March Madness

Great article from the Economist on what went wrong with the financial system can be found here .

(Obligitory self deprecating onion cut and paste....

Eeeeeeuuuuuwww! The Economist says! The Economist says! I read The Economist! Aren't I cool? Aren't you impressed with me?

What do you read? Time? Newsweek? Those are for people who can't handle a real news magazine like the one I read. That's because you're not as smart or sophisticated as me.

.....

Question: Do you think I'm smarter than everyone else because I read The Economist, or do I read The Economist because I'm smarter than everyone else? Now, there's a conundrum! I should mail that one in to The Economist and see what they think!

.....)

Just a few thoughts

Doesn't it seem presumptous to assume we already know what went wrong? It still getting "wronger" every day.

I loved the imagery of the finance industry being Wile E. Coyote running off a cliff. This seems especially apt as Mr. Coyote always tried to use Acme products that he didn't even understand....and they always blew up in his face.

This was a very frightening quote And so the screw turns until those without leverage will buy. Who are these people without leverage? Sometimes I think I am the only American that saves. I guess the process of selling American assets to Resource (Oil) rich nations will continue and even accelerate.