Nick Arnett wrote: > > How could we have known what we apparently "should" have known about > valuations? How much research should a non-real estate professional > be expected to figure out when buying a house? If financial professionals > can't make sense of the value of sub-prime paper, how could the rest > of us be expected to? > Back in 1991 or so (could be a few years latter), I learned what USA people were doing with the houses: each USA middle class citizen was living in a house that was not his/hers, in debts that were of the order of magnitude of 3 times what they actually owned.
Back then, I had no training in Economics. I said that it was wrong. The reply? "Everybody is in debt, so nobody will have to pay anything". > For those among us who oppose government regulation, does this > include opposition to regulation whose purpose is to limit > complexity? (Which I'm thinking would also help avoid chaotic -- in > the mathematical sense -- behavior in the markets.) > The only way a g*vernment can control the complexity of the market is by making everything the private property of Our Beloved Leader. Anything else either creates a complex market, or a more complex black market. Alberto Monteiro PS: mathematical chaos is a good thing :-) _______________________________________________ http://www.mccmedia.com/mailman/listinfo/brin-l
