tag:blogger.com,1999:blog-3782644139927778760.post6154022723523273057..comments2008-02-15T12:25:43.527-05:00Yves Smithhttp://www.blogger.com/profile/03506020285476330865noreply@blogger.comBlogger8125tag:blogger.com,1999:blog-3782644139927778760.post-56545561947640395142008-02-15T12:25:00.000-05:002008-02-15T12:25:00.000-05:002008-02-15T12:25:00.000-05:00Howard Milstein did a little point work on this idea in the NYT a week ago. See, "More Wall Street socialism" post at guambatstew.blogspot.com, February 7, 2008.Guambat Stewhttp://www.blogger.com/profile/16326694461343482049noreply@blogger.comtag:blogger.com,1999:blog-3782644139927778760.post-45173843610237209872008-02-15T00:48:00.000-05:002008-02-15T00:48:00.000-05:002008-02-15T00:48:00.000-05:00Mark Twain on Congress also said:<BR/><BR/>"No man's assets are safe while Congress is in session."<BR/><BR/>I agree with Spectre: the fuckwads that stroll the halls of Congress will screw us, again.<BR/><BR/>And it goes without saying that the brass from the IBs and Mortgage Cos won't be penalized in any way. They're all members in good standing of the political donor class.Francoishttp://www.blogger.com/profile/10003386989005291824noreply@blogger.comtag:blogger.com,1999:blog-3782644139927778760.post-59017904223546388162008-02-14T10:14:00.000-05:002008-02-14T10:14:00.000-05:002008-02-14T10:14:00.000-05:00Anon of 7:30 AM and dave l,<BR/><BR/>Thanks for the catches. Have corrected the post. I try to double check, but obviously was not sufficiently careful.Yves Smithhttp://www.blogger.com/profile/03506020285476330865noreply@blogger.comtag:blogger.com,1999:blog-3782644139927778760.post-20514258986429608412008-02-14T09:07:00.000-05:002008-02-14T09:07:00.000-05:002008-02-14T09:07:00.000-05:00One might say there are no Nietzcheans when revaluation of all values affects their property adversely. More seriously, it is an interesting question about the economic vs psychological or moral conceptualization of the delaying tactics employed by the holders of of property declining in value in the market. The withdrawl of supply from the market tends to increase its value. So the stalling for time makes some sense from an isolated economic standpoint.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3782644139927778760.post-71038870802010290592008-02-14T09:04:00.000-05:002008-02-14T09:04:00.000-05:002008-02-14T09:04:00.000-05:00Suppose you were an idiot. And suppose you were a member of Congress ... but then I repeat myself. <BR/><BR/>- Mark Twain<BR/><BR/>Is there any doubt the jackarses will do it?SPECTRE of Deflationnoreply@blogger.comtag:blogger.com,1999:blog-3782644139927778760.post-22339633022170982902008-02-14T08:33:00.000-05:002008-02-14T08:33:00.000-05:002008-02-14T08:33:00.000-05:00"As Samuel Butler once said, the prospect of being hanged at dawn wonderfully focuses the mind."<BR/><BR/>Actually, that was Dr. Samuel Johnson.Dave Lnoreply@blogger.comtag:blogger.com,1999:blog-3782644139927778760.post-66604947304449112692008-02-14T07:50:00.000-05:002008-02-14T07:50:00.000-05:002008-02-14T07:50:00.000-05:00"Of course, that's one of the beauties of the originate and distribute model: there are so many parties in the food chain that it is hard to parse out culpability."<BR/><BR/>Culpability may be hard to determine, but it's pretty easy to see who's holding the bag - those who paid money to hold an asset that they didn't and don't know how to value. Come to think of it, doing that puts you pretty high on the list of guilty party in my book.anoreply@blogger.comtag:blogger.com,1999:blog-3782644139927778760.post-37174423015623405032008-02-14T07:38:00.000-05:002008-02-14T07:38:00.000-05:002008-02-14T07:38:00.000-05:00tpyo 3rd paragraph, schene =/ schemeAnonymousnoreply@blogger.com