Analogies I've heard the past year for the Mtg/Financial Crisis
"Buying a home right now, it's like trying to catch a falling knife."
"These mortgage-backed securities are radioactive."
"These loans are toxic."
"It's like a plane crash. [The Fed] is trying to stop the free-fall, and slow the crash landing."
"When a plane crashes, don't they investigate to see if was pilot error? Where's the investigation into this mess?" [Ed. Note: The FBI is now investigating 26 banks. Finally.]
My take:
Analogies oversimplify and belittle the danger to the public.
Can Paulson, Bernanke, all the banking committee Senators, SEC chairman Cox ... can they all just admit they failed us and resign with dignity? Please?
I personally don't blame King Paulson or Bernanke, per se ... but Paulson's used to be the head at Goldman Sach's, and the appearance of impropriety is way too strong here for me to stomach. Bernanke has been weak under pressure from Wall Street, and should have held the Feds Funds Rate over 4% from last year, in order to call the traders bluff last year, instead of letting the CRISIS build to now.
Any politician that took millions in contributions from Fannie, Freddie, and banks that have ceased to exist should also resign for the good of the public.
Say no to the $700 billion bailout. Call the bluff of the traders.
***
MEANWHILE ... the Pirates of Aden continue to hold Filipino hostages against their will in Somalia....
Labels: analogiess, bernanke, crisis, paulson, resign
posted by Skew | Tuesday, September 23, 2008
5 Comments:
heres an analogy for the financial crisis.
Now that's a great analogy!
I would assume the white stiff represents banks, and the cat represents borrowers who just watched their home depreciate 100% with no relief in sight!
The lady in the box must be the government, trying to box the consumer in before they run off and abandon the economy.
That scream at the end represents the sound the Lehmans Brothers CEO made when he realized his company was going bankrupt.
Darth Cheney has no power over the House anymore. No one was buying his bail out pitch.
But congressmen may still cave in to the "we have to do SOMETHING" fear...and OK the bill as long as it's not 700 billion....
I thought of the cat as the economy,
and I kind of thought of the guy trying to sell the cat as wall street investment bankers or economic experts trying to get the consumer to invest in the economy saying that the economy is good, trying to sell it, and then the economy gets out of its "master's" control as this docile pet is revealed instead to be some kind of a monster that eventually turns on and attacks its ownwer who is trying to sell it as a nice animal available to buy.
I guess the woman with the box is like the weak government trying to jump in and control the situation like you said,
and the guy at the end who says "he got under your car" is like the media bringing up an irrelevant fact like the way they bring up american idol, or britney spears, or whatever.
But it could be a metaphor for a lot of things.
its all in the eye of the beholder like the rorschach ink-blot test.
The question you have to ask is: am I trapped in here with you, or are you trapped in here with me?
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