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  • "This applies not only to particular institutions like Bear Stearns, or even to mortgage mega-firms like Fannie and Freddie, but to finance in general. When it seemed necessary, public monies were indeed funneled in the general direction of the banking/brokerage community to shore up the whole rickety structure. This allowed one burst bubble -- the dot-com debacle -- to be replaced by another, namely our late, lamented mortgage/collaterized-debt-obligation bonanza, just now dramatically going down the tubes."

    - Steve Fraser, 'The End of a Gilded Age', 18 Sep 2008.

    September 19, 2008