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#1
09-06-2007, 05:48 PM
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Michael Lewis looks at the subprime crisis
A Wall Street Trader Draws Some Subprime Lessons [ QUOTE ]
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.) [/ QUOTE ] 
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#2
09-06-2007, 06:47 PM
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Re: Michael Lewis looks at the subprime crisis
What a douchebag!
[ QUOTE ] At the time I bought the subprime portfolio I thought: This is sort of like my way of giving something back. I didn't expect a profile in Philanthropy Today or anything like that. I mean, I bought at a discount [/ QUOTE ] He bought it to make money and now he's whining because it went bad. He wasn't dealing with the poor, he was dealing with some other financial institution that sold him a bill of goods. He got bamboozeled by some other rich guy and deserves every bit of pain it brings him for not being as smart as the shark who unloaded that crap on him.
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#3
09-06-2007, 07:45 PM
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Re: Michael Lewis looks at the subprime crisis
It's called irony.
He's doing it to point out how silly it is for Wall Street to act surprised now when they should have known all along who was getting these sub-prime mortgages and what real risk was involved.
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#4
09-06-2007, 08:52 PM
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Re: Michael Lewis looks at the subprime crisis
This article is either a joke or Mr. Lewis should have been shot at birth - preferably by a poor person.
It's funny how he blames the poor for his fund's "poor" performance: [ QUOTE ] Along the way, as these people have torpedoed my portfolio, I had some other thoughts about the poor [/ QUOTE ]
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#6
09-07-2007, 12:15 AM
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Re: Michael Lewis looks at the subprime crisis
[ QUOTE ]
[ QUOTE ] This article is either a joke or [/ QUOTE ] this is pretty clearly about as sarcastic as humanly possible, I can't believe people are actually taking it seriously. [/ QUOTE ] Thing is, I've met lots of people just like him. The reason I suspected it was a joke was because Bloomberg (I assume) wouldn't print this stuff unless it was inteded to be a little tongue in cheek.
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#7
09-07-2007, 12:31 AM
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Re: Michael Lewis looks at the subprime crisis
[ QUOTE ]
This article is either a joke or Mr. Lewis should have been shot at birth - preferably by a poor person. It's funny how he blames the poor for his fund's "poor" performance: [ QUOTE ] Along the way, as these people have torpedoed my portfolio, I had some other thoughts about the poor [/ QUOTE ] [/ QUOTE ] I"m pretty sure Micheal lewis doesn't have a fund, he's a well known writer ("liars poker").
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#9
09-07-2007, 02:57 AM
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Re: Michael Lewis looks at the subprime crisis
[img]/images/graemlins/heart.gif[/img] Michael Lewis
[ QUOTE ] Some of these poor people must have skills. The ones that don't could be trained to do some of the less skilled labor -- say, working as clowns at rich kids' birthday parties. They could even have an act: put them in clown suits and see how many can be stuffed into a Maybach. [/ QUOTE ] wtf how can some of you guys even begin to think that this stuff is serious?!?!
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#10
09-07-2007, 03:12 AM
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Re: Michael Lewis looks at the subprime crisis
[ QUOTE ]
I trusted these people to get their teams of lawyers to vet anything before they signed it. Turns out, if you're poor, you don't need to pay lawyers. You don't like the deal you just wave your hands in the air and moan about how poor you are. Then you default. [/ QUOTE ] One hilarious line after another. Thanks for posting.
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