Michael Lewis on 60 minutes (1 Viewer)

[Binky The Doormat]

Anyone watching? We need a French Revolution of sorts on these Wall Street ####ers.

Seriously.

No ...really.

 

[Raider Nation]

Been watching the whole thing. Fascinating and disgusting all at once. I'm sure it'll be on YouTube in no time.

 

[St. Louis Bob]

Anyone watching? We need a French Revolution of sorts on these Wall Street ####ers. Seriously.No ...really.

 

[Truman]

Watch it here

 

[Tiger Fan]

 

[RedmondLonghorn]

Anyone watching? We need a French Revolution of sorts on these Wall Street ####ers. Seriously.No ...really.

That's a very sage comment. Seriously.No...really...it isn't.

 

[Walton Goggins]

Capitalism...got to take the bad with the good.

 

[Walton Goggins]

Tabitha Soren is his wife?

 

[Saints-Man]

 

[Guest]

It didn't take a genius to see the crisis coming. Unfortunately, like today's economic conditions, one imagines an aparatus at work controlling and preventing collapse. But the center cannot hold and the major concept for all of us to learn is that eventually a system must bow to its physics. When fundamental forces conspire to bend a construct to reality, they eventually do... The underlying problems in our economic system and markets are still self evident if you choose to look at them through the right lens. Screw the prism of MSNBC and the Wall Street Journal... What are people investing in and what are the long-term prospects? When you see past the temporal motivations of those selling instruments, you'll see that it's a safe be to bet against a system that relies on unsustainability. The timing then becomes the thing.

 

[Binky The Doormat]

It didn't take a genius to see the crisis coming. Unfortunately, like today's economic conditions, one imagines an aparatus at work controlling and preventing collapse. But the center cannot hold and the major concept for all of us to learn is that eventually a system must bow to its physics. When fundamental forces conspire to bend a construct to reality, they eventually do... The underlying problems in our economic system and markets are still self evident if you choose to look at them through the right lens. Screw the prism of MSNBC and the Wall Street Journal... What are people investing in and what are the long-term prospects? When you see past the temporal motivations of those selling instruments, you'll see that it's a safe be to bet against a system that relies on unsustainability. The timing then becomes the thing.

That is some funny #### Ayn Ham.The obviousisicity is so obvious if we can only see past the temporal motivations - geez that is rich.

 

[Saints-Man]

Excellent segment. Thanks for posting, Blinky.

It is amazing that still no reforms have been done to stop this from happening in the future. I also loved his comment about how people who created the mess are brought to clean up the mess because "they are the only ones who understand it".

 

[Guest]

It didn't take a genius to see the crisis coming. Unfortunately, like today's economic conditions, one imagines an aparatus at work controlling and preventing collapse. But the center cannot hold and the major concept for all of us to learn is that eventually a system must bow to its physics. When fundamental forces conspire to bend a construct to reality, they eventually do... The underlying problems in our economic system and markets are still self evident if you choose to look at them through the right lens. Screw the prism of MSNBC and the Wall Street Journal... What are people investing in and what are the long-term prospects? When you see past the temporal motivations of those selling instruments, you'll see that it's a safe be to bet against a system that relies on unsustainability. The timing then becomes the thing.

That is some funny #### Ayn Ham.The obviousisicity is so obvious if we can only see past the temporal motivations - geez that is rich.

Read a great article about Andy Beal recently... Like the guy profiled in the Michael Lewis story, he merely chose to see reality as it is rather than buy into the illusion being sold to propogate short-term bonuses. That reality isn't that hard to predict when fundamentals are grossly out-of-whack. When all you have to do is look at a situation and ask whether it is sustainable to bet against it, and it isn't, then bet against it. That's essentially what Goldman Sachs has done for decades... Sell a distorted view of reality, a dream, then bet on it all falling to ####. Suck in all the speculative money and as it's all lost, siphon off your cut. If you haven't figured it out by now, you're not paying attention.

