"A Demon of our own design"

How timely is this book about hedges and other financial innovations - by Rich Bookstaber? "The very things done to make markets safer, have, in fact, created a world that is far more dangerous."

Here's his blog on what's going on with the quant hedge funds. Rocket science - and explosive rocket fuel.

The clamoring for regulation of hedge funds will only increase.  Traditionally, hedge fund managers have argued they are for sophisticated investors who don't need protecting. But this is spilling over to way more than their own savvy investors.