jim 94121 writes:
Cassandra-like! What are you if you before the first?
jim 94121 | 03.19.08 - 7:22 pm | #

Viewing with alarm writes:
Tanta is a prophet!
Viewing with alarm | Homepage | 03.19.08 - 7:23 pm | #

jim 94121 writes:
I thought this was a non-prophet blog . . .
jim 94121 | 03.19.08 - 7:24 pm | #

jo6pac writes:
Master Tanta as the one is known to us all
jo6pac
jo6pac | 03.19.08 - 7:24 pm | #

Viewing with alarm writes:
Just looked at the long post below. Tanta is a verbose prophet. To be redundant, also a non prophet prophet!
Viewing with alarm | Homepage | 03.19.08 - 7:25 pm | #

tranches of like writes:
We're all plagiarists now.
tranches of like | 03.19.08 - 7:29 pm | #

Elvis writes:
Quit calling me subprime. I'm prime impaired.
Elvis | 03.19.08 - 7:37 pm | #

Outsider writes:
Prime challenged

Well, we know who's been reading this blog now.
Outsider | 03.19.08 - 7:38 pm | #

bacon dreamz writes:
oh come on, he didn't even give a hat tip!
bacon dreamz | 03.19.08 - 7:38 pm | #

JJL writes:
I totally love it! Tanta sets the trend.

Got to love the stirrings about getting BSC out of the FED rescue deal. Maybe Bernanke and company can get a T-shirt made that says:
"I Tried to Save Bear Stearns and All I Got Was This Lousy T-Shirt!"

See what happens when you want to worry about moral hazard later? You get bit by the same fools that screwed themselves in the first place.
JJL | Homepage | 03.19.08 - 7:39 pm | #

Outsider writes:
How long till we hear Two Buck Upchuck quoted?
Outsider | 03.19.08 - 7:40 pm | #

Owner Earnings writes:
I can't see the comments at work. CR, why not use blogger.com normal comments instead of haloscan?
Owner Earnings | 03.19.08 - 7:43 pm | #

Sniglet writes:
Does anyone have any thoughts as to how the TED spread could be rising, and treasury yields taking a bath, yet the ABX and CMBX indexes both showed bullish behaviour? I notice that the ABX and CMBX were positive for the day, yet there were all these other credit indicators going bonkers.

Would the ABX and CMBX be highly correlated to LIBOR spreads (i.e. higher spreads leading to greater fall-out for credit securities)?
Sniglet | 03.19.08 - 7:44 pm | #

JJL writes:
Sniglet and other funny words;

The TED spread is widening because you are using white bread. Use whole wheat and it will stay intact more compressed.
JJL | Homepage | 03.19.08 - 7:47 pm | #

ya bums writes:
Neighbors in Bushville!
ya bums | 03.19.08 - 7:49 pm | #

girlbear writes:
Tanta - Trend setter, market driver, quotable journalist, notorious nastradamas,
and humble too!
girlbear | 03.19.08 - 7:50 pm | #

Minh writes:
May I have a really serious question for Tanta and CR: What would you do if Bush appoints you core-duo as the new Fed Chief :-) ? Consider the quality of your prediction I think should have done it 3 months ago.
Minh | 03.19.08 - 7:51 pm | #

Elvis writes:
I've got to ask the question: Who is this Kevin Logan and do you really want him quoting you, Tanta?
Elvis | 03.19.08 - 7:53 pm | #

B. Bernanke writes:
Subprime is contained.
B. Bernanke | 03.19.08 - 7:55 pm | #

G. W. Bush writes:
The U.S. is not in recession.
G. W. Bush | 03.19.08 - 7:56 pm | #

Credibility writes:
Has anyone seen me lately?
Credibility | 03.19.08 - 8:00 pm | #

Carlomagno writes:
Is CR trying to "average down" the length of posts today? ;-)
Carlomagno | 03.19.08 - 8:00 pm | #

Outsider writes:
So was the drop in gold today a deflationary indicator?
Outsider | 03.19.08 - 8:07 pm | #

homedad43 writes:
While I was also curious about the drop in Gold, a one day drop in a volatile market doesn't mean deflation automatically.

