The Vig

Adam Curry has this fantastic quote he’s been using for years.
There are no secrets, only information you don’t yet have.
I was reminded of that yesterday while I listened to the Rick Emerson show.  He had CNN correspondent Steve Kastenbaum on discussing the Wall Street roller coaster.  During their conversation, Kastenbaum dropped a whopper.  He said [...]

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WSJ:
In the fall of 1907, it took J.P. Morgan just eight weeks to resolve a credit crisis similar to ours. Several years of buoyant growth and too much risk-taking in poorly understood investments led to needs for capital that could not be met. Morgan, then 70, locked the nation’s top bankers into the ornate library [...]

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A big part of the reason for the nation’s distrust of this financial bailout thing is the fact that neither Congress nor the administration has come clean with what exactly the stakes are.  What is happening and where are we headed if we don’t do anything?
Treasury Secretary Henry Paulson (he wants us to call him [...]

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