You. Shutup about the bailout.
Poor Doug Kass.
Do you know Doug Kass? He’s a journalist/hedge fund partner who writes at thestreet.com. Specifically, he’s the token “short” guy, meaning he makes his money by betting against the rise of stocks. I feel sorry for Mr. Kass these days.
Before this financial mess happened, Doug Kass was writing fervently about how ugly things were going to get. He wrote, on at least fifty occasions, that the subprime mortgage situation was not contained. He warned about the seizing of the credit markets and the toxic assets hidden on AAA balance sheets. He would frequently butt heads with Wall Street’s more bullish folks, both on Larry Kudlow’s (amazingly boring) CNBC show and in more prominent print publications.
Kass used to annoy me. It’s not that I disagreed with his analysis, but just that I lack respect for anybody with a plan to time the market. His frequent suggestions to short X,Y, and Z would have lost you a lot of money as the market climbed to its pre-bailout peak. A broken clock, like a CNBC guest, can be right twice a day.
Now that the scope of the mortgage mess has been realized, everybody and his dog are suddenly jumping into the pool with Mr. Kass. There are cries for regulation. There are countless articles about the loose lending practices and the corruption that ran free on Wall St. I am equally disgusted at the kool-aid drinking journalists who hopped on this bandwagon as I am with the bailout.
You. You with the sudden, strong opinion about the Economy. Where was your outrage and acute financial prescience two years ago?
Oh, that’s right. You were writing pieces the various pros/cons between the Blackberry and the iPhone. You were debating if Crox could hold on to its marketshare. You were busy doing the same thing everybody else was doing. White. Noise.
Guess what, media, internet, and Johnny-come-latelys? The time to invent the airbag was before the car crashed.
So I now feel bad for Doug Kass. He was one of the voices who warned that this would all happen (and, importantly, stuck to his thesis). Now his voice is muffled in a great sea of lemmings. The shame of those corrupt lenders! The shame of those CDO packagers! Imagine if an asteroid obliterated the Eastern hemisphere tomorrow. I can just see the opinion columns of the WSJ. Where was our asteroid program!? Who let these scientists waste time on unimportant things! Why didn’t those corrupt insurers give us asteroid insurance?!
Forget the bailout. It’s our loose asteroid-protection legislation that has me worried these days.