I know, I'm sure it's been discussed before. This is a recent Rolling Stone article that explains it pretty well in plain English and has some pretty damning statistics.
When I sent this link to a colleague of mine, I got this response:
"Bruce, Interesting article. BTW, I'm on a board in Houston with one of the lawyers who is working for Overstock.com in their lawsuit against these brokers who sold fake stock. In my conversations with him at our board meetings he confirms everything that's in this article. And, it also extends to the muni-bond market (not just US Treasuries.) In short, nothing that is traded on Wall Street is necessarily real. Also, he says the Russian mob is involved in all this. My guess is the Russians lost the cold war, but they intend to win by using our own system against us, with the full help and support of our government."
~~~ "I'm stupid, but I might not be crazy." - Hanno Breuckner
"Cuban seed tobaccos grown in Nicaragua and Cuba. The wrapper would be from Cuba. The binder leaves would be from Nicaragua. For the ligero tobacco in the filler, he would use two types, one from Esteli and the other from Jalapa in Nicaragua. The other filler components, seco and viso, would come from Cuba, the former from Villa Clara, the latter from Pinar del Rio. That Cigar, he says with pride, would score 100 points." -Don Pepin Garcia
Interesting article, but this guy has some of his facts wrong and most of the time he is flat out speculating. I take anything I read in Rolling Stone with grain of salt.
I'll take Frontline's version of events over Rolling Stone's.
Posts: 3238 | Location: WI | Registered: November 16, 2007
Originally posted by KKL: I'll take Frontline's version of events over Rolling Stone's.
Thanks for the link. I watched the whole thing. It seemed a pretty sanitized version of events to me. There were too many people that were causally linked to the meltdown that were on there pontificating about the bad decisions of others.
Frontline is not an overtly political program, usually, but this one seemed to be more about Paulson's "conversion" from free-market champion to government interventionist. Ironically the Rolling Stone article just feels closer to the truth, and I have some backup from personal contacts reinforcing that version of events.
Don't get me wrong, Bear Stearns was a mess and was ripe for a fall; the RS article makes that pretty clear as well. I'd just be interested in finding out who gave the final push.
~~~ "I'm stupid, but I might not be crazy." - Hanno Breuckner
