Want Neighborhood Scoop? Ask a Neighbor I just sold my first “Petters home” today (“sold” is Realtor-speak for representing the Buyer). The former owner apparently was burned in Tom Petters’ Ponzi scheme, and the financial fallout cost them their house. (Petters was a prominent Twin Cities businessman and now convicted felon serving a very long...Read More
Too Big to Fail? Try, Too Complex to Reform Banks are like the heart that pumps blood ” credit ” to our country’s corporate muscles. If that heart is malfunctioning, any recovery will be anemic. But heart surgery is a very complex thing. You wouldn’t want yours done by a plumber or a politician. –Thomas...Read More
Goldman-Speak for “Mug” Too-big-to-fail firms have become loss transmitters and accelerators to the rest of the system. –“An Ex-Goldman Partner Lets Loose on Wall Street“; Time (2/2/2010). Hmm . . . “loss transmitter and accelerator??” By the same logic, I suppose that the recent, devastating Haiti earthquake was “a focused diffusion of geologic energy.” Or...Read More
