Wed, Oct 10, 2007 | Jared Woodard
We write about individual trades and strategies so often it’s easy to sometimes lose sight of the big picture. But macroscopic issues affect us just as much as anybody else, which is why you should read this article from Financial Armageddon, complete with Lou Reed quote.
If you think any of this country’s major financial institutions are much more than modern equivalents of priests, wizards, and two-bit hustlers, you probably just haven’t read enough. Level 3 assets, to extend the metaphor, serve our secular high priests in the same way that the doctrine of transubstantiation served medieval scholastics.