Comments on: Greed + Incompetence + A Belief in Market Efficiency = Disaster http://www.ritholtz.com/blog/2009/01/greed-incompetence-a-belief-in-market-ef%ef%ac%81ciency-disaster/ Macro Perspective on the Capital Markets, Economy, Geopolitics, Technology, and Digital Media Tue, 14 Feb 2012 22:30:38 +0000 hourly 1 http://wordpress.org/?v=3.0.5 By: VangelV http://www.ritholtz.com/blog/2009/01/greed-incompetence-a-belief-in-market-ef%ef%ac%81ciency-disaster/comment-page-1/#comment-142604 VangelV Fri, 30 Jan 2009 01:16:43 +0000 http://www.ritholtz.com/blog/?p=17498#comment-142604 Grantham missed something else that was very important. Without the actions and promises of the Fed to remove fear of failure from many of the most important actors the arrogance and incompetence would not have been allowed to survive as long as it did. In a real free market system failure would have been punished a long time ago and the risks would not have been permitted to grow as they did in a world where central banks exist and governments can pretend that fiat money is as good as gold. Grantham missed something else that was very important. Without the actions and promises of the Fed to remove fear of failure from many of the most important actors the arrogance and incompetence would not have been allowed to survive as long as it did. In a real free market system failure would have been punished a long time ago and the risks would not have been permitted to grow as they did in a world where central banks exist and governments can pretend that fiat money is as good as gold.

]]> By: Maseratij http://www.ritholtz.com/blog/2009/01/greed-incompetence-a-belief-in-market-ef%ef%ac%81ciency-disaster/comment-page-1/#comment-142452 Maseratij Thu, 29 Jan 2009 15:23:47 +0000 http://www.ritholtz.com/blog/?p=17498#comment-142452 This is a great blog that consistently delivers tidbits like this one. I believe this economic crisis is an indictment of an entire generation. Hard core White on White crime with unethical money managers stealing the retirement assets of their entire generation ! Will they be held accountable? Were the Underground Weathermen, Black Panthers, the hippies who descended on San Francisco for the Summer of Love? Oh just kids being kids was more the response, now look how they behave when there are no consequences. My parents, your parents, the baby boomers themselves have to demand the accounting of this industries behavior. This is a great blog that consistently delivers tidbits like this one. I believe this economic crisis is an indictment of an entire generation. Hard core White on White crime with unethical money managers stealing the retirement assets of their entire generation ! Will they be held accountable? Were the Underground Weathermen, Black Panthers, the hippies who descended on San Francisco for the Summer of Love? Oh just kids being kids was more the response, now look how they behave when there are no consequences. My parents, your parents, the baby boomers themselves have to demand the accounting of this industries behavior.

]]> By: Mike in Nola http://www.ritholtz.com/blog/2009/01/greed-incompetence-a-belief-in-market-ef%ef%ac%81ciency-disaster/comment-page-1/#comment-142385 Mike in Nola Thu, 29 Jan 2009 12:52:48 +0000 http://www.ritholtz.com/blog/?p=17498#comment-142385 Yes, the narrowness of academics means that we are going to be treated to the application of Bernanke's answers to what went wrong in the 1930's even though they are clearly not working. His paper was published. It must be right. It <i>has</i> to be right. I wonder if, in 20 years, Bernanke will be regarded as the present-day George F. Warren, inflicting his crackpot theories on the country until proved wrong by experiment. http://www.washingtonpost.com/wp-dyn/content/article/2008/12/30/AR2008123002660.html I am not as optimistic as Amity Shlaes. For more detail, see <i>Once in Golconda</i> By John Brooks Yes, the narrowness of academics means that we are going to be treated to the application of Bernanke’s answers to what went wrong in the 1930′s even though they are clearly not working. His paper was published. It must be right. It has to be right.

I wonder if, in 20 years, Bernanke will be regarded as the present-day George F. Warren, inflicting his crackpot theories on the country until proved wrong by experiment.

http://www.washingtonpost.com/wp-dyn/content/article/2008/12/30/AR2008123002660.html
I am not as optimistic as Amity Shlaes.

For more detail, see Once in Golconda By John Brooks

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