Each Firm Held Its Rope; One By

Incredibly, At This Critical Juncture In Financial History, After Which So Much Changed So Quickly, The Only Constraint In The Subprime Mortgage Market Was A Shortage Of People Willing To Bet Against It.

There Has Been This - And It's Reflected In The Broadcasts - This Moronic Use Of Statistics. Which Has Suggested To Everyone Who Is Intelligent The Use Of Statistics Is Moronic.

In Their Leaders, Advisers, And Experts, People Much Prefer Overconfidence, Total Certainty, To Any Kind Of Doubt.

The Big Wall Street Firms, Seemingly So Shrewd And Self-interested, Had Somehow Become The Dumb Money. The People Who Ran Them Did Not Understand Their Own Businesses, And Their Regulators Obviously Knew Even Less.

The Irish Turned In On Themselves And Bid Up Their Own Land Prices In The Most Extraordinary Ways... The Irish People Stepped In And Guaranteed The Banks, And Committed To Repay Sums They Can't Afford To Repay, And Essentially Committed Themselves To Generations Of Suffering.