Interesting Read

[Guest]

This is a very long article but worth every minute it takes to read it. The explanation of what happened in the investment banking system makes sense now.

http://www.portfolio.com/news-markets/national-news/portfolio/2008/11/11/The-End-of-Wall-Streets-Boom?tid=true#page9

[Guest]

Thanks for the link, Cologal,

The Liar's Poker guy, huh? I think I am going to dig that book out and read it again.

I just renewed my subscription to Business Week. I like their writing style, and I like to read what they think about where we are going. I kept one issue of Business Week from 2006. The cover art was a drawing of a house wrapped in the coil of a venomous snake getting ready to strike.

The woman who is the head of the FDIC knew and warned, but nobody listened. The hogs were all awash in slop. Bloated and grinning mindlessly.

So here we are. And no matter what the extent of our individual losses, no matter how conservatively and carefully we have handled our own personal investments and finances, we are all caught in this one together. And I fear this is only the beginning.

And I cannot get past the question of why the sleazeballs that did us in did not have to listen to anybody and still don't. Sleazy CEO's are partying and some of the sleaze even got re-elected.

And yet, people knew. Even I, Boomer the Bumpkin, here in my Ohio kitchen, saw this thing coming. I have been going around for a very long time using the quote, "Unrestrained greed is not only bad morals, it's bad economics." But I did not want to be right.

Here's another link for those who might be interested. This one is a radio program. It is from Fresh Air last week. Terry Gross is interviewing Gretchen Morgenson from the NYT. She is a Pulitzer winning business and finance writer.

http://www.npr.org/templates/player/mediaPlayer.html?action=1&t=1&islist=false&id=96950757&m=96952134

Boomer