portfolio.com - 1/14/2009
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Lewis quotes short-seller Steve Eisman, who asserts that in rating residential mortgage-backed securities, Standard & Poor's assumed that "home prices would keep going up" and that our models "had no ability to accept a negative number." Both assertions are false. Our model has always ...
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Thoughts on Europe
Macro Man —
... Funnily enough, that sounds an awful lot like S&P's comments on their subprime housing model should house prices decline in the recent Michael Lewis article (page 5, to be precise). And didn't that end well.....
Thoughts On Europe
Daily Markets —
... Not exactly what you want to see in a reserve currency! And try as he might, Macro Man cannot find the mechanism or gameplan within Europe should, say, Greece decide to withdraw from the single currency becuase they cannot afford their euro liabilities. The standard European respeonse seems to be “we don’t need a plan because that cannot happen.” Funnily enough, that sounds an awful lot like S&P’s comments on their subprime housing model should house prices decline in the recent Michael Lewis article (page 5, to be precise). And didn’t that end well….. > ...
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