According to some Fed officials, the $B's at risk of losses as the subprime debacle unfolds will not create "systemic risk". Wow, these guys should retire from the Fed and kick Steve Cohen out of his digs in Connecticut. I wish I could predict the direction of Beta and proclaim it from the hills:
Warsh, Steel Don't See `Systemic Risk' From Subprime
But then again, as the Fed-genius himself quips referring to the downgrade by Moody's yesterday: "I don't think that was entirely unanticipated. Sometimes I buy a stock thinking it will go up and it doesn't.''
Maybe he should watch The Princess Bride and learn a lesson on terms like "systemic risk" from Inigo Montoya
Wednesday, July 11, 2007
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