Two interesting factoids from this article: One, $25 trillion in market value has evaporated in the current financial crisis. That's a lot! Of course, the right interpretation is not that this much value vanished, but that that's how much fake value was hallucinated by an insane system that is now coming off of some kind of analog of a drug binge.
The other factoid is that you, dear reader, ar just as much to blame for this mess as the more obvious culprits, according to one of the economic luminaries at Davos:
One Davos regular, Washington-based Carlyle GroupÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂ¢ÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂs managing director David Rubenstein, said he thinks a key issue at this yearÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂ¢ÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂs gathering is ÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂ¢ÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂwho is at fault.ÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂ¢ÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂ Yet Rubenstein, who was saying at Davos two years ago that the outlook for leveraged buyouts was ÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂ¢ÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂvery robust,ÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂ¢ÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂ says responsibility shouldnÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂ¢ÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂt be tied only to him or his industry.BTW, if I were inclined to be a conspiracy nut, the Carlyle Group would probably be one of the major nodes in the network graph I maintained in crayon on my apartment walls. Oh wait, the internet is my wall.
ÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂ¢ÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂThere are six billion people on the face of the earth, and probably about five billion participated in what went on,ÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂ¢ÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂ Rubenstein said in an interview. ÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂ¢ÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂEverybody participated in some way or shape or form.ÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂ¢ÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