Brice Timmons

Payrolls Drop - And You Ain't Seen Nothin' Yet

This isn't the result of a Bush project. This is the result of a midnight-before Christmas-in-DC deregulation of derivatives that resulted in the sub-prime mortgage-backed AAA securities that we've all come to know and love, the SIV in all it's on-the-book-when-it's-... glory, and the absolutely bizarre belief that any sector could continue to grow completely out of proportion to population growth and median income growth. Let's not turn all cheerleader for over-regulation here and end up on the other side of this stupid coin. Let's just demand some transparency and accountability and maybe require that derivatives fully disclose their structure. Is that naive?

Thanks, Kathy, for doing a great job of explaining the data objectively.