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    • Should Wall Street Have Saved Itself? [view article]
      This bubble, as the one before it, are perfect examples of the herd mentality that defines Wall Street - "..if the guys next door are doing it and making a ton of money at it, we need to do it too...!" However, Main Street colluded to a large extent by demanding and accepting 120% LTV, Interest only, variable interest rate mortgages it never had a realistic chance of paying back and by overloading on revolving credit debt to the tune of $3,000,000,000,000 in the last 4 years. What's different about this bubble is that it was largely made possible by exotic, off-balance sheet financial vehicles and derivatives that were created by mathematicians and statisticians (yes, many of whom were PhDs) and were little understood; and the government (Congress, Fed, SEC) were instrumental and complicit in allowing this to happen. Now that the genie has vacated the bottle, we can't get him back in.... Mar 29 01:23 PM
    • Merrill Lynch Can Kiss Another $3.1 Billion Goodbye [view article]
      The way I see it, S&P and Moody's are criminally culpable in the subprime meltdown by virtue of rating these mortgage-backed securities as highly as they did. And if they are not criminally negligent, then they are chronically inept. Mar 21 10:34 PM
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