david dissadent
New Member
"because they were so complex they were difficult to value" (on the MBS and CDOs) the so called toxic assets. This is wrong, there was a value for them. Its just the banks did not want to accept the value for them.
The Love of Money
- Thread starter Diamond
- Start date
London_Calling
Pleasant and unpatronising
Well, the thing was someone, somewhere had to stick a flag in the ground and say 'on me', and the Amricans were lost in their own ideological paradox. The best functioning experience was in the UK, as well as the most urgent need for a workable solution. No one anywhere else had a clue what to do and if they had, they likely wouldn't have had the influence to impact the markets.
Fwiw, there were two standout moments for me, Greenspan acknowledging markets are flawed, that he didn't understand they could go wrong like that, and that he got important matters wrong. Second, Alistair Darling's savage dismissal of Sir Fred Goodwin: "The first line of defence is having people sitting in Bank boardrooms that understand what is going on in their own business". Not what you want to be told as the Chairman of the 10th biggest bank in the world, as was.
Fwiw, there were two standout moments for me, Greenspan acknowledging markets are flawed, that he didn't understand they could go wrong like that, and that he got important matters wrong. Second, Alistair Darling's savage dismissal of Sir Fred Goodwin: "The first line of defence is having people sitting in Bank boardrooms that understand what is going on in their own business". Not what you want to be told as the Chairman of the 10th biggest bank in the world, as was.
big eejit
She looks like Alan Gilzean
To be fair Brown did have a very good crisis. I imagine he'll disappear into an electoral black hole cursing the ungrateful bastard electorate for not recognising his part in saving the global economy. In a global crisis I'd take Brown and Darling over Cameron and Osborne.
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