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Politics : Formerly About Advanced Micro Devices
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To: average joe who wrote (762489)1/9/2014 12:58:43 AM
From: Wharf Rat  Read Replies (1) of 1574640
 
I'll trade you one August West and one ass't priest for 3 Ayn Rands and a Mickey Mantle rookie card.

"The better nature of mankind tends to go awol just when you need it the most."

August West
The Chronicles of Rat

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I made a mistake in presuming that the self- interest of organizations, specifically banks and others, were such (as that ?) they were best capable of protecting their own shareholders and their equity in the firms. And it’s been my experience, having worked both as a regulator for 18 years and similar quantities in the private sector, especially 10 years at a major international bank, that the loan officers of those institutions knew far more about the risks involved in the people to whom they lent money than I saw even our best regulators at the Fed capable of doing.

So the problem here is, something which looked to be a very solid edifice, and indeed a critical pillar to market competition and free markets, did break down. And I think that, as I said, shocked me.

I still do not fully understand why it happened. And obviously, to the extent that I figure out where it happened and why, I will change my views. And if the facts change, I will change.

Alan Greenspan,
Quotations From the Assistant High Priest in Charge of Money

http://www.washingtontimes.com/blog/potus-notes/2008/oct/24/he-found-flaw/#ixzz2psV994mB
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