Greenspan on U.S. foreign balance

[Brad DeLong]

>>America is going to be able to avoid that (at least, America is 
>>going to be able to avoid that if the Federal Reserve and SEC do 
>>their job and keep both eyes on the derivative books of major (and 
>>minor) financial institutions).
>
>That's a very big if. Who knew, or more accurately cared, that Enron 
>ran a derivatives book larger than most banks?

Peter Fisher?


>
>>Of course, were you to tell me that New York financial 
>>institutions' derivative books had a net notional principal that 
>>was long the dollar to the tune of $3 trillion, my mind would 
>>change. My mind would more than change: I would be reduced to a 
>>gibbering, nervous, fearful, insane wreck cowering beneath my 
>>desk...
>
>Does anyone know the answer to this question?

Peter Fisher again...


>Better store some food & water under your desk, just in case.
>
>Doug

I now have fifteen boxes of girl scout cookies under my desk...

Brad DeLong