Wednesday, April 9, 2008

Quote of the day

"In assessing the situation, don't let anyone convince you that we've entered a "new era." The details may be different, but we've been here before."
Federal Reserve Bank President Richard Fisher on the credit crunch and housing bubble

I am not sure if this guy knows what he is talking about. The credit default swap market increased from $700 billion in 2000 to $45.5 trillion in 2007. When have we been "here" before?

No comments: