Author Topic: Michael Lewis on the Next Crisis (Businessweek article)  (Read 12158 times)

merkhet

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Re: Michael Lewis on the Next Crisis (Businessweek article)
« Reply #30 on: October 29, 2013, 06:15:49 AM »

Quote
there are lessons here courtesy of sa. don't talk. don't sign. and don't waive your right to an attorney.

Under no circumstances -- NONE -- should a person ever consent to talk to the police, federal investigators of any kind -- FBI, IRS, etc. without advice of council -- EVER.  Never say a word....especially if you are, or believe you are, innocent. 

NEVER agree to a search of anything without a warrant -- EVER.  Again, this is especially true if you are, or believe you are, innocent.

I would also never consent to a dna test or a lie detector test without the advice of council.  Once they have dna, they can use it against people even loosely related to you or as yet unborn.  It isn't like fingerprints.

And, yeah, bring a jacket if none of that works.

2cents from a lawyer friend.


Agreed. As a former lawyer myself, regardless of guilt or innocence, if you ever get arrested for anything, the first (and only) words out of your mouth should be "I'd like to speak to (my/an) attorney."
« Last Edit: October 29, 2013, 06:26:19 AM by merkhet »

wellmont

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Re: Michael Lewis on the Next Crisis (Businessweek article)
« Reply #31 on: October 29, 2013, 07:11:05 AM »
I doubt they would have convicted him without his signed confession. however, the pressure that you are put under is terrible and wrong. but you can see the reaction from the lead interrogator how important and surprising that confession was. SA was too passive in the situation and didn't realize that anytime you are sitting in that room, it's potentially life altering. your fate is in the hands of people who are not interested in your well being.
« Last Edit: October 29, 2013, 07:16:52 AM by wellmont »
2000 zero zero party over it's out of time...follow me @well_mont.

wellmont

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Re: Michael Lewis on the Next Crisis (Businessweek article)
« Reply #32 on: October 29, 2013, 07:14:00 AM »
california is back in black. things change fast and two year old articles can look dated.
http://money.cnn.com/2013/02/07/news/economy/california-budget/

they may well end up with problems. but the issues don't appear to be acute. things have only gotten better there since Feb.

I agree but Detroit just did go bankrupt.

true. special case. and the market didn't even blink. part of the reason why the states made it through without much damage was that they got a lot of stimulus money from feds. the states are headed for trouble. but like a lot of things related to US finances, doomsday has been postponed.
2000 zero zero party over it's out of time...follow me @well_mont.

thomcapital

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Re: Michael Lewis on the Next Crisis (Businessweek article)
« Reply #33 on: November 21, 2013, 02:06:58 PM »
Nothing earth shattering here, but I thought the last piece was interesting

"Is there a particular threat youíve identified thatís most likely to blow up next?
The answer is yes, but I canít talk about it yet, because Iím in the middle of a book about it. Itíll come out next March.

And will that be before or after it erupts?
I canít actually tell."

He knows Burry...and Burry recently opened up a new hedge fund. I wonder if there's a connection here.

http://www.businessweek.com/articles/2013-09-12/michael-lewis-on-the-next-crisis

I had the pleasure of seeing Michael Lewis give a talk at an industry conference a week ago. He confirmed his next book will be about HFT (I think he said the title is "Flash Boys", calling it a wall street story set in the world of HFT). He called the wall street crisis the gift that keeps on giving.  :)
« Last Edit: November 21, 2013, 04:21:45 PM by thomcapital »

CorpRaider

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Re: Michael Lewis on the Next Crisis (Businessweek article)
« Reply #34 on: November 21, 2013, 03:08:49 PM »
Isn't (relative) HFT and program trading what is generally blamed for the 1987 crash?

stahleyp

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Re: Michael Lewis on the Next Crisis (Businessweek article)
« Reply #35 on: November 21, 2013, 03:27:31 PM »
Isn't (relative) HFT and program trading what is generally blamed for the 1987 crash?

Thanks for the information, thom. It should be a good read.

Corp, it's kinda along those lines. I think it was referred to as "portfolio insurance" back in the day.

I was thinking about this the other day. Back in 1987 (I was too young to remember so if anyone can correct me here if I'm wrong) a lot of people thought that drop would lead to a new great depression. Now we can see that It didn't.

I wonder what would happen this time though. I mean, we have used up a lot of the stimulus and deflation is a possibility. Perhaps nothing would happen since, well, Mr Market jumps around all the time and it doesn't really reflect reality sometimes. We shall see!
Paul

stahleyp

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Re: Michael Lewis on the Next Crisis (Businessweek article)
« Reply #36 on: December 01, 2013, 06:23:54 PM »
Paul

deepValue

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Re: Michael Lewis on the Next Crisis (Businessweek article)
« Reply #37 on: December 02, 2013, 12:08:09 PM »
Michael Lewis January 2007:

Quote
when you create a derivative you don't add to the sum total of risk in the financial world; you merely create a means for redistributing that risk. They have no evidence that financial risk is being redistributed in ways we should all worry about. They're just -- worried.

But the most striking thing about the growing derivatives markets is the stability that has come with them

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aaagOLYMd4yg

Remember, he wrote the book after everyone found out what had happened.

stahleyp

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Re: Michael Lewis on the Next Crisis (Businessweek article)
« Reply #38 on: December 02, 2013, 05:56:44 PM »
ha. good find deep.
Paul

Mephistopheles

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Re: Michael Lewis on the Next Crisis (Businessweek article)
« Reply #39 on: December 02, 2013, 07:17:15 PM »
Michael Lewis January 2007:

Quote
when you create a derivative you don't add to the sum total of risk in the financial world; you merely create a means for redistributing that risk. They have no evidence that financial risk is being redistributed in ways we should all worry about. They're just -- worried.

But the most striking thing about the growing derivatives markets is the stability that has come with them

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aaagOLYMd4yg

Remember, he wrote the book after everyone found out what had happened.

Good find.

He's a great writer, but I always found him annoying with a "holier than thou" persona.