[lbo-talk] Current piece by Mike Whitney on CounterPunch.org

Doug Henwood dhenwood at panix.com
Wed Jan 30 14:10:50 PST 2008


On Jan 30, 2008, at 5:01 PM, Joshua Karpoff wrote:


> What do you all think about what this piece lays out, http://
> www.counterpunch.org/whitney01292008.html .
>
> It's from Mike Whitney, who I feel tends to lean towards "the sky
> is falling" end of the opinion spectrum, but I think he does make
> some good points about what happens when these bond insurers go under.

Typical Whitney - he's working with a solid core of info, but he lays on the heavy breathing in preposterous doses.

This quote in the piece from "Pam Martens" is a real hoot:


> How did a 200-year old "efficient" market model that priced its
> securities based on regular price discovery through transparent
> trading morph into an opaque manufacturing and warehousing complex
> of products that didn't trade or rarely traded, necessitating
> pricing based on statistical models?"
>

Yeah, things were real transparent back in the 1890s, the 1920s, the 1960s, the 1980s...



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