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10 Comments
- MsLaurel, on 11/23/2008, -0/+5FTA:"This is the real “Code Red.” As one banker remarked to me: “We finally found the W.M.D.” They were buried in our own backyard — subprime mortgages and all the derivatives attached to them."
Greenspan, the Neo-con-artist recently retired from the Fed, lobbied Congress in 1998 to remove all CFTC authority to regulate swaps and derivatives (after CFTC Chairman, Brooksley Born predicted that swaps and derivatives would crash the stock market if not better-regulated). Since GW and Greenspan (and Paulson and Bernanke) share the same "VooDoo Economics" religion, the WMD may as well have been GW Bush:
The Wall Street bubble expanded and the foreclosures epidemic developed right under GW's nose, and all he did was watch and wait for the mass destruction.
Actually, it was Warren Buffett Jr. who first said that swaps and derivatives were "financial weapons of mass destruction." That is why he, and others, refused to invest in swaps and derivatives. - MsLaurel, on 11/23/2008, -0/+4PS: Derivatives and swaps also are attached to bundled credit card debt and bundled coporate loans. Guess what happens when companies and individuals file for bankruptcy due to loss of business in a tanking economy?
- inactive, on 12/08/2008, -1/+4I thought the title was referring to Bush.
- inactive, on 11/23/2008, -0/+2If Bush came out in say 05 and said, your all screwed !
We'd be where were going, only faster ! - scottknick, on 11/23/2008, -1/+3You. . .you mean it wasn't all those poor minorities taking mortgages they couldn't afford?
Seriously, thanks for a thoughtful and informed post. The thing about bubbles -- and in this case the real estate bubble is definitely implicated -- is that while people know they can't last forever, they think they'll last long enough for them to make their money and get out. And the bigger the bubble gets, the more people are going to be dead wrong on that vain hope. Economic bubbles are like pyramid schemes; they only work as long as you can find an increasing number of fools to buy in. But there are only so many fools to go around, so eventually the bubble pops, as all bubbles do -- suddenly. - shylove, on 11/24/2008, -0/+1Well actually the WMD's were planted by the Reagan administration and have been going off occasionally since the 80's in the form of S&L bailouts, vulture capitalists raping and pillageing with hostile takeovers. Hostile takeover was even considered a positive thing!
Then dot.com speculation caught fire for a time after which everyone rushed for security in real estate only to be caught up in another Wallstreet net. On top of all that we embrace the WMD of warfare ourselves, warfare and the logic of war that justifies taking off the gloves of civilization and destroying our own principles. In doing so emulating the principles of Saddam and Bin Laden. - inactive, on 11/23/2008, -1/+2
ALL IN THE FORTH ESTATE SHOULD BE FIRED ! - cmp1966, on 11/23/2008, -1/+2"If I had my druthers right now we would convene a special session of Congress, amend the Constitution and move up the inauguration from Jan. 20 to Thanksgiving Day."
I'LL VOTE FOR THAT!!!!!! We'd really have something to be thankful for then! - inactive, on 11/23/2008, -6/+2Why does Friedman still have a job?
- chrisjj, on 11/23/2008, -6/+1Friedman has the gall to allude to WMD in regards to something other than the supposed WMDs in Iraq that he so obsequiously and enthusiastically promoted as being real and therefore a reason to preempt a war with Iraq. As the previous commenter says, the man should be fired. While unemployed, he should go back to journalism school for a refresher course.
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