[wdvltalk-social] oh sh*t ##

[joseph harris]

Roubini disappoints me; his eyes are still on the ground 
within the momentary crisis. Among his equals he is a giant, 
but his equals are not company I keep ;-).

However, since the bubbles in house prices are almost 
entirely caused by Printer Greenspan and Gordon the Unready, 
laxity in mortgage loan amounts and conditions [compare to 
50s and 60s] which got ridiculous, crooks offering 
sub-primes in a reckless and dishonest way and the wrapping 
up of this into securities that were corruptly mis-rated I 
do not see the mortgagee as the bad guy in all this.

The problem for all those inside the wood is that the 
enormity of what has happened has not yet been understood. 
If the wood is all elms and the problem is dutch elm 
disease...

J


> oh yes your mate at NYU's solution to the
> housing crises is to "tear up all mortgage
> contracts....."
>
> that is an economists solution????
>
> he may have predicted some things but
> I am starting to think those were coin flips.. ~(
> ----- Original Message ----- 
> From: "joseph harris"
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