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So, as Cuba Gooding said in the movie Jerry McGuire, "Show me the Money!" or Deep Throat said in All the President’s Men, "Follow the Money!"
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In a previous post at the beginning of this crisis, I was asking "where has all of the money gone?" like most Americans. Well, now I know more about that than I did. A bunch of it is in the bank accounts of Mortgage Brokers like Joseph J. Cassano [“follow the [unregulated] money”…]. A ton of it went to builders and developers [Shiller’s quest…]. A lot of it was "bubbleware," virtual money that was not backed up by real value [the virtual economy…, the perfect storm…]. And those retirement plans that have all done so well? I guess that bump in the DOW JONES was where a lot of that money seemed to be, but wasn’t:
But I’ve got some of it. Maybe you do. I sold my house in 2004 for a lot more than it was probably actually worth. If you invested in A.I.G., or WaMu, you’ve got some too. A lot of us have been some part of this thing, I’m sorry to say. It’s just very hard to ask, "Why am I doing so well?" in the middle of doing so well…
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