--- In [email protected], "BD" <[EMAIL PROTECTED]> wrote:
>
> How did it happen, America's grave financial crisis? President
George W. Bush offered a bunch of explanations but held Washington
completely blameless, painting a picture of a government standing
innocently on the sidelines as the economy went off the rails.
> WHO is running the Country? This DIDN'T happen over night. People
have been talking about this for close to a year! Where was Washington?
> http://www.msnbc.msn.com/id/26891341/
>
> [Non-text portions of this message have been removed]
>
"Charlie and I believe Berkshire should be a fortress of financial
strength" wrote Warren Buffett. That was five years before the
subprime-credit meltdown.
"We try to be alert to any sort of mega-catastrophe risk, and that
posture may make us unduly appreciative about the burgeoning
quantities of long-term derivatives contracts and the massive amount
of uncollateralized receivables that are growing alongside. In our
view, however, derivatives are financial weapons of mass destruction,
carrying dangers that, while now latent, are potentially lethal."
-Warren Buffett 2002
ht
tp://www.marketwatch.com/news/story/derivatives-new-ticking-time-bomb/story.aspx?guid={B9E54A5D-4796-4D0D-AC9E-D9124B59D436}
