Financial Journalists Fail Upward - WSJ.com
Dear Mr. Frank:
I loved your piece, loved it, loved it. As the late poet Aime Cesaire once said for himself, in this piece "your mouth is the mouth of the mouthless and your voice, the liberty of those whose voice rests in the dungeons of despair"
I am one of those marginalized, laboring at out-of-the-way blogs. I have been and I am still excluded and ridiculed because my larger understanding of the economy was and is not one that fit well with the sort of Wall Street or academia worship preached by the likes of CNBC.
I published my book in 2005 questioning the mathematics underlying derivatives risk management, the systemic risk they posed and proposing an alternative.
In this crisis I feel that better than anyone I have heard so far I know how to most effectively get us out of this crisis stronger, faster at the least cost. I spent a decade working precisely on this.
On the most pressing issue of the day, how to deal with the toxic assets clogging the system, I have tried without success for two months now to have this published in the NY Times or the WSJ to attract the attention of decision makers. I know the public/private plan the administration seem set on adopting is going to be very expensive for taxpayers while fattening pockets of financiers. No one seems to realize how a government market making approach is simpler and more efficient. I have seen so far no one discussing that possibility
Check my blog at http://kongtcheu.blogspot.com/
Anyway, Thank you.
Your piece made me feel less lonely for a moment,
Phil Kongtcheu
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