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Strategies & Market Trends : Booms, Busts, and Recoveries -- Ignore unavailable to you. Want to Upgrade?

To: marek_wojna who wrote (70564)	10/10/2008 2:29:00 PM
From: Maurice Winn	2 Recommendations Read Replies (2) \| Respond to of 74559

13,000 to 11,000 was no big deal but down to 8,000 is getting serious. Blaming our great and estimable, venerable and admirable Uncle Al KBE for the irrational exuberance of the speculative housing frenzy is like blaming the inventor of the metric system for a house falling down. It's how people USE the measurements, not the actual measurements themselves. If they use wood too thin to hold up the structure, don't blame the tree, the sawmill or the length of a centimetre. I didn't borrow money just because it was cheap, to buy assets which wouldn't provide profit and would decline in value. So why did other people? Greed, irrational exuberance and ignorance is why. People borrowed money they shouldn't have done, and loaned money they shouldn't have done, and bought insurance policies they shouldn't have done to guarantee their investments, from companies who wrote counter-party guarantees which they couldn't back and investors bought shares in those maniacal puff ball companies inflated on debt piled on debt, backed by false promises and credit default swap contracts full of hot air. So now they blame the guy who invented money? "Oh, if only there wasn't money, I wouldn't have got into debt." "Yes, and we wouldn't have loaned the money". "Yes and we wouldn't have promised to insure your contracts". "Yes and we wouldn't have bought the promise of huge profits". The fact that they want to blame Green$pan shows they haven't learned anything and are likely to right now back stupid ideas to "solve" the problem which will of course make things a lot worse. Since they weren't at fault [in their minds] they will solve the problem by confiscating OPM and property. For the public good and in the public interest of course, not for any selfish greedy motives. Mqurice