Friday, October 10

Back to Ayn Rand for a moment, it's worth noting that the #1 cheerleader for the deregulated trading in derivatives that is the fundamental cause of the current global financial crisis, Alan Greenspan, is an avowed admirer of Ms. Rand's political philosophy, and spent roughly the last 15 of his 19 years as Fed Chairman assuring Congress that the "rational self-interest" of derivatives traders would "weed out" weak securities . . .

Also (speaking of libertarianism), has anybody been paying attention to this guy? It may be that I owe Cheryl Morgan (who once wrote that she could tell I'm a libertarian by looking at my author photo) an apology. I saw Bob Barr interviewed on CNN yesterday and realized (with considerable consternation) that "Holy crap! I do have a libertarian moustache."

34 comments:

Anonymous said...

Who is this... "Matthew Stove"?

Arrgh said...

What does forcing banks to loan money to deadbeats have to do with your comments on Greenspan?

MWS said...
This comment has been removed by the author.
MWS said...

Sorry. That was rude.

Let's try again:

In what version of reality were banks forced to lend money to deadbeats?

Arrgh said...

Never mind. You've had the liberal cool aid I see. The Community Reinvestment Act had nothing to do with the problem in your world.

Zach said...

re: Argh

Banks at the commercial level had every reason to lend to people who were NINJAs (no income no job or assets) because they were able to securitise their mortgages and sell them up to other institutions. In other words, they didn't give a shit whether or not the people individually defaulted, since they could simply spread out the risk by packaging them together and cutting them into tranches (not to mention the term structure of the loans basically guaranteed some cash flows in the near future, so rating agencies gave the pools AAA ratings).

The reason why Alan Greenspan carries a large amount of the responsibility for this is that he was a huge champion of deregulation in the banking industry, and consequently turned his back on sub-prime lending with the false assumption that it was good for the market.

I used to be in favor of financial deregulation, but there's no getting around its huge role in this crisis.

MWS said...

It's spelled Kool-Aid.

If you're going to insult me, try not to look stupid. There's no challenge.

scott said...

@ arrgh:

confused to to why sub-par spellers would come to a
(somewhat, should be more) successful writer's
blog and spew BS... but dude, you're an idiot, and you're more than welcome to have a convo with me anytime.

do some research without your non-liberal bias. they're called facts. add it up, since you think you're smart. bring a rebuttal.

point is, matt doesn't have to, and won't deal with your stupidity. i have more free time. and literally, unless you work for one of the big 3 on WS, i'm going to make you look like an idiot.

go troll elsewhere, because you're not going to impress anyone here.



wintersquall@hotmail.com
~scott

Bob said...

The Community Reinvestment Act? Are you friggin' high? A thirty year old act designed to eliminate redlining was the cause of this catastrophe?* That's one of those Fox News talking points that Sean Hannity floated last week. It didn't make sense when he said it, and it sure as hell doesn't make sense when you repeat it. Even Business Week put that lame ass assertion to bed. The problem, the actual problem that is, simply put, is the problem our entire government has had for the past 8 years: no adult supervision.
A little known factoid: More than half of all the subprime mortgages borrowers who are now scrambling to hold onto their houses after the balloon payment hit them qualified for standard 30-year fixed loans. Mortgage brokers got massive commissions for selling subprime products, sometimes as much as 10-times their commission on more traditional products. So people who could have gotten into homes on traditional, safe, normal mortgage products, with payments that remained the same throughout the loan, were shoved into risky subprime packages that were guaranteed to cause defaults in massive numbers because, as we all know, bubbles fucking burst. It's what they do.
As a side note, dude, you came to wrong place unprepared for a fight. You're like a Catholic schoolgirl uniform wearing stripper wandering around Pelican Bay State Prison with a tube of KY in her hand and a come-hither pout on her face. Wow.

* By the way, those "deadbeats" were minority borrowers who had, until the passage of said act, been systematically economically marginalized.

Arrgh said...

Sorry, didn't realize this was a kos kid hangout

Here's more evil wingnut lies you can denounce.

http://atlasshrugs2000.typepad.com/atlas_shrugs/2008/10/obama-sued-citi.html

And I still like your books but it saddens me to realize an author I like is just another insult spewing moonbat.

Bob said...

Odd, I don't believe Matt even responded to you, other than to copyedit your poor spelling. That makes you, my pouty little friend, a hypocrite.

Arrgh said...

There was the removed post and the stupid comment. Reading is hard.

MWS said...

Reading is hard?

I suppose you actually mean to say that reading is difficult, which (for you) it clearly is.

Viz.:

The comment wasn't stupid. The comment was that the way you express yourself makes you seem stupid.

