Civilization, in every generation, must be defended from barbarians.
The barbarians outside the gate, the barbarians inside the gate, and the barbarian in the mirror...
Monday, September 29, 2008
The Perpetrators In Action
Some historical video from Fannie Mae/Freddie Mac hearings of the past. Toward the end we have Franklin Raines saying that a 2% reserve ratio (50 to 1 leverage!) is fine because the assets are "so riskless".