He mounts the podium, states that math is the voice of God, and rails against the idiots who have denied that obvious truth.
If you don't read him, begin here, with today's latest post.
The best moment is:
And by the way, those who try to claim that this was "impossible to foresee" are lying. Fraudie and Phoney were running with leverage ratios of anywhere from 80:1 to 200:1, depending on how you computed it. At 80:1 you need just a bit over a 1% loss to go bankrupt, and at 200:1 you need only a 0.5% loss.
There is no business in this land that is safe to lend to at these leverage ratios, nor is there any reasonable expectation in any business that you will never suffer a loss of JUST ONE PERCENT - yet such a loss was and is sufficient to bankrupt the firm long before they were taken into conservatorship.
If only some brave soul who sits behind a desk that makes decisions would hear and heed him.
If only some brave book publisher would find a way to make him sit down and edit it all together in a form that can live on our shelves.
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