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Validation from Above

By Brian | March 9, 2009 | Share on Facebook

Me:

Many of the boutique firms, who existed solely because of the MBS market, went out of business quickly, since they had little to no leverage to write and hold mortgages themselves. This made it even harder to get a loan, because it reduced the supply of available creditors.

(It also meant that the worst actors in this whole scenario had vanished, leaving Congress, the President and the media to assign blame to other, less nefarious players, such as Wall Street CEO

Topics: Money Talk | 2 Comments »

2 Responses to “Validation from Above”

  1. Jeff Porten says at March 12th, 2009 at 4:10 am :
    Just want to be clear here: you’re stating that Lewis’ op-ed is entirely statements of fact, with no misinformation? Because he sounds like he’s writing about a different planet, and I trust you more than I trust him.

  2. Brian says at March 12th, 2009 at 8:50 am :
    Well, if it were entirely statements of fact, it wouldn’t be called an Op-Ed, now would it?

    The article is Lewis’ opinion, but it contains facts to back up his opinion, many of which were the same facts that I (independently) presented in my blog post.

    That said, it doesn’t contain any misinformation that I can see. I hope that your “he’s writing about a different planet” reaction serves as evidence to you about how badly misinformed you’ve been by everything you’re reading/seeing about the crisis in the media, but I’m guessing you don’t trust me that much…