Links: Con Men, Black Holes, a War Hero and Global Banking Insanity.
From the NYT “A.I.G., Where Taxpayers’ Dollars Go to Die” A.I.G. is proof of the existence of black holes.
Late Black Hole Update: Boing Boing reports that a secret A.I.G. briefing document was leaked revealing $1.6 Trillion in exposure to derivatives. These are the same derivatives that Warren Buffet called “financial weapons of mass destruction” and pose a “mega-catastrophic risk” for the economy. The worst is yet to come. *sigh*
The Globe & Mail: “Canada Envy, Amid a Global Meltdown” Canada is well positioned to weather the storm because we were innovative – sane and rational in the regulation of our banking sector. Note the slick flash map of global banking insanity.
Terry Gross of NPR’s Fresh Air interviews Donovan Campbell, an Iraq war vet, about his new book “Joker One: A Marine Platoon’s Story of Courage, Leadership, and Brotherhood.” The scenes he describes are heart wrenching, and the interview borders on him breaking down in tears: So incredibly powerful.
On the Media looks at “The Confidence Man” and provides some context for us on the history of con men in the US. Particularly apt is the point of implicit acceptance of the con, by those who can “pass it along.” Look for the comparison of the Florida real estate bubble to the proliferation of random currency in the 1850s. “Is this condo (or bill) worth anything?” Society tacitly accepts the con, one transaction at a time, when they decide it doesn’t matter as long as you’re not the one that ends up with the hot potato.
