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Lokicious,

Enjoyed the Pearlstein piece and your comments.

I've followed John Mauldins newsletters and guest commentaries for years, with much of his views on econ. and Wall Street now playing out.

I just finished watching Enron: The Smartest Guys in the Room. I maybe the last one on this board to see it, if not, I recommend it.
I can't help to see many parallels to what we are experiencing now. First the "revelations" of subprime lending, the formation of SIV's
and all the other alphabet soups derivatives, the slicing and dicing of the same assets being leveraged over and over then more...the shadow banking.
So many hands in the pot and we're to think no one knew this was a big domino game? This went on for a long time. No watchdogs anywhere???

Well... I'm sure many got EXCELLENT returns I'm not that naive to think otherwise.
It looks like there are trillions of losses yet to write off. We're far from over.
Still investors loved the high returns, just smoke & mirrors.

Months ago John Mauldin said this credit crisis is really a crisis of confidence. I'm really beginning to get that.

Thanks,
Welshmade
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