Comment

Haircuts-- by Gary Gorton

1
(I Stand By What I Said Whatever It Was)11/20/2011 3:18:31 pm PST
One thing he makes very clear is that the Securitzation Products we hear so much about are not going away and are essential if we are going to have a vibrant economy in our Brave New World.

I call bullshit. There is no need to rely on fraud for a vibrant economy. Though I will admit that fraudulent activity can give birth to bubbles that will temporarily “speed up” an economy… but payback is always going to be hell.