Excellent Book !

That cemented my skepticism of how the system really works.

Shows how history repeats itself and much of the bubble's genesis

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Ya think?

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GORDO, traitor to free enterprise.

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http://www.cbc.ca/news/interactives/map-tsx/

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That's an oxymoron. If they're paid, they're not volunteers.

It is true that the provincial government will pay public servants to work for the Olympics, with their salaries not accounted for in the tally of the games' cost.

Thank you Gordo.

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This excellent Michael Lewis (of Liar's Poker fame) article will scare the hide off the craggiest stock market bear. Did me. We ain't seen nothing yet. One of the best things I've read all year in my near ADD-level of house and stock bubble article browsing

http://www.portfolio.com/news-markets/national-ne…

"But he couldn’t figure out exactly how the rating agencies justified turning BBB loans into AAA-rated bonds. “I didn’t understand how they were turning all this garbage into gold,” he says. He brought some of the bond people from Goldman Sachs, Lehman Brothers, and UBS over for a visit. “We always asked the same question,” says Eisman. “Where are the rating agencies in all of this? And I’d always get the same reaction. It was a smirk.” He called Standard & Poor’s and asked what would happen to default rates if real estate prices fell. The man at S&P couldn’t say; its model for home prices had no ability to accept a negative number. “They were just assuming home prices would keep going up,” Eisman says. "

… "“You have to understand this,” he says. “This was the engine of doom.” Then he draws a picture of several towers of debt. The first tower is made of the original subprime loans that had been piled together. At the top of this tower is the AAA tranche, just below it the AA tranche, and so on down to the riskiest, the BBB tranche—the bonds Eisman had shorted. But Wall Street had used these BBB tranches—the worst of the worst—to build yet another tower of bonds: a “particularly egregious” C.D.O. The reason they did this was that the rating agencies, presented with the pile of bonds backed by dubious loans, would pronounce most of them AAA. These bonds could then be sold to investors—pension funds, insurance companies—who were allowed to invest only in highly rated securities. “I cannot f**king believe this is allowed—I must have said that a thousand times in the past two years,” Eisman says.

His dinner companion in Las Vegas ran a fund of about $15 billion and managed C.D.O.’s backed by the BBB tranche of a mortgage bond, or as Eisman puts it, “the equivalent of three levels of dog sh*t lower than the original bonds.” "

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Damn another one to join one in Florida,Wrap up your office Yatokowsky or join your brother on the front page in florida. Your Job Yatokowsky your job is going to leave your soul hold it tight.

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