Comments on: Michael Lewis’ Big Short an unsettling experience http://blogs.reuters.com/great-debate/2010/03/11/michael-lewis-big-short-an-unsettling-experience/ Thu, 21 Jul 2016 07:57:19 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: ARH http://blogs.reuters.com/great-debate/2010/03/11/michael-lewis-big-short-an-unsettling-experience/#comment-37471 Tue, 13 Sep 2011 14:12:50 +0000 http://blogs.reuters.com/great-debate/?p=6723#comment-37471 Anyone know how to get in touch with Cornwall Capital? I’m really impressed by their methods and I’m looking into establishing my own derivative based hedgefund.

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By: eltopo71 http://blogs.reuters.com/great-debate/2010/03/11/michael-lewis-big-short-an-unsettling-experience/#comment-32466 Tue, 28 Sep 2010 18:30:46 +0000 http://blogs.reuters.com/great-debate/?p=6723#comment-32466 “The wealth holders in this society weren’t all that clever”

Rubbish. They were extremely clever. They got one of their own appointed to the Treasury, spent the better part of a decade ruining their own balance sheets and awarded themselves billions of dollars every year for that favor, and when it all came collapsing they got YOU (the taxpayer) to pay for it through their buddy at Treasury and continued giving themselves billions of dollars in bonuses every year for starting the whole cycle again.

That’s nothing if not clever.

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By: Especulator http://blogs.reuters.com/great-debate/2010/03/11/michael-lewis-big-short-an-unsettling-experience/#comment-31242 Sat, 31 Jul 2010 15:25:05 +0000 http://blogs.reuters.com/great-debate/?p=6723#comment-31242 Actually alot of people were in self denial: Wall Street got drunk; to paraphrase Bush. My friend was in real state for over 30 years in Rancho Mirage, California. Yet, he was in denial the boom will continue to go….poor fellaw refuse to accept the reality.

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By: DOUBLEDIPPER http://blogs.reuters.com/great-debate/2010/03/11/michael-lewis-big-short-an-unsettling-experience/#comment-29357 Mon, 15 Mar 2010 12:30:54 +0000 http://blogs.reuters.com/great-debate/?p=6723#comment-29357 I’m not buying this story, they knew the meldown was coming and they were makeing money all the time the houseing bubble was growing Then GS godfather of wall street got out of the mess smelling sweet. More fiction than non fiction here IMO…

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By: DOUBLEDIPPER http://blogs.reuters.com/great-debate/2010/03/11/michael-lewis-big-short-an-unsettling-experience/#comment-29358 Mon, 15 Mar 2010 12:30:54 +0000 http://blogs.reuters.com/great-debate/?p=6723#comment-29358 I’m not buying this story, they knew the meldown was coming and they were makeing money all the time the houseing bubble was growing Then GS godfather of wall street got out of the mess smelling sweet. More fiction than non fiction here IMO…

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By: paintcan http://blogs.reuters.com/great-debate/2010/03/11/michael-lewis-big-short-an-unsettling-experience/#comment-29351 Sun, 14 Mar 2010 19:37:04 +0000 http://blogs.reuters.com/great-debate/?p=6723#comment-29351 What is scaring me a little is the fact that without all the “funny money” there may not be enough to go around. The country will try to return to the so called good old – equally illusory – days of “gilt edged securities”, but that will only work for those well placed.

I am beginning to resent that Obama’s stimulus money was spent on keeping teachers and firemen employed with their union negotiated contracts when he could have let them take a cut in pay like so many others – who had terminal cuts in pay. And why are Broadband services being extended to outlying areas with what is essentially grant money – when they could just as well have been expanded with bond issues?

Aren’t we seeing the full-fledged birth of a two-tier economy? It’s been talked about since Reagan. I expect the economy to be composed of those at the very well fixed top and the rest, just scraping by. The birth of the controllers and the great mass of abject controlled? The wealthy get what they want – the rest get only what they need according to definitions set by those at the top.

