” And the thing is, if the spreadsheet, or Excel, didn’t exist, then a lot of what the financial markets do couldn’t be done. There would be no collaterialised debt obligations, (CDOs), no credit default swaps (CDS), indeed much of the complexity of the financial markets would simply disappear in a puff of smoke. For if you cannot model these things (however badly they are modelling them) then you simply could not be trading them as they are.
Quite simply, without Excel we’d not have had the incredible financialisation of the economy over the past 30 odd years. And if we hadn’t had that then we also wouldn’t have had the financial crash of 2007. So there’s a dangerous piece of software for you.”