Humbug to yet another a modest proposal

But not funny. Or clever. Or swift. Perhaps it is Swiftean, but then I always thought Swift to be overrated.

A Wall Street Trader Draws Some Subprime Lessons: Michael Lewis

Sept. 5 (Bloomberg) — So right after the Bear Stearns funds blew up, I had a thought: This is what happens when you lend money to poor people.

Don’t get me wrong: I have nothing personally against the poor. To my knowledge, I have nothing personally to do with the poor at all. It’s not personal when a guy cuts your grass: that’s business. He does what you say, you pay him. But you don’t pay him in advance: That would be finance. And finance is one thing you should never engage in with the poor. (By poor, I mean anyone who the SEC wouldn’t allow to invest in my hedge fund.)

“Scrooge” Lewis strikes every wrong note on this piano. If you like watching car crashes, read it.


H/T: Barking Moonbat Early Warning System

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