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Jerome, on a tangent, did you see Martin Wolf's column in the FT today?
by Metatone (metatone [a|t] gmail (dot) com) on Wed Dec 12th, 2007 at 09:57:45 AM EST
[ Parent ]
Thanks for pointing it out.


Why the credit squeeze is a turning point for the world

First and most important, what is happening in credit markets today is a huge blow to the credibility of the Anglo-Saxon model of transactions-orientated financial capitalism. A mixture of crony capitalism and gross incompetence has been on display in the core financial markets of New York and London. From the "ninja" (no-income, no-job, no-asset) subprime lending to the placing (and favourable rating) of assets that turn out to be almost impossible to understand, value or sell, these activities have been riddled with conflicts of interest and incompetence. In the subsequent era of "revulsion", core financial markets have seized up (see charts).



In the long run, we're all dead. John Maynard Keynes
by Jerome a Paris (etg@eurotrib.com) on Wed Dec 12th, 2007 at 11:50:25 AM EST
[ Parent ]
Rhetorically, it's not a great leap from "Anglo-Saxon model" to Anglo-Saxon disease".

The fact is that what we're experiencing right now is a top-down disaster. -Paul Krugman
by dvx (dvx.clt št gmail dotcom) on Wed Dec 12th, 2007 at 11:52:58 AM EST
[ Parent ]
I've just sent the LTE to the FT further to their Monday editorial (as discussed in this story) and have copied Martin Wolf on it.

In the long run, we're all dead. John Maynard Keynes
by Jerome a Paris (etg@eurotrib.com) on Wed Dec 12th, 2007 at 12:31:52 PM EST
[ Parent ]

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