File Size: 986 KB
Print Length: 313 pages
Publisher: W. W. Norton & Company; Reprint edition (March 15, 2010)
Publication Date: March 15, 2010
And the pieces are all in position for another beast Wall Street blow-up, to be able to be bailed out once more by unwitting (and unwilling) taxpayers ("TBTF"). Wall Street has figured out just how to pass each of the risk of gambling with additional peoples' money to the particular taxpayers, while keeping all of the profits on their own. You don't even want to be be a good investor in the share market anymore to obtain fleeced. Uncle Sam may reach into your wallet on behalf of Wall Street!
Lewis warned us of the particular danger after the first time it happened, but evidently nobody listened (or not necessarily the best people). Page 163: "The mortgage trading table started out corner shop to be able to supermarket. By increasing the particular number of products, they will increased the number associated with shoppers. The biggest consumers, the thrifts, often got a very particular want. They wanted to develop beyond the limits enforced with the Federal Home Mortgage Bank Board in Washington. It was a continuous struggle to stay a single step ahead of music regulators in Washington. Many 'new products' invented simply by Salomon Brothers were outdoors the rules of the particular regulatory game; these were not necessarily required to be detailed on thrift balance bedding and therefore offered a approach for thrifts to develop. In some cases, the particular sole virtue of the new product was their classification as 'off-balance sheet. ' To attract brand new investors and dodge brand new regulations, the market started to be ever more arcane and complex. "
Could it be any kind of wonder that the same thing happened again in 2008?
If there's any doubt that Wall Street acts solely in their self-interest (customers are there to absorb losses, nothing else), Lewis lays it out on page 199: "I should have got felt guilty, of program, but guilt was not necessarily the first identifiable sensation to emerge from our exploding brain. Relief was. I had formed told him the particular news. He was shouting and moaning. And this was this. That was all he or she could do. Shout and moan. That was the particular beauty of being a middleman, which I did not necessarily appreciate until that instant. The client suffered. I failed to. He wasn't going to be able to kill me. He wasn't even likely to sue me personally. I wasn't going to be able to lose my job. Upon the contrary, I was a minor hero at Salomon for dumping the sixty thousand dollar loss into somebody else's wallet. "
Taxpayer, sew upward your pockets.
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