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The perceptive and common sense-rooted Ben Stein, in a business column in The New York Times, has weighed-in on the credit crisis, and for market absolutists, it's an argument they probably don't want to hear.

Stein, like many of us, has pondered how the massively well-paid men and women of Wall Street could create such a catastrophe. How did some of the smartest, talented executives, Stein ruminates, generate such immense losses that "they made banks clam up on lending -- at great risk to the economy?"

Compelling questions

Stein asks: Where were the fail-safe devices? The government watchdogs? The ratings agencies? A speech by Greenlight Capital hedge fund manager David Einhorn at a Grant's Interest Rate Observer event, provided the answers -- the unfortunate truths of the recent housing/credit boom -- which Stein summarized:

Continue reading Ben Stein: Perhaps the market isn't always right

Ben Stein: Perhaps the market isn't always right originally appeared on BloggingStocks on Mon, 28 Apr 2008 17:24:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>asset backed securitiesbank sectorBen Steinbond marketcredit crisiscredit crunchcredit marketsDavid EinhornderivativesEinhornGreenlight Capitalhousinginvestment banksKeynesiansleveragemonetaristsmortgage backed securitiesmortgage defaultsNew York TimesSECSecurities and Exchange CommissionSteinMon, 28 Apr 2008 17:24:00 EST