Location: Pantego, Texas, United States

Thursday, December 11, 2008

Erin Burnett interviewed Jamie Dimon, head of J P Morgan-Chase, today. Later someone elese mentioned that Dimon made a speech in 2006 warning about Fannie and Freddy and the dangerous over-leverage in the housing mortgage area, and starting de-leveraging J P Morgan-Chase. So, J P Morgan-Chase has come out of this financial crisis relatively intact so far. But other Investment Banks ignored the warning, and, apparently, some thought Dimon was making a mistake. I wish my broker would have reported this and recommended that I get out of financial stocks. It amazes me how much over-paid these Wall Street guys were, and still are. Apparently they thought they were genuises who knew how to juggle thinks so they could support 70 to 1 leverage forever. I wish I had known why they thought they were worth hndreds of million dollars per year. I guess they really thought they were alchemists who could spin horse manure into gold. Were they smart enough to know they were really running a Ponzi scheme?


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