You may be slow ... but you're ahead of me!!!
It is very complex, Poet, and when you add fraud and deceit to the mix (I'm referring to the engineered solutions of the S&L debacle and the LTCM disaster), it becomes incomprehensible. As far as I can see, we don't have a clue to what reality is, as far as the world of finance is concerned.
Do you remember the Lockheed bailout, and the Chrysler bailout? Do you recall the "They're too big to fail" philosophy? When we stood by and watched our government rescue arrogant idiots because their failure would "put too many people out of work" we sowed the seeds of the nonsense we endure today. I wish I had the wit to change it.
I'm sure readers will consider this a rant. That's a shame. None of these things are secrets, nor are their results unclear.
Fred
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