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To: robnhood who wrote (37498)	11/14/2000 7:55:41 PM
From: pater tenebrarum	Read Replies (2) \| Respond to of 436258

i have no doubt that your assessment is correct...the reckless lenders will walk away with the booty in the end, as they always do. now that the ten biggest US banks are sitting on derivatives with a notional value of $40 trillion, they can cry 'systemic risk' every time their stupidity gets them into hot water (that said, they have sure performed well post S&L crisis...not everything was bad...it's only later in the cycle that they began to go overboard again). that way tax payer bail-outs are almost assured, even though i suspect there will be some token resistance like the debate over IMF funding in '98. interestingly, back then, Rubin , Summers and Greenspud argued you don't reform the fire brigade while the town is busy burning down, which argument was ultimately bought by congress. well, has the fire brigade been reformed in the meantime? it was all talk...