…purchasing companies] were known as “leveraged-buyout operators.” But LBO became a bad name. … Their new label became “private equity,” a name that turns the facts upside-down: A purchase of…

…did little to curb the appetite of investment firms and TBTF. The clearing board to track derivatives had not been installed by Wall Street. We were safe in the scheme…

…it looks that the culprit has been that item labeled in the National Incone and Product Accounts, “changes in inventories.” Negative numbers played a crucial role back then and this…