http://online.wsj.com/article/SB119396956371280131.html?mod=yahoo_hs&ru=yahoo
click on title.
Thoughts on yesterday's Wall Street news and reportage:
No one mentions this but Michael Lewis, in "Liar's Poker," some 20 years' (?) ago explained why Salomon Brothers' and Lou Ranieri's securitization of mortgages was inheritly impossible of valuation: no one knew when the homeowner would sell his property and pay off the mortgage.
There was a Mallon interview yesterday on CNBC. He justified the subprime mess by saying,
No. 1: it generated a lot of fees;
No. 2: it helped a lot of people buy houses.
Item No. 1 is like the doctor saying to the patient: You have cancer but all is not bad: see that beautiful nurse over there? I'm dating that beautiful nurse over there!
Friday, November 2, 2007
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