Wednesday, March 3, 2010

"Doomsday cycle"

A new report by economists and former regulators states that the financial system is in a "doomsday cycle" where banks borrow money to engage in foolish risks. It sounds like the "too big to fail" banks are up to their usual tricks. And remember what Albert Einstein said, "The definition of insanity is doing the same thing over and over and expecting different results." The panel expects an even larger crisis to emerge soon.

I've said it once and I'll say it again.


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