Wednesday, November 19, 2008
Liar's Poker: The mini-sequel
Anyone remember Mark Lewis? The writer of Liar's Poker?
The guy is part of a team of people who are making an absolute killing from holding some short positions in mortages via Credit Default Swaps from several years ago.
Anyhow, he wrote a really really really brilliant article, if you've got any interest in the finance world whatsoever, you simply have to read it. It's seriously better than Liar's Poker, in the sense that, from his writing, you can tell that the corruption and loss of integrity and rise in stupidity is far far greater than what it was years ago, back when Mark Lewis first got famous from his book.
http://www.portfolio.com/news-markets/national-news/portfolio/2008/11/11/The-End-of-Wall-Streets-Boom
It 9 pages long, and a long long wall of text. But it is WORTH IT. Trust me.
The guy foresees this as the destruction of Wall Street, and that things will never be the same quite again after this.
I don't think it's quite THAT bad, but I do agree that the damage done is simply catastrophic, and government intervention has not ELIMINATED it... in fact it is not possible to eliminate these sort of horrors. What the government has done is simply delay it's effects and slow down the process.
IMHO, this is just being stupid. But then again, when I go to the dentist, I tell them to fix everything in one sitting, no matter how painful it is... I'd rather get it all done then get on with my life than to have to spend the next 3 months coming in and out trying to spread the pain out.
Obama should put these guys on on his team... in a world of overoptimism, these guys are realists.
I'm not saying that he should ONLY have nay-sayers on his team. But it always makes sense to have someone of both sides of an argument. To balance everything out. To make sure you are getting, if not an unbiased opinion, then 2 biased opinions from both sides of the coin.
These guys... very smart. Yes, I can call people smart too. Shocking huh? They could recognise the weaknesses of other people and exploit them. ... that doesn't sound like a complement when I put it that way, does it? hahaha.
Seriously. In this day and age, everyone is all "polite" and says things like "everyone has a right to their own opinion" and "no one is stupid... it's rude to call people stupid"
The reality is: Some people have an opinion and it's wrong. Some people really are stupid. And if you know someone is very very stupid, you can benefit by just doing the opposite of whatever they're doing.
Summary: Read the article:
http://www.portfolio.com/news-markets/national-news/portfolio/2008/11/11/The-End-of-Wall-Streets-Boom
The guy is part of a team of people who are making an absolute killing from holding some short positions in mortages via Credit Default Swaps from several years ago.
Anyhow, he wrote a really really really brilliant article, if you've got any interest in the finance world whatsoever, you simply have to read it. It's seriously better than Liar's Poker, in the sense that, from his writing, you can tell that the corruption and loss of integrity and rise in stupidity is far far greater than what it was years ago, back when Mark Lewis first got famous from his book.
http://www.portfolio.com/news-markets/national-news/portfolio/2008/11/11/The-End-of-Wall-Streets-Boom
It 9 pages long, and a long long wall of text. But it is WORTH IT. Trust me.
The guy foresees this as the destruction of Wall Street, and that things will never be the same quite again after this.
I don't think it's quite THAT bad, but I do agree that the damage done is simply catastrophic, and government intervention has not ELIMINATED it... in fact it is not possible to eliminate these sort of horrors. What the government has done is simply delay it's effects and slow down the process.
IMHO, this is just being stupid. But then again, when I go to the dentist, I tell them to fix everything in one sitting, no matter how painful it is... I'd rather get it all done then get on with my life than to have to spend the next 3 months coming in and out trying to spread the pain out.
Obama should put these guys on on his team... in a world of overoptimism, these guys are realists.
I'm not saying that he should ONLY have nay-sayers on his team. But it always makes sense to have someone of both sides of an argument. To balance everything out. To make sure you are getting, if not an unbiased opinion, then 2 biased opinions from both sides of the coin.
These guys... very smart. Yes, I can call people smart too. Shocking huh? They could recognise the weaknesses of other people and exploit them. ... that doesn't sound like a complement when I put it that way, does it? hahaha.
Seriously. In this day and age, everyone is all "polite" and says things like "everyone has a right to their own opinion" and "no one is stupid... it's rude to call people stupid"
The reality is: Some people have an opinion and it's wrong. Some people really are stupid. And if you know someone is very very stupid, you can benefit by just doing the opposite of whatever they're doing.
Summary: Read the article:
http://www.portfolio.com/news-markets/national-news/portfolio/2008/11/11/The-End-of-Wall-Streets-Boom
Labels: Crisis, Liar's Poker, Mark Lewis, mortages
Jasonred79 invested at
12:36 AM
1 Comments
1 Comments:
Dear Mr Angry Investor,
The wall steet assholes have been raping the public for decades. They are deserve whats happening to them. I won't be satisfied until the mother of them all, Goldman Sachs goes down or their controllers are detained for fraud, theft and treason. Including Cox, Paulson and Kashkari. This video might interest you of you've not already seen it.
http://news.goldseek.com/GoldSeek/1227212151.php
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