1. If you have a spare hour to waste, try reading this. The author found some of the people who actually saw the markets for what they were, and were probably able to make a boatload of money betting against the market. Interesting how even though they couldn't figure everything out beforehand, they were able to piece together enough details by (a) paying attention to who was getting these loans (i.e. people who can never afford to pay these loans) and (b) talking to some of the people that were actually making the sausage (especially the people that were chopping up junk mortgages and able to sell them as AAA bonds). The information was out there, few were willing to look for it. Very telling to me is Eisman's quote:
“That Wall Street has gone down because of this is justice. They fucked people. They built a castle to rip people off. Not once in all these years have I come across a person inside a big Wall Street firm who was having a crisis of conscience.”
2. The way they are currently structured, I realize that a bailout of the auto industry doesn't make sense. They definitely need some new leadership and a change in the corporate philosophy. But isn't it weird how everyone is up in arms about a $25B loan, when we seem to be shoveling that much out a week for the financial sector. At least with the auto makers I can see the results (workers employed, products manufactured).
3. I figure j will blog about it eventually, but we are both disappointed in the cancellation of "Pushing Daisies." I guess there's not enough demand for whimsy in the world. That's sad.
4. I'm looking forward to going home for Thanksgiving. It's been one of longer stretches without going home since moving to Philly. I have too many young nephews to be gone this long. They're going to forget who I am.
5. Is it just me, or is Obama dipping a little too much from the Clinton era cronies? Pretty much the entire economic team is from the Clinton team, but not from the Robert Reich side.
6. Thank goodness for basketball season. I don't think I can stand much more U of L football.
Happy Thanksgiving
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1. Unfortunately, their is a long history of human error in the valuing of assets. The reality is that the free market is not a separate all knowing enitity. It is a fiction. There is only human action full of misinformation and emotion. Just look to the tech bubble burst a few years ago. These companies were allowed to continue to grow although most never ever made a profit.
2. An interesting development is the union heads pointing out that the bailout helps the white collar industries... We will have to see if this gains traction.
5. I agree that Obama is bringing in too much Clinton...and then keeping on Bush's Gates...I just do not understand. Obama's argument that similar people does not mean no change and that change comes from his own directions to these people just does not gain traction with me.
6. Amen.
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