The stupidity of those who work in banking and finance is mindboggling. The more I read the more I wonder how we can have allowed these morons to get into positions of power. Today I have been reading two things which reinforced that view.
The first was a McKinsey report on "deleveraging". "Deleveraging" means paying off debt, which might not be immediately obvious to you, btw. In the course of the paper they had this astonishing insight:
QUOTE
Rising house prices meant that the ratio of household debts to assets appeared stable in the years prior to the crisis. But the household debt compared with disposable income increased significantly, which should have raised a red flag long before the crisis hit.
You astound me, Holmes: not. Just what kind of a mouthbreathing thickoid do you have to be to miss that? Just how unaware of your own stupidity do you have to be to imagine that stating that in an investigation into the "crisis" does anything but show you up as the idiot you are? Just how widespread does that kind of thinking have to be to conclude that this "insight" will be helpful in identifying "asset bubbles" in the future. The dogs in the street are facepalming, and it is not easy for them!!
The second thing I read was this:
http://mobile.bloomberg.com/news/2011-11-2...everaging-.htmlBanks are paying private firms to take away the toxic assets. In the name of the wee man what kind of madness is this? You judge.
For myself I think we should cancel all this debt and appoint responsible adults to look after these folk in a care home ..
