Saturday, December 13, 2008

Explaining The Crisis In Capitalism: "This is the magic of the market."

"What started off as lending a few thousand dollars to an unemployed black man in a string vest has become a high-grade structured credit enhanced leverage fund. . . What was stupid was that at some point somebody asked how much money these houses were actually worth. If they hadn't bothered to ask that question, then everything would have gone on perfectly, as normal."

How to avoid a total meltdown? "It can be avoided, so long as governments and central banks gives back to us, the financial speculators, the money that we've lost."


Blogger richard said...

That, I have to say, was astonishingly good.

10:42 PM  
Anonymous Anonymous said...

a different take . . . the booze model

2:44 PM  

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