From Smirking Chimp:
But what I’m saying is, no confidence means end of the confidence game. Thats what Lehman showed. Every single player in finance suddenly had to face the fundamental problem–this whole fucking economy is built on fraud and lies and garbage. So when Lehman collapsed, every single player panicked, going, If Lehman was nothing but a Ponzi scheme–and I know what Im running is a Ponzi scheme–holy shit, that means everyone else is running a Ponzi scheme too! Run for the exits! No one trusted anyone else, everyone pulled out, and the entire global economy collapsed just like that. And that meant your parents, my parents, every teacher, every fireman, every person in the country going into retirement, every price on every asset–wiped out.” [The] point is, the guy who destroys this economy because its the right thing to do will have to flee for his life, and whatever president or political party was in power when that decision was made will be out of power for the next 200 years.
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