or Powell's or me• • •
"Mike and Jon, Jon and Mike—I've known them both for years, and, clearly, one of them is very funny. As for the other: truly one of the great hangers-on of our time."—Steve Bodow, head writer, The Daily Show
•
"Who can really judge what's funny? If humor is a subjective medium, then can there be something that is really and truly hilarious? Me. This book."—Daniel Handler, author, Adverbs, and personal representative of Lemony Snicket
•
"The good news: I thought Our Kampf was consistently hilarious. The bad news: I’m the guy who wrote Monkeybone."—Sam Hamm, screenwriter, Batman, Batman Returns, and Homecoming
October 23, 2008
Captain Greenspan Is Shocked, Shocked To Find That Gambling Is Going On In Here
This is from Alan Greenspan's testimony today (pdf) in front of the House Oversight Committee:
Those of us who have looked to the self-interest of lending institutions to protect shareholder’s equity (myself especially) are in a state of shocked disbelief.
Hank Paulson then responded that the bailout may be the "beginning of a beautiful friendship" between himself and Greenspan.
MORE: How long do states of shocked disbelief last? I see Greenspan said exactly the same thing in an op-ed back in March:
Those of us who look to the self-interest of lending institutions to protect shareholder equity have to be in a state of shocked disbelief. But I hope that one of the casualties will not be reliance on counterparty surveillance, and more generally financial self-regulation, as the fundamental balance mechanism for global finance.
Prudently, however, Greenspan has removed his call for continued "self-regulation" by financial markets from today's testimony.
—Jonathan Schwarz
Posted at October 23, 2008 01:17 PMI guess all those years in bed together don't count.
Posted by: Mike Meyer at October 23, 2008 01:53 PMHe said what had been “a critical pillar to market competition and free markets did break down. And I think that, as I said, shocked me. I still do not fully understand why it happened.”
But give me some time to come up with a plausible excuse. We're too close to the event to plausibly deny it...
Perhaps he, and the quant wunderkids can get into a room to discuss it in detail.
Into which I would pour 200,000 famished rats and lock the door...
Posted by: Labiche at October 23, 2008 02:27 PMGoniff.
Posted by: Pvt. Keepout at October 23, 2008 02:43 PMIrrational Protuberance!
Posted by: MarcLord at October 23, 2008 03:59 PMThe "self-regulation" thing I understand - you just act righteously because you're good people, but I wonder how this "counterparty surveillance" thing is supposed to work. Is it, like, Morgan Stanley rats out the Lehman Brothers, or something?
Posted by: abb1 at October 23, 2008 04:36 PM...I wonder how this "counterparty surveillance" thing is supposed to work...
Do a google on it and select the link that brings up google.books "The Age of Turbulence". It doesn't allow a cut and paste, but it's the type of drivel that I'd expect from an enamored high school reading on the nobility and morality of markets.
Posted by: Labiche at October 23, 2008 05:03 PMOh yeah, a debate will clear everything up and determine who's the good guy, so we can all rest easy afterwards.
Posted by: Tupac at October 24, 2008 12:28 AMAn amusing allusion:
http://www.youtube.com/watch?v=nw-Xgpulf64
Posted by: Mike at October 25, 2008 04:39 PMAn amusing allusion:
http://www.youtube.com/watch?v=nw-Xgpulf64
Posted by: Mike at October 25, 2008 04:39 PM
