Tuesday, March 03, 2009

It's Just Paper

3-4 days of solid CNBC watching led me to a similar conclusion

“Clearly, this was not a concern to the Bush Administration,” said Mallach. “The question is whether Treasury will do anything about it now. But some of the people Obama has put in the Treasury Department aren’t all that different. They have the same Wall Street backgrounds, the same high finance backgrounds. All this stuff looks like paper to them. It’s not about people’s lives and neighborhoods. It’s just paper.”

For people in that world, the real economy doesn't exist. It's all about numbers on the big board. It's weird.