DagnyTaggart's  Instablog

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  • House of Cards 6 comments
    Apr 23, 2010 1:59 PM

    In early 2009, when the crisis was in full swing I made this deck as a take-off the Iraqi deck of cards. I almost started producing them to sell but I was worried about whether or not my work was in violation of the copyright holders' of the various images used rights. I feel comfortable publishing them here, non-commercially, as they fall under "fair use" protections. I hope my work can be enjoyed, even if not commercialized.

    I am also looking for suggestions on who was wrongfully included, wrongfully omitted, or should be given a higher "rank".

    Maybe, time permitting, I can add a post for each about their contribution to the house of cards that came tumbling down during the financial crisis.

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  • killben
    , contributor
    Comments (7) | Send Message
    Did you miss out on Harry Reid or was the deck full up and no space for that joker?
    28 Apr 2010, 04:32 AM Reply Like
  • DagnyTaggart
    , contributor
    Comments (486) | Send Message
    Author’s reply » He seems to be generally ignorant about all things financial. I can't really justify a spot for someone who never really took an active role steering us towards this crisis. Sure he made uniformed votes, but if that was the criteria, I'd need about 10 more decks.
    28 Apr 2010, 05:04 PM Reply Like
  • Old Trader
    , contributor
    Comments (5732) | Send Message
    Very cleverly done, Dagny! Might I ask why the inclusion of Gross, Dimon, and Wagoner?
    4 May 2010, 08:44 AM Reply Like
  • DagnyTaggart
    , contributor
    Comments (486) | Send Message
    Author’s reply » Wagoner - Under his leadership GM lost $82 billion. He led the company into a strategy of growth at any cost; borrow whatever it takes. Many of the default swaps that helped bring Wall Street down were written on GM debt.


    Gross - After piling $1.7 into debt he was well aware was bad, he lobbied for the Treasury to back Freddie and Fannie debt. He would have avoided the list if he wasn't so brazen with his connections to those in power, promoting and lobbying for Federal backing of Fannie and Freddie debt.
    11 May 2010, 09:04 AM Reply Like
  • Old Trader
    , contributor
    Comments (5732) | Send Message


    Ok, I see the justification for Wagoner and Gross.....and Dimon? You haven't read "Fool's Gold" by Gillian Tett, yet, have you?
    11 May 2010, 09:20 AM Reply Like
  • DagnyTaggart
    , contributor
    Comments (486) | Send Message
    Author’s reply » Sorry, was going to include Dimon with the reply but got busy. He's not as easy to make a case for, but he was serving as the CEO of JP Morgan Chase and as director of the NY Fed when it was buying enormous sums of garbage from various banks. Definitely the potential for conflicts of interest and access to information not available to other market participants. Also, he directed JP Morgan Chase to use TARP funds to grow even bigger. (Though, you can't blame him doing what was in the interest of his shareholders when it was other parties that created the moral hazard and provided the capital in the first place.) I'm sure there are better candidates.


    Any suggestions for who should replace him?


    No I haven't read Fool's Gold, I will look into reading it.
    11 May 2010, 04:57 PM Reply Like
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