Its all original and unedited.
I wanted to recapture the feel for the crisis, what we were thinking and hearing, and how it unfolded in all its fraudulent ugliness and uncertainty.
There was panic selling in the world markets. Banks and financial institutions were falling like a house of cards.
It was mostly a time of fear and uncertainty, as an avalanche of financial fraud and the mispricing of risk came crashing down around us.
It's worth a reminder for those who have forgotten what a serious market decline is like.
You may see the postings on X here.
Below is a small sampling of the charts.
Here is a summation of the Five Major Causes of the financial crisis according to Joe Stiglitz in 2008:
- Reagan's nomination of Alan Greenspan to replace Paul Volcker as Fed Chairman
- The Repeal of Glass-Steagall and the Cult of Self-Regulation
- Bush Tax Cuts for Upper Income Individuals, Corporations, and Speculators
- Failure to Address Rampant Accounting Fraud Driven by Excessive and Flawed Compensation Models
- Providing Enormous Bailouts to the Banks without Engaging Systemic Reform for the Underlying Causes of the Failure
I would like to say we have reformed the system of most of these failings. But alas, we have not.
In retrospect the major bull market in gold found its start here as nations and individuals rushed to buy physical gold, dislocating the relationship between the physical and paper markets.
Obama's failure to reform, which was the mandate that underwrote his election, was a critical failure. And he never followed through on it over his eight years as president.
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| Bank Bailouts Were Larger Than US Cost for WWII |
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| All the Gains from the End of the Tech Bubble Bust Were Wiped Out |
