Thursday, December 06, 2007

Fear Factor

In case you missed Krugman on Monday...

”How bad is it? Well, I’ve never seen financial insiders this spooked — not even during the Asian crisis of 1997-98, when economic dominoes seemed to be falling all around the world.”

Or Pearlstein on Wednesday...

”If all this sounds like a financial house of cards, that's because it is. And it is about to come crashing down, with serious consequences not only for banks and investors but for the economy as a whole..”

...You might want to start paying attention. Back on October 10th I tried to warn you about it. I’m not a financial guru nor a public policy expert. I’m just a retired guy that has a lot of extra time to read and chase down stories. You want to pay attention to this one.

Oh, and when the political season really starts raging ? You might want remember which party made the word “regulation” a dirty word and at whose behest they did it. You might also want to notice that the same ones touting the miracles of “the market” are the first to turn to the government for salvation when “the market” goes mad. Regulation would have been cheaper. And a lot less painful.

Don Brown
December 6, 2007

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