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Strategies & Market Trends : John Pitera's Market Laboratory
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To: Hawkmoon who wrote (10042)9/21/2008 1:05:15 PM
From: Jorj X Mckie2 Recommendations  Read Replies (3) of 33421
 
I'm no rocket scientist on this whole topic..I admit that. However, I would bet that if you scanned through a few threads here on SI that you will find numerous warnings about the situation going back a couple of years. And if us cretins on SI (ok, well "those" cretins) could see this coming, don't you think that the pros should have had an inkling of the risk involved? In fact, I am certain that they did, but they saw an opportunity to feed at the trough like everyone back in the 90s feeding at the internet boom trough. Everyone knew that it couldn't go on forever, but we all (not literally "all", but enough to be significant) wanted to believe the bullshit of the new paradigm for just one more trade...

My point....personally responsibility has to weigh in the equation at some point. These institutions made choices. They could have made other choices. They may not have been easy choices and would probably require them to not be at the top of the heap for a little while, but they could have survived for the long term.

Not saying that the ratings agencies shouldn't have some culpability here, but the only way to ensure it doesn't happen again is for everyone to take their medicine now.
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