Bear in mind that I was willing to grant you sufficient intelligence to comprehend the difference. Apparently I was giving you too much credit; for that, my apologies.

However: to leap from my casual observation to a contention that I am an "insult-spewing moonbat" is not stupid. It's entirely fucking bugnuts.

Try again some other time. When you're calm.

Until then, hang out at Terry Goodkind's blog. It's a bit more your speed.

Anonymous said...

"Until then, hang out at Terry Goodkind's blog. It's a bit more your speed."

You know, I am far apart from MWS in terms of political leanings ( but still a fan obviously), but I just about spewed coke all over the monitor when I read that. That was truly funny as I've always thought TG was a little too preachy, even when for the most part I agreed with him.

Thanks for the laugh...

G.
(can't sign in as the other right wing nutters like me might figure out I actually like to have my own opinion)

Anonymous said...

I keep smiling. My cheeks hurt.
All four of them.







I love it
Russo, ATL

Anonymous said...

It's out! I have my copy. :)
Ben

Bob said...

As do I.

Viets11Cuz said...

I'm studying med school abroad in India so gonna have to wait for my family to ship a copy over seas. Btw MWS, I'm a fellow writer heavily influenced by your works and past writers of the same philosophies, and I was wondering if you have a public email address. I have a few questions about the novels.

matt said...

Re deregulation as cause of the current crisis: It's worth having a look at this recent Washington Post piece from Sebastian Mallaby. Mallaby definitely blames the Fed in part, but not for its support of deregulation. Mallaby further notes that the most significant players in -- and causes of -- the current crisis were in general quite well-regulated.

Worth reading the whole thing for an economist's look at the current mess, and one which demonstrates that the root causes were more varied and complex than a mere lack of oversight.

Rob Locke said...

Is there a way I can get my book signed? And are there any hardcovers of heroes or blade? (If i did get a copy signed, i'd want to get a hold on one of those...)

Bonus question-- whats the real deal on the rerelease of Iron Dawn/Jericho Moon?

MWS said...

to matt:

As economists go, I find Paul Krugman more persuasive.

And not just because he was recently awarded the Nobel Prize for economics . . . He was the lone voice back in 2000 to actually run the numbers of the Bush campaign's tax policy, and conclude that the Bush campaign was lying out its asshole about the effects its tax policy would have on the economy.

He has, in fact, been on the right side of every economic issue that has faced this country over the last eight or nine years.

For Rob Locke:

As far as getting books signed goes, it's a bit of a hassle, since I"m not touring. You can pm me at either the MWS forum at SFFWorld.com or on TheForce.Net, and I can give you my private email; then it's just a matter of sending me the books along with return shipping.

The deal on the Barra books is that I'm not done editing even IRON DAWN. I was really hoping to have them out in time for Christmas this year, but my health and inability to finish my last SW book have gotten in the way. So it goes.

MWS said...

Oh, and viets11cuz?

I do maintain a public email:

brkngmad (at) aol.com

Feel free.

Actually, Rob L, you can reach me there as well.

Joe said...

Question about first person Overworld POVs. Is every word from Caine being Monologued, or is it a bit more fast and loose? Mainly I ask because at certain times, especially fight scenes, it seems like an awful lot of subvocalizing (or whatever) to worry about. And as Caine would tell us, the best time to catch someone off guard's when he's talking.

Or should I Suck It Up and Suspend Disbelief?

azreal19 said...

I wanted to thank you for making another book in the Caine series. When someone told me there woudl be a third I was very excited and am glad. I have just begun reading it and already the twists and turns have my adrenaline going. Not to mention all of his past is still there in full memory. I cannot wait to see where this goes. Thanks Again.

Bret said...

The question of subvocalizing during the Adventure sequences really got to me actually. The first person perspective, as well as the Chapter introductions, the >> Scanning Fwd. >> interludes and the almost stream of consciousness style made it seem like every aspect of it was the exact recording of his experiences... but then he was never really "In character" for most of those segments, and some of them mentioned things he probably wouldn't want to make public if he wanted a long career, like his Labor background and his wacko father.

I guess it's easy enough to just say that he just wasn't very good at being an Actor yet.

Also, it could just as easily be showing that the people watching Adventures don't give one shit about character, and all they needed to sell the whole line of Caine style merchandise was blood and lots of it.

Joe said...

Kollberg did say that some stuff needed to be edited.

Thinking back to Heroes die, when an Actor gets first-handers, he's basically on live, right?

Anonymous said...

When's His Father's Fist going to be released?? And will it be an ebook as well????
I can't believe you've actually written more Caine!!! I'm so stoked you don't even know, man!!!

