February 19, 2009
Crisis of Credit

An interesting visual depiction of how CDOs work. I am not sure I buy the implied predatory lending, I think there were just as many predatory borrowers. After all, are we to imagine that mortgage brokers had a monopoly on "greed"?

Posted by Craig Depken at 06:41 PM in Economics

The statesman who should attempt to direct private people in what manner they ought to employ their capitals would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it. -Adam Smith

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