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i posted this somewhere last week, but it's important enough to be posted once a week.  Merci Melancthon.

"Life shrinks or expands in proportion to one's courage." - Anaïs Nin
by Crazy Horse on Wed Jul 15th, 2009 at 02:51:29 PM EST
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Sorry, I didn't see it.

Cheers!

"Dieu se rit des hommes qui se plaignent des conséquences alors qu'ils en chérissent les causes" Jacques-Bénigne Bossuet

by Melanchthon on Wed Jul 15th, 2009 at 02:57:11 PM EST
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I found the most interesting bit of that article to be the fact that someone at AIG finally noticed in 2006 that they were taking on dangerous risks, and stopped doing so altogether (at least on the MBS side). By then, the industry had grown enough that the banks peddling the stuff directed their energies towards finding new - holders - of their papers (suckers), including, to a large extent, their own institutions...

In the long run, we're all dead. John Maynard Keynes
by Jerome a Paris (etg@eurotrib.com) on Wed Jul 15th, 2009 at 03:50:38 PM EST
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