Originally posted by Freamon
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"Experience hath shewn, that even under the best forms of government those entrusted with power have, in time, and by slow operations, perverted it into tyranny. "
Thomas Jefferson -
Originally posted by Ruprect View PostLike I said, indirect at best. Lack of regulation around packaged debt was a little more significant IMO"A life, Jimmy, you know what that is? It’s the s*** that happens while you’re waiting for moments that never come." -- Lester FreamonComment
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Originally posted by Freamon View PostYou seem wilfully oblivious to this.
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Originally posted by Freamon View PostThe reason the packaged debt marked imploded was that the models used to price those packages all had the assumption that the valuation of the assets behind them (houses) was not a bubble valuation and that those asset values could never fall. For the regulators to spot that issue, they would have needed to have accepted that the underlying asset valuations were wrong, i.e. the credit bubble existed. So, in my view, the lack of regulation was in large part thanks to the philosophy of the regulators that as long as they could "control" "prices" i.e. RPI/CPI they did not have to worry about asset bubbles and by extension the fallout that the bursting of those bubbles would cause. King even says so in the quote above, when he cites Greenspans view that regulators could just "mitigate the fallout when it occurs"."Experience hath shewn, that even under the best forms of government those entrusted with power have, in time, and by slow operations, perverted it into tyranny. "
Thomas JeffersonComment
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Originally posted by Ruprect View PostAgain you're creating your own cause and effect without backing it up. Trouble is I suspect now you're so entrenched in your own argument that you'll keep digging regardless of what anyone else suggests"A life, Jimmy, you know what that is? It’s the s*** that happens while you’re waiting for moments that never come." -- Lester FreamonComment
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Originally posted by Freamon View PostClearly you disagree, although you haven't really explained why. Your counter-argument so far has essentially consisted of "oh no it doesn't".
To be fair, I'm not trying (can't be bothered) to have an argument, just pointing out some holes in yours."Experience hath shewn, that even under the best forms of government those entrusted with power have, in time, and by slow operations, perverted it into tyranny. "
Thomas JeffersonComment
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Originally posted by Ruprect View PostTo be fair, I'm not trying (can't be bothered) to have an argument, just pointing out some holes in yours.Comment
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Originally posted by Ruprect View PostIt's behind you
To be fair, I'm not trying (can't be bothered) to have an argument, just pointing out some holes in yours."A life, Jimmy, you know what that is? It’s the s*** that happens while you’re waiting for moments that never come." -- Lester FreamonComment
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