The Model Used By Wall Street To

A Credit Default Swap Was Confusing Mainly Because It Wasn't Really A Swap At All. It Was An Insurance Policy, Typically On A Corporate Bond, With Semiannual Premium Payments And A Fixed Term.

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.

Wall Street Is Not Being Made A Scapegoat For This Crisis: They Really Did This.

The World Clings To Its Old Mental Picture Of The Stock Market Because It’s Comforting; Because It’s So Hard To Draw A Picture Of What Has Replaced It; And Because The Few People Able To Draw It For You Have No Interest In Doing So.

The Pleasure Of Rooting For Goliath Is That You Can Expect To Win. The Pleasure Of Rooting For David Is That, While You Don’t Know What To Expect, You Stand At Least A Chance Of Being Inspired.