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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: John Vosilla who wrote (89108)	11/22/2007 4:31:54 PM
From: Tommaso	Read Replies (1) of 110194

>>>This banking crisis still is not even close to the RTC days of 1989-93 <<< You may be right, but to me it sounds as if all sorts of financial arrangements are far more severely disordered than they were then. If the Federal Reserve had only allowed capital market discipline to operate starting in 1998 and subsequently, we might not have enjoyed these years of euphoria but might have much sounder financial structure than these vast CDOs, SIVs, and who know what other kinds of swaps, derivatives, counter-party guarantees, hedges, and so forth that seem spread across the entire world banking systems. I feel as if I am a visitor to a gambling palace with a lot of games going on that I never heard of and do not know the rules to, and am hanging onto my wallet and travelers checks for dear life. I fear that the whole thing may degenerate into what used to happen to me sometimes in a marble game at the end of school recess: when the bell rang, the biggest, or meanest, boy would holler "Grabbins!" and scoop up all the marbles he could hold.

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