Tina K. Russell

December 5, 2008

The economic crisis, in sum

Filed under: Uncategorized — Tags: , , , , — Tina Russell @ 8:16 pm

Paul “Tails” Krugman:

Op-Ed Columnist – Lest We Forget – NYTimes.com
One answer to these questions is that nobody likes a party pooper. While the housing bubble was still inflating, lenders were making lots of money issuing mortgages to anyone who walked in the door; investment banks were making even more money repackaging those mortgages into shiny new securities; and money managers who booked big paper profits by buying those securities with borrowed funds looked like geniuses, and were paid accordingly. Who wanted to hear from dismal economists warning that the whole thing was, in effect, a giant Ponzi scheme?

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2 Comments »

  1. nobody wants to hear the cake is a lie

    Comment by prfx — December 5, 2008 @ 10:15 pm

  2. Yes, but all we need to do to fix the economy is to press the Aperture Science 15,000-Megawatt Super-Colliding Super-Button.

    Come to think of it, I hope Aperture Science gets a bailout. So many jobs depend on them, for the people who are still alive.

    Comment by Tina Russell — December 5, 2008 @ 10:27 pm


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