----- Original Message ----- From: "Terry Blanton" <[EMAIL PROTECTED]>
To: <[email protected]> Sent: Sunday, November 09, 2008 6:08 PM Subject: Re: [Vo]:Give them an inch, they'll take a friggin' mile...
<snip>
And, yes, Greenspan admitted he FU. He opened the gates expecting the banks to protect themselves. He misjudged human greed. But, there was a wall and the CRA built the gates.
And scapegoaters are now in full cry. The finger of greed points everywhere since people realized that money could be treated as a commodity to be traded like the commodities market. From the greedy house-shopper to the CDO traders to the asset managers shopping the world for a fractionally better ROI -- all participate in the story. The lesson is **deterministic chaos** generated by feedback loops that nobody really understood. Blaming Greenspan is pointless. Nobody expected the consequences.
Aircraft safety is bought by analyzing crashes -- including the blood, sweat and tears.
Mike Carrell
