Friday, May 7, 2010

Paul McCulley noted that the debt crisis (the shadow banking system, subprime mortgages, SIVs, etc.) was the equivalent of an under-age drinking party with the rating agencies handing out fake IDs.


That about sums it up!

1 comment:

  1. Funny and saddly pretty true. To be honest though there were lots more people getting drunk during the party. Title Companies, Mortgage Brokers, Real Estate Agents, Real Estate Developers and of course the GREEDY Consumer. Everyone lost sight of what the past had to teach each of us. The saying when things seem too good to be true comes to mind.

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