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Very much speculative bubbles being popped. One of the most interesting things was what Dr. Michael Burry (one of the main characters in Michael Lewis' The Big
by ra1n85 11y ago
Very much speculative bubbles being popped. One of the most interesting things was what Dr. Michael Burry (one of the main characters in Michael Lewis' The Big Short) noted in a recent interview:
"The biggest hope I had was that we would enter a new era of personal responsibility. Instead, we doubled down on blaming others, and this is long-term tragic."
http://nymag.com/daily/intelligencer/2015/12/big-short-genius-says-another-crisis-is-coming.html# http://nymag.com/daily/intelligencer/2015/12/big-short-geniu...
And having seen that things like interest only loans are still a thing, and very much still offered and applied for, I would tend to agree.
- rorykoehler 11y agoHuge amounts of fraud too. Wall street is basically a pyramid scheme at this point where everyone thinks they'll get out on time to get rich.... mirroring symptoms of a serious gambling addiction.
- ra1n85 11y agoWould agree, but I think greed doesn't fully capture the culture. Incompetence plays a large part in this, on the part of the regulators and the actual banks.
- rorykoehler 11y agoThe regulators refused to downgrade the credit ratings of products as the banks would go to their competitors if they did, and they would lose money. Corruption, greed, incompetence... call it what you like, it still falls under fraud. If there is one snapshot of behaviour in a capitalist system that highlights the flaw of the system it has to be this. Why do regulators need to make money? An absurd conflict of interest.