In a way – if this is the US economy of the future than we should be demanding that the very wealthy read Thorsten Veblen (Reagan would have found that book sarcastic) and take up the job of living like lords and spending money like water, in spite of the fact that Veblen seemed to be so supercilious about the historic phenomenon of conspicuous consumption. The top tiers of world wealth will have to pay it back somehow if they can’t stand to part with it in higher taxes. It will be their task to force feed themselves on all the gimmicks and come-ons the post industrial society seems to need to keep the money moving at all. And if “patriotism” and dieing for the cause is being touted too loudly – it will be their job to lead the way and pay most of the costs for wars that keep them secure and not just send those they deem expendable – to do their the dirty work for them. That was the saving grace of the historic lordly classes. They could often find their high places destroyed like those they ordered into battle.

This world of jobless recovery is being created by people who want to keep what they have without any risk what so ever.

The wealth holders in this society weren’t all that clever and they could find they created a system that trapped them into being cash cows for the rest of us. It will make me laugh to hear them say that their foresight was responsible for their success and position in the new world of very selective wealth and prevailing poverty. The successful have a disgusting habit of giving themselves credit for virtues and capacities they don’t always possess. They frequently have the ability to show that they can be the biggest spoiled brats than all the smaller people they tend to despise.

I am waiting to see whether Mr. Buffett actually invests in the enlargement of Burlington Northern or merely milks the vitality of it until it is worn out. He is not living in the days of those who originally built the railroads. He is hanging on to one of the few that survive at all without Government subsidies and promises to be the only game I that part of town.
In some ways there is very little difference between a business baron and a mafia lord. They can both buy the legal system and now, thanks to the recent Supreme Court decision, they can buy the whole Congress and presidency too. .

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By: Ghandiolfini http://blogs.reuters.com/great-debate/2010/03/11/michael-lewis-big-short-an-unsettling-experience/#comment-29350 Sun, 14 Mar 2010 18:40:53 +0000 http://blogs.reuters.com/great-debate/?p=6723#comment-29350 Yes Scott, what bothers me most is whether the US consumer and trader consumption patterns triggered a ‘global’ meltdown ? Why should the US take the credit/debit ?

It’s like the ‘Big Bang’ (I prefer “The Big Expansion”), was it one trigger/singularity or did everything come into existence at the same time ?

I think all 196 odd economies are to blame at the same time, else the US and its financiers must get us all out of this messy Big Dwang.

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By: jscott418 http://blogs.reuters.com/great-debate/2010/03/11/michael-lewis-big-short-an-unsettling-experience/#comment-29348 Sun, 14 Mar 2010 16:47:24 +0000 http://blogs.reuters.com/great-debate/?p=6723#comment-29348 If you want to know who to blame just look into the mirror. American’s from all walks fell into the trance of easy money. Taking out second and third mortgages, having multiple credit cards. Looking for risky investments which promise to pay back huge. People living way beyond their means. Government’s spending like tax payer’s did not care. Oh, the list goes on and on. But trust me we will not learn from it and it will happen again!

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By: Ghandiolfini http://blogs.reuters.com/great-debate/2010/03/11/michael-lewis-big-short-an-unsettling-experience/#comment-29346 Sun, 14 Mar 2010 13:13:51 +0000 http://blogs.reuters.com/great-debate/?p=6723#comment-29346 Great article.

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By: bluemen http://blogs.reuters.com/great-debate/2010/03/11/michael-lewis-big-short-an-unsettling-experience/#comment-29344 Sun, 14 Mar 2010 05:39:43 +0000 http://blogs.reuters.com/great-debate/?p=6723#comment-29344 It’s a sad state of affairs that all these very smart people are sucked up by the financial markets because of all the money they can make. We as a society lose out because many of them otherwise could have been doctors, engineers, scientists…

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