Prior Slumps
Interesting info graphic comparing prior sell offs in today's Barron's, via the boys at Bespoke:
Source:
Lessons From Yesterday's Slumps
DIMITRA DEFOTIS
SEPTEMBER 15, 2008
http://online.barrons.com/article/SB122127135441131259.html
Saturday, September 13, 2008 | 11:59 AM | Permalink
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BR, nice Forbes piece on the too much deregulation and Ayn Rand. My comments last June in your entry about Greenspan's book are so similar (all the way down the Ayn Rand tie-in), I feel compelled to repost: "Greenspan's greatest shortcoming was always his faith in the integrity of the private sector. During the late 90s, he pointed to the economic projections and opinions of Wall Street analysts as justification for not taking a more skeptical and proactive stance towards the tech bubble. And then during the home price run-up, he figured that lenders could be trusted to act prudently and responsibly even as the ducks quacked for 1% loans. Greenspan naively saw analysts and brokerages and banks and credit card companies as lean, mean, rational private sector machines that would act according to some sort of hard-edged, but straight-laced rulebook of risk management. It never seemed to occur to him that these people are sharks who, if given the opportunity, will ALWAYS put their own dreams of wealth above the truth, the long-term viability of the system and the well-being of their firms. All of this of course makes Greenspan's devotion to Ayn Rand very ironic."
Posted by: Eric | Sep 13, 2008 12:29:59 PM
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