Monday, August 23, 2010


I wanted to provide a link to the House of Cards video that CNBC and David Faber put together.  Just the other night this was on and I watched a few minutes of it again since I had posted the interviews with Kyle Bass. Kyle is featured in this video and it is truly amazing how he rejected and told he was crazy for suggesting that the mortgage industry and CDO's were doomed. 

As usual, conventional wisdom gets you blown up. 

I want to put together a larger post about how troublesome the whole situation is regarding bubbles.  So many people in the House of Cards videos stated that they knew something was wrong, but they felt like they had to participate because they were going to be left out.  Others I think felt like they would be able to exit in time because they were fast or just smarter than the rest of the market participants.  I think the smartest guy in the room was Kyle Bass. 

I normally would embed this video, but it is almost 2 hours long.  Here is the link at CNBC.