Old Wizard

Welcome to Desolation Row

The Clinton years were wonderful. Let's see who was the fed chairman under Clinton. Wasn't the tech bubble something like the housing bubble where people were irrationally investing in companies that had little or no real assets and weren't the same financial organizations making carloads of money in new issues? What makes this crises even worse is that the same financial wizards figured an even better way to leverage little or no assets called derivatives. The irony of the drama is that now those institutions are looking for the government rescue lifeline because it's hurting them. the tragedy of this drama is that the working public is left at the end of the ponsi deal and they are probably owners of money markets, accounts in failed investment and other banks, mutal funds and houses whose value is impacted dramatically downward. All this while the people who received big bonuses and sanctioned the Ponsi schemes received high pay and bonuses and are relatively unscathed.