Patrick Byrne, back for more
After a long absence, Patrick Byrne is back posting at Fool.com. It's because he's got something to share. He wants us all to know that, well, here it is in his own words:
Everything that is happening now in the capital markets is precisely what I thought would happen. It is precisely what I said would happen. It is precisely what I have been running around for 2+ years warning people was going to happen.
This will likely surprise you, if you've paid any attention at all to Dr. Byrne's vociferous ravings against Wall Street. That's because what he has alleged -- most recently via a question-begging, oversimplifying, ofuscating gem of circular logic -- is a massive, media-complicit, Wall Street conspiracy involving the creation of "phantom" shares, or naked shorting, and that this money-making machine is ruining the world as we know it.
Still, since something bad seems to be going on, NOW (by which I mean yesterday) Dr. Byrne figures it's time to take the first of his victory laps, even though he cannot, I believe, provide a shred of evidence that he warned anyone, at any time, of the problems emanating from the housing bubble, structured finance, phony bond ratings, misleading financial reporting, and unsustainable housing prices that have actually caused the recent problems in the credit markets.
I have asked him to provide us with examples of his warnings -- "precise" ones, to use his words, would be good. I will not hold my breath waiting for them.