drieuxster (drieuxster) wrote,
drieuxster
drieuxster

Proof Self Regulation Works!

most believed that “if it hadn’t been for A.I.G. F.P. the subprime-mortgage machine might never have been built, and the financial crisis might never have happened.” Lewis traces the unit’s downfall to Joe Cassano, who took over in 2001. AIG F.P. “was now run roughly by a man who didn’t fully understand all the calculations and whose judgment was clouded by insecurity.”
[ cf Looking for Someone to Blame? ]
But since there was no subprime mortgage melt down, and the financial industry is all safe, it can only be to the Majikal Invisible Foot of the Mighty all knowing all self regulating rational expectations of the greed trade in the GreedMarket!
Tags: economics
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