28-09-2008, 08:56 PM
Welcome Jim, it's good to have you here.
Do you happen to know if Fortis' troubles are because they are encumbered with the same worthless mortgage rubbish peddled by Wall Street to other tumblers and bumblers around the world?
It seems to me that a great deal of prior consideration of the need of an eventual rescue by the bank of last resort - us! - was given to these securities (or rather more accurately "insecurities") by the bank wrapping fraternity when they began peddling them. I just cannot see that this roulette game would've been sanctioned otherwise. The Fed and Old Lady (nor forgetting the Treasury mullahs) must've known what would ultimately happen in the years ahead and what the underlying game was. They simply kept silent and smiled.
Do you happen to know if Fortis' troubles are because they are encumbered with the same worthless mortgage rubbish peddled by Wall Street to other tumblers and bumblers around the world?
It seems to me that a great deal of prior consideration of the need of an eventual rescue by the bank of last resort - us! - was given to these securities (or rather more accurately "insecurities") by the bank wrapping fraternity when they began peddling them. I just cannot see that this roulette game would've been sanctioned otherwise. The Fed and Old Lady (nor forgetting the Treasury mullahs) must've known what would ultimately happen in the years ahead and what the underlying game was. They simply kept silent and smiled.
The shadow is a moral problem that challenges the whole ego-personality, for no one can become conscious of the shadow without considerable moral effort. To become conscious of it involves recognizing the dark aspects of the personality as present and real. This act is the essential condition for any kind of self-knowledge.
Carl Jung - Aion (1951). CW 9, Part II: P.14