“CDOs were flawed from the outset, used too often as a junkyard for risky and substandard assets. CDOs survived because of changes in the credit markets that produced an excess quantity of these assets and herds of investors hungry for higher yields.” — Anna Katherine Barnett-Hart, “The Story of the CDO Market Meltdown: An Empirical Analysis”
Locusts + crops = stubble
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2 thoughts on “Locusts + crops = stubble”
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I’m looking out over the wreckage. It’s not pretty.
We’re living in the wreckage, all of us, whether we can look out over it or not. And our so-called leaders don’t want to tell us any more of the truth than they absolutely have to, insofar as they are able to understand it, which some of them apparently are not. We are bankrupt, as a nation and as a society, pure and simple. There is no easy way out.