... on this occasion, I must applaud the way that so many mainstream economists have latched onto and pushed the basic fact that a solvency crisis cannot be solved after it has broken simply by paying fair market value for assets that are on the books.
With so many "serious" people pushing for an equity stake as a preferable alternative to overpaying for troubled assets, it becomes hard for even a former Lehman Bros. CEO to ignore. I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.
