High and Low Finance - A Year of Financial Contradictions and Chaos - NYTimes.com
Nice concise, well done summary of the meltdown without a bunch of finger pointing. It seems pretty unlikely to me that anybody -- Democrat, Republican, Wall Street tycoons, bankers, businessmen, or anyone at all "wanted it all to melt down". Maybe some really true crazies from the far right or left, just to say "we told you so", but nobody really cares about them. One can always just stare at the craters on the moon, predict that eventually a "big one" will hit the earth with the certainty that EVENTUALLY it will be the right call. So what?
Somehow we now have to restore confidence in the system. Scapegoating won't help unless we can truely net the problems down to some specific actionable set of changes that will help the confidence aspect without destroying the creativity needed in the markets. Not an easy task. We all have to hope that BO and his team are up to it, or as this guy says, next December will be much sadder economically than this one.
Nice concise, well done summary of the meltdown without a bunch of finger pointing. It seems pretty unlikely to me that anybody -- Democrat, Republican, Wall Street tycoons, bankers, businessmen, or anyone at all "wanted it all to melt down". Maybe some really true crazies from the far right or left, just to say "we told you so", but nobody really cares about them. One can always just stare at the craters on the moon, predict that eventually a "big one" will hit the earth with the certainty that EVENTUALLY it will be the right call. So what?
Somehow we now have to restore confidence in the system. Scapegoating won't help unless we can truely net the problems down to some specific actionable set of changes that will help the confidence aspect without destroying the creativity needed in the markets. Not an easy task. We all have to hope that BO and his team are up to it, or as this guy says, next December will be much sadder economically than this one.
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