Best fantasy character and novels by far!! And I'm a fantasy nutball!!! LOL...
Thank you soooo much for finally getting around to it!
My man!!!

Arrgh said...

I knew I shouldn't have looked at this thread again. Now I won't even by able to buy your new book. Way to make fans moron.

And X is hard is a common statement in internet discussions at this level.

MWS said...

I agree: you shouldn't have looked at this thread again. However, since you seem to be unable to stay away, I will respond.

First:

"Way to make fans moron"?

I have (in so many words) made fans happy. I have made fans angry. Some I have even made sick. I have not, however, ever made one moron, whatever that may be. I don't know how I would go about making fans moron . . . unless it would be to subject them to conversation with people like, for example, you.

Second:

As for your other contention, referring to "internet discussions at this level [sic]," it seems clear from your apparent inability to

1) argue rationally in defense of a position you've publicly taken

and

2) punctuate

that the level you're referring to must be considerably below this one.

And finally:

Whether you ever buy another book with my name on it is of absolutely no concern to me.

I prefer an educated audience.

EricC said...

Ya know Matt, there are at least several reasons why I have considered you a friend for these oh-so-many-years. This last reply to the troll has certainly run right to the top of the list.

MWS said...

Thank you, sir.

I've always admired your taste in friends.

Viets11Cuz said...

Been reading up on this thread and I agree with Ericc. Keep up the troll security system, MWS.

DJ said...

I really enjoyed the new Caine book, there was a lot of back story about Boedecken and the Black Knives that I had been interested in finding out and it's nice to see Caine back in action on a different level. Thank you (Matt, Mr. Stover?) for the book and I look forward to the next one.

Portland, Oregon

Anonymous said...

Bob?? You have absolutely no idea what you are talking about do you? Are you just repeating something you heard? Or do you actually believe that nonsense you just spewed about subprime mortgages?
I AM a mortgage broker so I believe I know a tad bit more than you do regarding how much brokers get paid on loans. For your information, no broker would EVER put someone in a subprime loan if the borrower qualified for a prime loan. Why? Because prime pays better...not the other way around dude! Who told you that crap?
First of...prime has lower rates...and people always bitch about rates... Usually, you can't give them too high of a rate...so a subprime rate is already about a point higher than a prime rate (not to be confused with the Prime Rate, of course) so you just cannot make that much yield (which is what you call commission Bob)on subprime.
I could give someone 6% and make 2.5% in yield or give them 7.5% and make 1% in yield. Which do you think I'm going to want to give them?
This is what I hate about people like you. You read an article by some bonehead reporter trying to make an interest piece...and take it to heart that we, the brokers, were pushing people into subprime.
We gave people subprime because it was much easier to qualify someone. Always when I, or other brokers I've worked with, put people into subprime it was meant to be temporary. Most of these subprime borrowers have a problem with spending money. They just seem to always spend every nickel they have and aren't able to save money.
There's no excuse that most immigrants who come here are able to live modestly and make it on almost nothing and then we find the family of 3 who make above average income...and just can't seem to make all their credit card payments. We're a consumer nation...and we're taught that you can't take it with you so spend it while you can.
Well...9 out or 10 people I put into subprime mortgages never,ever do what I tell them to do so that we can refi them into a good loan 6 months down the line....and that's why they get stuck in these lousy loans. Because they don't have discipline!!
I'm not saying that there aren't some unscrupulous brokers out there. But I would say 85% minimum of borrowers are at fault for getting stuck in these loans. There was a reason why they were short-term loans...because they were there to serve a purpose. Unfortunately..I can teach a person how to save money..I can teach them how to pay down credit cards...I can teach them how to fix their credit score. But I cannot keep a fool from his foolishness. And Bob? Please know what you are talking about before you open your mouth.
I'm still amazed that people actually think as you do. It's not the first time I've heard such foolishness...but the ignorant keep teaching the ignorant. Stop making brokers out to be the bad guys. We are the only ones who helped people out when they really needed it. Try getting a loan officer at a bank to bend over backwards getting you a loan. Not going to happen. The banks are the ones who screw people over.
Man! I could start my own blog just illustrating all the ways your friendly neighborhood bank would take you to the cleaners if you walked in to get a loan from them..not to mention that until a couple months ago only brokers like me needed a license to originate loans. Loan officers in banks don't have a license and often don't even know what they're talking about. This is because they only have whatever the bank is offering...so they only know those products and can't really tell you what your best plane would and should be.
Well...I could get mad like I normally do when I hear such nonsense...but Bob...I understand that you've been duped and since mortgages is not your career path then there's no reason you would know the truth. So...now you know the truth..what will you do with it?