4 thoughts on “Inside The Collapse, Part 2

  1. I like his initial comment that “The capitalists almost killed the capitalists”.

    His assertion that 10-20 people made BIG money on this crisis fits well with Michael Covel’s examples in Trend Following who were the winners.

    Also liked the comment that “A trader loses $7-12b and no one knows the persons name?” Hard to believe, but, as he said, Wall St. was getting rewarded for looking the other way.

    I’m generally not a fan of 60 minutes (too biased) but, in my opinion, this was a good interview.

    For those interested, I recommend listening to David Faber’s House of Cards on CNBC, too.

  2. ok, ladies and gentlemen. Lets put responsibility in it place, yes these tranches recieved AAA rating, and yes the packaging was horrific to say the least, put who making 40k a year believes that they are entitled to a 750k house, with little to no money down and can confince themselves that it is ok to strip the equity out of the house and spend it like a sailor??? Yes, the traders took advantage of the situation, and yes the rating agencies went along like a blind child, but a o percent loan given on a non-doc loan??? I guess the traders made them do it, right????

  3. Nick Leeson brought down just one bank and he ended up in prison, this guy’s brought down the entire economy and none of them even got a visit from the cops let alone stand trial. It’s not wonder those guys love current “socialism” where raped bail out the rapists.. Stockholm syndrome none the less.

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