Lonesome Tree in Sandhills

Sunday, October 12, 2008

New Bonfire of Vanities

Talk about political red meat for NonsenseNews Chatter! The stock market flame-out has brought out a political blame-game bonfire almost as hot as the stock market crash itself.  Remember the movie, "Bonfire of Vanities"? 

The worst of them blames the bleeding-heart Democrats who helped people buy homes they could ill-afford if times got tough.  Guess its too much trouble to dig into the documentation of those bleeding-heart Republicans who helped people buy risky loans they could ill-afford if times got tough.

Well, its NOT for the faint of heart, unless you have a lot of time & courage to drill down into the evidence - apparently gushing talk-show hosts don't have either time nor courage!!!

Comments on Proposed Rule: Alternative Net Capital Requirements for Broker-Dealers That Are Part of Consolidated Supervised Entities  [Release No. 34-48690; File No. S7-21-03]

This financial house of cards would not have been as likely to collapse had the SEC followed the advice of Leonard Bole, software consultant to the U. of Chicago.  Bole's comments were the sole dissenting opinion in opposition to letting the investment banks use their own computer models to measure variable risk.  [Comments of Leonard D. Bole, L.D.B. Consulting, Inc., January 22, 2004 (File name: s72103-9.pdf)]

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