This article is long on broad crisis and short on specifics. It fails to show much technical understanding of the issues.
Was it written by 'The One?'
I kind of thought the same thing. (Isn’t it called “hand-wringing”?)
I asked him “Is it really this bad? Who is “they” and “them” you speak of? What human suffering is happening? Do you believe we can recover or not? Were you for the bailout or against it?”
I’ll see what he says in the am.
I followed that site for a while but tapered off as it was redundant in a lot of aspects to some of the other stuff I was reading and with respect to the naked shorting issue, it didn’t look like there’d ever be any action. He focused on the shorting, and the complacency of the SEC, which was allegedly causing the looting and cratering of a lot of small cap American companies.
In a nutshell, the SEC was/is getting a small fee off each of the shares in stock transactions and apparently reigning in the “failures to deliver” was going to put a dent in their cash flow. I’d surmise that once the real cratering of financial institutions got going the bureaucratic momentum from turning a blind eye for so long left them flat footed when some of these institutions were being shorted.
In the great scheme of things, the shorting aspect of this mess is probably not contributing significantly to how it’s unfolding...