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Politics : View from the Center and Left
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To: Cogito who wrote (105277)3/1/2009 9:47:20 PM
From: JohnM  Read Replies (1) of 542970
 
The hubris and foolhardiness of those financial guys is astonishing, though.

I completely agree. But the culture was so powerful inside these institutions that it, no doubt, felt like business as usual, low risk, high reward, and let's head for the Hamptons this weekend. My guess is if you had talked to any of these folk prior to the middle of 07, they would have had no sense of the serious risk involved. Much like the LTCM guys in the late 90s.

Then s**t happens.
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