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Best explanation of the financial crisis - 11/13/2008 11:10:38 PM   
SimplyMichael


Posts: 7229
Joined: 1/7/2007
Status: offline 		http://www.portfolio.com/news-markets/national-news/portfolio/2008/11/11/The-End-of-Wall-Streets-Boom#page1
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RE: Best explanation of the financial crisis - 11/14/2008 12:13:55 AM   
TheGorenSociety


Posts: 116
Joined: 2/13/2005
Status: offline 		Wow I could not agree more with what he stated.

(in reply to SimplyMichael)
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RE: Best explanation of the financial crisis - 11/14/2008 2:51:34 AM   
SilverMark


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Joined: 5/9/2007
Status: offline 		Excellent Article!!!!!!....pretty well describes the marriage of greed and stupidity!...thanks for posting it.

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RE: Best explanation of the financial crisis - 11/14/2008 7:06:18 AM   
SimplyMichael


Posts: 7229
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Status: offline 		I clearly saw that the housing market was insane and sold my house as my part in the greed but I couldn't understand why the bubble lasted as long as it did or why "they" didn't see it.

I think the Chinese have it right on this one, a few summary executions would go a long way to cleaning this up.

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RE: Best explanation of the financial crisis - 11/14/2008 7:06:29 AM   
meatcleaver


Posts: 9030
Joined: 3/13/2006
Status: offline 		It is just another morsel that proves to me life is a confidence trick.

When you think about it, Obama will be the most powerful man in the world on basically a confidence trick. That seems to be how the world works.

I've got nothing against Obama, that's how Bush got the job too and how all democratic leaders get the job as far as I can see.

< Message edited by meatcleaver -- 11/14/2008 7:07:51 AM >

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RE: Best explanation of the financial crisis - 11/14/2008 12:59:58 PM   
awmslave


Posts: 599
Joined: 3/31/2006
Status: offline 		In American terms the "incomptents" described in the essay are great success stories; overachievers. They made millions for themselves in short period of time. The author is sitting in armchair in his villa, sipping expensive vine and being cynical about how all it happened.

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RE: Best explanation of the financial crisis - 11/14/2008 1:54:39 PM   
FullfigRIMaam


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Joined: 6/21/2007
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quote:

ORIGINAL: meatcleaver
It is just another morsel that proves to me life is a confidence trick.

When you think about it, Obama will be the most powerful man in the world on basically a confidence trick. That seems to be how the world works.
No life isn't a confidence trick.    How is dismissing all the capable, learned, fair, just, and competent people in the world helpful or relevant to this particular issue/thread?
I know you pride yourself on cynicism, and want us all to understand that is how everyone ought to be ion life, but no, I disagree.    M

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RE: Best explanation of the financial crisis - 11/14/2008 1:56:19 PM   
thornhappy


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quote:

ORIGINAL: SimplyMichael

http://www.portfolio.com/news-markets/national-news/portfolio/2008/11/11/The-End-of-Wall-Streets-Boom#page1

I've been a fan of Lewis since he wrote Liar's Poker. There are a lot of similarities to the previous mortgage crash.

thornhappy

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RE: Best explanation of the financial crisis - 11/14/2008 1:59:11 PM   
FullfigRIMaam


Posts: 718
Joined: 6/21/2007
Status: offline 		P.S.   Kool article, by the way.   I liked the book Mobs Messias and Markets (which I have yet to finish, lol) myself on this topic, but liar's poker is probably a more fun read I should look for.     M

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RE: Best explanation of the financial crisis - 11/14/2008 2:20:00 PM   
Hippiekinkster


Posts: 5512
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From: Liechtenstein
Status: offline 		This line should be tattooed on greenspan's forehead:

"Eisman knew subprime lenders could be scumbags. What he underestimated was the total unabashed complicity of the upper class of American capitalism."

Greenspan seriously thought that the financial whiz-kids could be counted on to do the right thing, and exercise fiduciary responsibility? Despite thousands of years of evidence to the contrary? Un-fucking-believable.

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RE: Best explanation of the financial crisis - 11/14/2008 3:58:07 PM   
UncleNasty


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Joined: 3/20/2004
Status: offline 		hippie,

I always get a kick out of Greenspan and his reversal. While he was on the outside of the inner circles of finance, in the early 60's, he was among the strongest proponents of maintianing ties with our currency and commodities - read that commodity being precious metals. Once he was invite to the inner circles he did pretty much a full reversal of his positions.

To the OP, et. al., that was an interesting piece of the current puzzle. An important one albeit. But there are others of similar, perhaps equal, importance.

At the end of the day the smallest number of big players will profit and be rescued, and the largest number of "financial fodder" will be stripped of the wealth. The judiciary won't catch up to understanding what has happened or who has been responsible until several years afterwards and the punishments will be paltry compared to the damage done.

Uncle Nasty

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RE: Best explanation of the financial crisis - 11/14/2008 4:06:13 PM   
Musicmystery


Posts: 30259
Joined: 3/14/2005
Status: offline 		Yeah, honestly, what's up with Greenspan?

Bright guy, no doubt, but talk about twisting the political wind!

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RE: Best explanation of the financial crisis - 11/14/2008 6:34:40 PM   
TheUtopian


Posts: 259
Status: offline
quote:


I think the Chinese have it right on this one, a few summary executions would go a long way to cleaning this up.



Heh....Like my father mentioned in phone conversation the other day :  We oughta contact every person with a terminal illness, with under thirty days to live, and ask them to do our country one last favor by taking one of these guys with them.





 - R

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RE: Best explanation of the financial crisis - 11/14/2008 7:57:00 PM   
OneMoreWaste


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Joined: 8/24/2008
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quote:

ORIGINAL: SimplyMichael
I think the Chinese have it right on this one, a few summary executions would go a long way to cleaning this up.


It really is staggering that outright fraud could be perpetrated on such a scale and no one be held accountable.

He's hard to disagree with. However, it's equally hard to give any credence to his moral high ground when he did not (as far as I could tell) make any attempt to publicize what was going on.

And yet, you still see people blaming this mess on the average guy (living) in the street for biting off a bigger house than he could chew... Ugh.


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