Now, that is a classic

Received from a friend:  

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March 24, 2009

The Editor

Financial Times

Sir: Structured investment vehicles to invest in tranched mortgage-backed securities with plenty of leverage have been duly condemned for the huge problems and losses they caused.  So to solve the problems the United States Treasury now brings us structured investment vehicles to invest in tranched mortgage-backed securities with plenty of leverage provided by the taxpayers.  Hair of the dog?

Yours faithfully,

Alex J. Pollock, Resident Fellow, American Enterprise Institute, Washington, DC

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My friend who sent me this letter adds that if we went to http://www.ft.com and searched for all of Alex’s letters over the past two years, we would find some of the most erudite commentary on this crisis.

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