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Which is why I keep arguing that the credit crisis is mainly a problem for the rich.  But what complicates matters is that social savings also has to invest and save in order to provide for pensions and other benefits, and, like hedge funds for the rich, public pension managers also need to optimize, under time constraints, where and how they secure their members wealth, so they rely heavily analysis of risk such as that provided by rating agencies.
by santiago on Tue Apr 27th, 2010 at 03:15:26 PM EST
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Which is why I keep arguing that the credit crisis is mainly a problem for the rich.

The credit crisis should have been mainly a problem for the rich. The problem is that the rich are being allowed to strangle the real economy to make up for the shortfall in their fictitious funny-money returns.

As long as you vest political control of the production process with the people who make money, rather than the people who make goods, a crisis in the monetary system will be a problem for the poor.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Tue Apr 27th, 2010 at 10:06:42 PM EST
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