Open Thread

by Mary

Susie Madrak calls up a cautionary tale from 1994 about Orange County's bankruptcy which should should have made the regulators sit up and notice. But like the Savings and Loan debacle and Enron's gaming the system, risk-free riches seems to have been the ring that ruled them all. Debt, derivatives, leverage and risk. That seems to be the story of the great Greed is King era. (h/t The Sideshow)