As Bear’s turns into dust (let the lawsuits begin!), and the financial markets quake and quiver waiting for the next big bank go under, I am inclined to wonder, who is the fiddler? There is always a fiddler, the crazy-eyed fool who fiddled away as everything burned, and everyone is United States is scrambling to say, “Not I!” Certainly Bernanke is doing everything he can to appear to not to be, even GWB declared the US is on top of things and is preparing more unsustainable (yet oddly needed) packages, the central banks are moving afoot, and everyone is screaming terror and foul. Deals are gone, titans have fallen, rivers of green have turned red, egos have been busted, raiders quieted and suddenly Microsoft’s bid for Yahoo looks very good. But then still, where be the fiddler? The CEO of Bear’s who stood by on his pile of cash as behind him a bank run had started certainly may qualify, but not for all and sundry. A friend bet it would be the ECB which stands by and watches like a wise owl which really just needs glasses.
Regardless of the fiddler, the Viking hoard is well known – the sovereign wealth funds – suddenly that Dubai money (Abu Dhabi to be more realistic) looks enchantingly good and squeaky clean.
Monday, March 17, 2008
So where is the fiddler?
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