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By the time the subprime thing happened, he had no one left who supported him".
"The market is certainly going to struggle in the first quarter and a half to two quarters as the subprime thing continues to weigh on the economy," said Bruce Bittles, chief investment strategist at Robert W. Baird & Company.
Given the bank's top notch performance during that whole subprime thing, would you trust Citibank's opinion on anything these days?
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Things were going great until summer, when the subprime mortgage thing really took us down a notch — and ruined more than a few golf games.
HSBC, he says, "provided the assurance that got this subprime mortgage thing really rocking.
"Every time you go on the Internet, you read about the 10 worst cities for foreclosures, the subprime crisis, things that have no effect whatsoever on us," said the firm's founder, John Duffy Sr. "The real estate market is regionalized.
Capital from emerging markets poured into Wall Street, inflating the subprime bubble.The scary thing is that the process could repeat itself.
"The subprime problem showed good things don't last forever," she said.
"We've got the housing crisis and the subprime, and all these things take a while to settle.
Issuers of debt — which increasingly meant Wall Street firms selling securities they created by slicing and dicing claims on things like subprime mortgages — could choose among several rating agencies.
Personally, I'm more of a Minskyite than a Stiglitzian, although not 100%; although things like subprime lending were, I believe, mainly about forgetting the past, Elizabeth Warren's old work on bankruptcy pretty clearly shows that at least some families took on excess debt as a result of rising inequality.
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