Jim Grant on Credit Markets

Missed this Jim Grant appearance on Bloomberg TV back in mid-July. Well worth watching for its musings on credit markets and mortgage-backed securities:

Here is Grant waxing particularly bearish in today Floyd Norris column in the NY Times:

“Financial panics don’t happen during depressions,” said James Grant, the editor of Grant’s Interest Rate Observer. “They happen on the brink of depressions. The claim the world is prosperous is beside the point.”