Quotes for the Day

Quote for the Day …

“The financial crisis that began late last summer, then took a brief vacation in September and October, is back with a vengeance.

“How bad is it? Well, I’ve never seen financial insiders this spooked — not even during the Asian crisis of 1997-98, when economic dominoes seemed to be falling all around the world.

“This time, market players seem truly horrified — because they’ve suddenly realized that they don’t understand the complex financial system they created.”

-- Economist Paul Krugman

Second Quote for the Day …

“Greenspan was an arsonist and a fireman combined. He derived all his glory from his reaction to the savings-and- loans crisis, to the collapse of Long-Term Capital Management LP, and to Sept. 11, 2001. But LTCM and the savings-and-loans crisis were his doing. He absolutely failed to see where the malfunctions in the U.S. economy were.

“He was a very bad Federal Reserve chairman. He created four major crises: savings and loans, LTCM, new-technology shares, and subprime mortgages.”

-- Patrick Artus, chief economist of Natixis SA

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