“This really is an economic Pearl Harbor. That sounds melodramatic, but I’ve never used that phrase before. And this really is one”
– Warren Buffett, October 2008
Let’s see, in the role of America we have the working class. In the role of the Japanese we have either the investment banks or hedge funds.
Comparing the government’s response then and now is impossible unless you consider why they would want to bail out the Japanese.
Yeah. I know. Insane.
Barry Rithtoltz Commentary on the CRA meme
“It’s telling that, amid all the recent recriminations, even lenders have not fingered CRA. That’s because CRA didn’t bring about the reckless lending at the heart of the crisis. Just as sub-prime lending was exploding, CRA was losing force and relevance. And the worst offenders, the independent mortgage companies, were never subject to CRA — or any federal regulator. Law didn’t make them lend. The profit motive did.”
-Robert Gordon, American Prospect
Monkey Chimes (in)
Bush implores Congress to act and pass the Casey Serin Angelo Mozilo Housing Gambler Failed Bank Bailout Act of 2008.
Congress: a NO vote is taking action.
Um, YEAH, we’re worried out here on the ground floor in America. The economy, jobs, savings- all in tumult.
But we’re more worried IF the bailout passes the house than if it does not.
‘Cos then we’re really FUCKED. KaKaKaKa-PUT.
“Blaming fair-value accounting for the credit crisis is a lot like going to a doctor for a diagnosis and then blaming him for telling you that you are sick.” -Dane Mott , JPMorgan Chase & Co.