 

[Binky The Doormat]

It didn't take a genius to see the crisis coming. Unfortunately, like today's economic conditions, one imagines an aparatus at work controlling and preventing collapse. But the center cannot hold and the major concept for all of us to learn is that eventually a system must bow to its physics. When fundamental forces conspire to bend a construct to reality, they eventually do... The underlying problems in our economic system and markets are still self evident if you choose to look at them through the right lens. Screw the prism of MSNBC and the Wall Street Journal... What are people investing in and what are the long-term prospects? When you see past the temporal motivations of those selling instruments, you'll see that it's a safe be to bet against a system that relies on unsustainability. The timing then becomes the thing.

That is some funny #### Ayn Ham.The obviousisicity is so obvious if we can only see past the temporal motivations - geez that is rich.

Read a great article about Andy Beal recently... Like the guy profiled in the Michael Lewis story, he merely chose to see reality as it is rather than buy into the illusion being sold to propogate short-term bonuses. That reality isn't that hard to predict when fundamentals are grossly out-of-whack. When all you have to do is look at a situation and ask whether it is sustainable to bet against it, and it isn't, then bet against it. That's essentially what Goldman Sachs has done for decades... Sell a distorted view of reality, a dream, then bet on it all falling to ####. Suck in all the speculative money and as it's all lost, siphon off your cut. If you haven't figured it out by now, you're not paying attention.

:spittake:Yeah a lot of people here read too - and are aware of the stories about Goldman Sachs and their long time, continuing role in the creation of bubbles and the profiting from their inevitable collapse. Many there would be first on my list to send to jail. How do you reconcile that Lewis states that only 10-20 people in the entire world had the view you so heartily endorse as obvious? Holy #### - you're not even calculating enough to pull off promoting your wife's travel agent business here, how the hell are you are gonna get out in front of Goldman Sachs?

 

[the rover]

It didn't take a genius to see the crisis coming. Unfortunately, like today's economic conditions, one imagines an aparatus at work controlling and preventing collapse. But the center cannot hold and the major concept for all of us to learn is that eventually a system must bow to its physics. When fundamental forces conspire to bend a construct to reality, they eventually do... The underlying problems in our economic system and markets are still self evident if you choose to look at them through the right lens. Screw the prism of MSNBC and the Wall Street Journal... What are people investing in and what are the long-term prospects? When you see past the temporal motivations of those selling instruments, you'll see that it's a safe be to bet against a system that relies on unsustainability. The timing then becomes the thing.

That is some funny #### Ayn Ham.The obviousisicity is so obvious if we can only see past the temporal motivations - geez that is rich.

Read a great article about Andy Beal recently... Like the guy profiled in the Michael Lewis story, he merely chose to see reality as it is rather than buy into the illusion being sold to propogate short-term bonuses. That reality isn't that hard to predict when fundamentals are grossly out-of-whack. When all you have to do is look at a situation and ask whether it is sustainable to bet against it, and it isn't, then bet against it. That's essentially what Goldman Sachs has done for decades... Sell a distorted view of reality, a dream, then bet on it all falling to ####. Suck in all the speculative money and as it's all lost, siphon off your cut. If you haven't figured it out by now, you're not paying attention.

:spittake:Yeah a lot of people here read too - and are aware of the stories about Goldman Sachs and their long time, continuing role in the creation of bubbles and the profiting from their inevitable collapse. Many there would be first on my list to send to jail. How do you reconcile that Lewis states that only 10-20 people in the entire world had the view you so heartily endorse as obvious? Holy #### - you're not even calculating enough to pull off promoting your wife's travel agent business here, how the hell are you are gonna get out in front of Goldman Sachs?

because his ego knows no bounds.

 

[CletiusMaximus]

I believe this aired last night and is in a sense even more infuriating than the Big Short. This is, on the one hand, one of those things I think we all kind of know is going on but at the same time are totally helpless to stop or work around, other than simply not investing in the stock market at all. From Lewis' new book, "Flash Boys," about high-speed trading and how it is essentially legal front-running.

http://www.cbsnews.com/videos/is-the-us-stock-market-rigged

 

[NutterButter]

Listening to an extended interview on WNYC with Lewis where he's going into a lot more detail and this stuff is just fascinating.