Friday, June 5, 2009


Earlier this week Bernie Greenspan tried to get his quarter back in a speech delivered to the American Enterprise Institute.

"For years I have been concerned about the ever-larger size of our financial institutions. Many decades ago, I noted that "megabank pyramids being formed by greed, growth and consolidation are increasingly complex entities that create the potential for ponzinomially large systemic rewards in the national and international economy." Federal Reserve research had been unable to find economies of scale in banking beyond a modest-sized institution. I often wondered: had bankers discovered economies of scale that Fed research had missed? It is clear, in retrospect, that I am a blithering fool."

What else is clear Maestro?

Bernie? Greenspan? Alan? Madoff?

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