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...