Friday, Sep 19, 2008
Shooting the messenger
Evening Standard: Only a fool will blame us short-sellers
A very interesting read, and a cautionary tale about Einhorn vs. Lehmans.
“But look at it logically. We had this huge bubble of credit which was engineered by the government. It suited Gordon Brown to have all this money around. It produced lots of taxes which he was able to use to finance political schemes. That bubble has now burst. Jobs are being lost. Not because I have shorted shares but because those workers have been let down by policies that couldn't be sustained.”
Posted by paul @ 11:37 AM (422 views) Add Comment
6 Comments
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1. Mark Grindell said...
Yes. That is a very very perspicacious comment.
But I would have been more energetic when describing the malfeasence underlying that bubble.
And probably much more rude.
2. Landedgentry said...
So banks could short all other sectors / industries when they were/ are in trouble, but we can't short banks?
3. whiteknight said...
A year later on. And..... these clowns go for the same types of solutions they tried last year.
Why the hell are shares rallying on the rumour that the FED and the US government have a solution to the whole thing.
WHAT SOLUTION!!!? One they didn't declare before now?! I am incredulous.
And do i hope the word clowns sounds as contemptuous when it is read as when i write it.
Get gone. get gone.
4. Pundit said...
The politicians will blame everybody else but themselves!
5. Lloyd said...
Least we forget all politicans are fools, and crooks, oh and now most if not all property millionairs!
6. plato said...
This is another case of diversionary action. Expose and remove the apparent causes of the Banks' demise. Look good and stimulate confidence. Not the Real causes though.
Hokus Pokus! The markets recover............... Not for long they don't................. but expect more magic tricks before this episode is over.
Volatility is becoming normal.
Lots of money to be made by sharp investors here. Lots of money is being lost by joe public though.