PSA
Edmund L. Andrews (most recently of the NYT and being pilloried by Megan McArdle for having the gall to marry a woman whose previous marriage ended in bankruptcy) has joined Andrew Samwick, Stan Collender, Pete Davis et al. over at Capital Gains and Games.
His first post, “Hopes of a Chastened Capitalist” is here.
Andrews – “But the wanton recklessness on Wall Street that nearly wrecked the economy has exposed the limits of laissez faire thinking. It’s clear that banks and Wall Street firms played central roles in the catastrophe. There really were a lot of crooks out there. The free market did not self-correct; it essentially self-destructed. Rational self-interest did not save the day. What saved the day, if indeed it’s been saved, was massive government intervention. In joining Capital Gains and Games, I want to track these issues as Washington tries to overhaul economic policy and financial regulation. …Mainstream economists are still trying to get their heads around how this could have happened.”
Come on, cry me a moon. This whinning gets old.
“No one saw it coming.” Laughable.
One would have to be a complete idiot to have not seen it coming.
Hi MG:
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“The vote comes after the Fed Board hears proposals from Citicorp, J.P. Morgan and Bankers Trust advocating the loosening of Glass-Steagall restrictions to allow banks to handle several underwriting businesses, including commercial paper, municipal revenue bonds, and mortgage-backed securities. Thomas Theobald, then vice chairman of Citicorp, argues that three “outside checks” on corporate misbehavior had emerged since 1933: “a very effective” SEC; knowledgeable investors, and “very sophisticated” rating agencies.”
Which one failed? Everyone drank the kool-aid . . . cherry flavour for their newbie stance and first time with the prostitute of financial freedom. Who thought of the penicillin shots afterwards? Damn it looked good! And we paid.
Ken:
You mean she didn’t have a dowry? God forbid, a woman has to come to the marriage with money of her own. How us would us hubbies live otherwise?
Hey, Run. Yeah, it must have been an uncharted asteroid. Everything else was in check. Ha.
How long are they going to spin this phony story? Until the next “unforseen” crisis?