Reply To: Spain, Ireland and threats to the property boom

#70194
Anonymous
Participant

@Drakan wrote:

I think old Joe was put in charge of Wall Street (current SEC) which was like putting the fox in charge of the chickens after what he had done.

It was J.M. Keynes I believe, at least I heard the story from him. Joe made his fortune with alcohol smuggling and insider trading in WS.

Oh no I becoming a pedant, but it was Joe Kennedy who made the remark about the shoeshine boy giving stock tips Drakan. Something clicked with Kennedy after this encounter and he went short on the market and made millions. A Keynes quote that seems apposite in the current climate of banking turmoil

A sound banker, alas, is not one who foresees danger and avoids it, but one who, when he is ruined, is ruined in a conventional and orthodox way along with his fellows, so that no one can really blame him”.
– John Maynard Keynes

Charlie; Living in a condom 😆 😆