give us at least a good working basic image, in this manner, I'll wager (1) it is not a very good teacher, or (2) the teacher doesn't really understand the subject, and hides behind the jargon. More please, Paddy Hirsch!
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