The Politics of Debt

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From his latest article:

Some Ramblings About the Economy:

January 31, 2008

As the credit orgy ends, and the excess leverage of the past years unwinds, few people have experienced any real pain. Big banks such as Citigroup have lost tens of billions, but who cares? There were rich Asian and Middle Eastern investors flush with cash who were happy to infuse it into Citi for a big chunk of equity. The only people hurt by this were existing Citi shareholders.

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Tags: banks, billions, chunk, citi, Economy, investors, leverage, ramblings, shareholders, tens, United States