As Nicholas Bloom of Stanford notes: “They assume they are fine because
they see everyone else buying it.”
They assumed it was fine because the ratings agencies gave AAA-ratings to crap they didn't understand.
Sunday, January 27, 2008
THE BABBLER DEFENDS GREED & STUPIDITY
Yes, I'm talking about David Brooks of the NY Times. (h/t Mister Leonard Pierce at The Poorman) The Babbler defends the sub-prime meltdown by quoting another fool:
They assumed it was fine because the ratings agencies gave AAA-ratings to crap they didn't understand.
They assumed it was fine because the ratings agencies gave AAA-ratings to crap they didn't understand.
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