January 28, 2008

HousingPANIC Quote of the Day

“The Fed’s attitude is that they are here to clean up after bubbles burst, not prevent them from happening in the first place. This is a dangerous and irresponsible and reckless way to run the world’s largest economy.”

- Stephen Roach, Morgan Stanley, January 2008

8 comments:

Anonymous said...

Hey Stevie I bet that really bothered you on the upswing when you were getting fat bonus checks the last few years...

STFU

FredE said...

It seems like the current wisdom in the business world is that the only way to succeed is to live completely on the edge... advertising the world and trying to deliver it on as few shoestrings as possible; constantly teetering on the edge of viability and user acceptability.

So perhaps current economic policy similarly believes in living on the edge -- teeter on the edge of economic collapse and try not to actually tip over.

Illegals Everywhere said...

Another 50 rate cut on top of last weeks 75.. You can bank on it..

Anonymous said...

America has long ago become a reactive nation, instead of proactive. That's why we have bridges collapsing, Katrina type disasters, policy of open borders while trying to install a national Id card, 9-11, etc. If there's no money to be made for cronies, projects don't pass through.

Anonymous said...

Kinda like the guy who gets rid of the bodies, huh?

Mac10 said...

The Fed thinks that "A Pound of Cure is worth an ounce of prevention..."

Mammoth said...

Here’s another good quote - A tad off-topic, but those of you who are reading this while sitting inside an office cubicle will get a kick out of this.

Just came out of a meeting, in which a colleague said the following, and it sounded so funny I just had to write it down.

“That shouldn’t hold us up.
But it will, if it doesn’t happen”

Right outta Dilbert, man!

Anonymous said...

Anonymous said...

America has long ago become a reactive nation, instead of proactive. That's why we have bridges collapsing, Katrina type disasters, policy of open borders while trying to install a national Id card, 9-11, etc. If there's no money to be made for cronies, projects don't pass through.

I believe that is also the attitude of the people who purchased $500,000 homes with a $50,000 salary. It pervades everything now, like an epidemic of irrational greed. It is the ultimate explanation of what has gone wrong. I don't believe there is a cure for it other than "Depression Redux".