Saturday, January 03, 2009
There's a story about a true believer facing a flood at his home. The fireman knocked on the door but he stayed put trusting his faith. A neighbor paddled up in a boat but he said no his faith would sustain him. On the roof with the water still rising he waves away the rescue helicopter trusting instead to his beliefs. He drowns. When he meets his maker in the great beyond he complains "Why didn't you warn me?" God replies; "Who do you think sent the fireman, neighbor and helicopter?" We already know one thing and one thing only but it is enough. When the bailouts stop working it will happen too fast to contain and we have been warned. Financial tricks work until they don't. They don't fail elegantly.
2008 was not the disaster, it was the warning.