No, not that Paul of recent writings but another Paul, another of my really smart friends who just ruined my day. You see, I was just finishing up today's edition feeling rather good about myself when he rang up
"You know," sez he, "I think you're only getting half the picture. It's worse than you think."
"That so," sez me.
He then proceeds to explain where I'm way off base in yesterday's posting. We battle. We agree I'm not way off base but I did a lousy job of explaining what went on that it sure makes me appear way off base.
I have now scrapped today's posting and am trying to regain some credibility in a re-working of the world of derivatives. I knew what I meant to say but didn't say it very well. So thanks, Paul, so bloody much. See you tomorrow.
What we have is a financial system that has evolved into wild-west casino gambling. The money is now made with bets using new paper products such as financial derivatives. We are talking trillions of dollars in bets. The financial industry has become addicted to gambling on these products with extreme leverage. They have the ability to easily bring the economy down...true weapons of mass destruction.
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