Quote:
Originally Posted by Charles
I read that the money tied up in derivatives is something like 10 times the GNP of the entire world. Certainly points out the difference between wealth and money. No wonder Buffet calls them "Weapons of mass destruction".
My crude analogy has been that derivatives were like side bets on a crap game. And if you ever saw L. Hanks shooting craps at the Country Club, blind drunk, I think you might agree.
Where were the regulators when we needed them? Licking their master's boots, I suppose.
Chas
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Chas it is the red rectangle at the bottom of the post.
You can thank that barking idiot Phil Gramm for repealing the Glass Stegal Act and Clinton's finance guru Robert Reich for telling Bill it was a good idea. Harry Truman had it right when he asked for a one-armed economist. Put two economists in a room and they will come up with at least four theories.
You might just as well consult a tea leaf reader as an economist.