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#1
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Greenspan and the current crisis
Interesting piece in the NYT this morning about Greenspan's role in the current economic crisis:
http://www.nytimes.com/2008/10/09/business/economy/09greenspan.html?_r=1&ref=todayspaper&oref=slogin
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1977 300d 70k--sold 08 1985 300TD 185k+ 1984 307d 126k--sold 8/03 1985 409d 65k--sold 06 1984 300SD 315k--daughter's car 1979 300SD 122k--sold 2/11 1999 Fuso FG Expedition Camper 1993 GMC Sierra 6.5 TD 4x4 1982 Bluebird Wanderlodge CAT 3208--Sold 2/13 |
#2
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There is no word to describe that man. Any publicist, such as the NYT, to come out with his story now, needs to be considered complicit.
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#3
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Irrational exuberance swings both ways!
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#4
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I think he's doing quite well currently, in his French Exile.
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#5
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I've heard that talk before - that market fundamentals have changed and all the old rules are out the window. Investments were doing well so everyone believed it. This would have been a non-story a year ago.
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1985 380SE Blue/Blue - 230,000 miles 2012 Subaru Forester 5-speed 2005 Toyota Sienna 2004 Chrysler Sebring convertible 1999 Toyota Tacoma |
#6
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I think we should rename the USA after Greenspan.
The Usury States of America. Or even better, we could call HIM Mr. Greedspan. |
#7
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He's an Ayn Rand disciple. It's hardly surprising he's anti-regulatory.
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1984 300TD |
#8
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Wait a second. Would derivatives have been a problem had hundreds of billions of dollars worth of unconscionably bad mortgage loans not been made?
Maybe Greenspan's wife should look into it. B |
#9
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Considering they are derivatives of the mortgage loans, no.
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1984 300TD |
#10
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See, that's why the premise of the article (that unregulated or poorly regulated derivatives caused the collapse) is untenable, IMO. Just looking at the definition of that word, and stipulating that I wouldn't know a derivative market from a logarithmic helix, the market "derives from" another market.
Not saying that derivatives are good or bad (see the part where I don't know WTF a derivative market is), just that to blame a secondary market for the effects of a primary market seems silly. Unless there's a feedback loop. Is there? My hierarchy of blame goes this way: Politicians > borrowers > lenders > regulators. Borrowers, lenders, and regulators depend on legislation. |
#11
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I still have a pile of Default Credits to swap. Anybody interested? It's only pennies on the $$$ ...
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