Tomorrow I'll panic.
homedad43 | 03.19.08 - 8:09 pm | #

4822 writes:
Is there a way to track who's selling gold?
4822 | 03.19.08 - 8:11 pm | #

Outsider writes:
Well, I just wonder because it seemed a little more than a drop to me - kinda like a huge thud. Maybe even an earthquake. $50 in one day? Wow.
Outsider | 03.19.08 - 8:11 pm | #

Sippn writes:
Its hard to see a recession from Manhatten when the finacials were still cashing bonus checks and supporting the local RE boom.

Bud Fox told me everything was cool.
Sippn | 03.19.08 - 8:14 pm | #

doom writes:
I heard that Commodity exchanges are have pressure to accept much less leveraging. This may affect prices going forward. Can't buy as much on margin any more.
doom | 03.19.08 - 8:17 pm | #

--Andrew writes:
Slice of Subprime - Price of Pizza going up..

http://money.cnn.com/2008/03/19/ ...sion=2008031912
--Andrew | 03.19.08 - 8:17 pm | #

ac writes:

So was the drop in gold today a deflationary indicator?

That depends on whether you're an inflationist or a deflationist.

ac | 03.19.08 - 8:19 pm | #

Joe Six Pack writes:
kinda like a huge thud

Well it sure thumped my account once again. I dumped gold along with my shorted stocks, just in time to watch the market go to hell.

I don't mind a random market, but in the old days that meant something more than five minutes. This 200 up and 300 down in the space of an hour doesn't cut it when Joe is trying to work for a living.
Joe Six Pack | 03.19.08 - 8:20 pm | #

tranches of like writes:
"Credibility," I've seen you, and (in the spirit of this thread) I called dibs on the phrase "crisis of credibility" a week or so back.

Which means someone will now point out that they said it first...
tranches of like | 03.19.08 - 8:23 pm | #

andy in NZ writes:
Aussie central bank injected 1billion extra liquidity into bank system today.

http://business.smh.com.au/reser...80320- 20n0.html

Bugger!
andy in NZ | 03.19.08 - 8:23 pm | #

Outsider writes:
Here's an article from the Baltimore paper about everyone selling their gold coins:

http://www.baltimoresun.com/ busi...0,6584343.story

but I'm thinking this is about more than cash strapped citizens. I wonder if it's a deflationary sign. But I could be wrong. Maybe people are rushing out while the getting's good.
Outsider | 03.19.08 - 8:23 pm | #

The Blowncue Group, LP writes:
We here at the Blowncue Group are very, very long Ambien after the exciting events of this week. So, in a stupor, we bring you the UK Times Online:

HBOS trash’n’cash gang are chipping away at foundations of Western capitalism

http:// business.timesonline.co.u...icle3587128.ece

"I have confidence in confidence alone.
I have confidence in confidence alone!
Besides, which you see,
I have confidence in me!" Quote:

"For centuries bankers understood their fundamental precariousness. They housed themselves in marble halls to give the impression of solidity and dressed in bowler hats to look conservative and prudent."

Bonus round, gentle reader:

Name the musical from which the above lyrics are derived and you will win one Swiss Franc!
The Blowncue Group, LP | 03.19.08 - 8:25 pm | #

Joe Six Pack writes:
Clockwork Orange?
Joe Six Pack | 03.19.08 - 8:27 pm | #

Periwinkle writes:
Gold is still dropping in Asia right now
Periwinkle | 03.19.08 - 8:28 pm | #

Siobhan writes:
oh, I love The Sound of Music...
Siobhan | 03.19.08 - 8:28 pm | #

The Blowncue Group, LP writes:
J6P:

Excellent guess, but no! That would be Singin' In The Rain!
The Blowncue Group, LP | 03.19.08 - 8:29 pm | #

Joe Six Pack writes:
The hills are alive with the sound of music.
Joe Six Pack | 03.19.08 - 8:29 pm | #

Keep It Simple, I'm Stupid writes:
If this keeps up, will Tanta get too big for her steel-toed bunny slippers?
Keep It Simple, I'm Stupid | Homepage | 03.19.08 - 8:31 pm | #

The Blowncue Group, LP writes:
Siohban is the proud owner of one Swiss Franc!

Another Swiss Franc if you can pronounce "Siobhan" correctly!
The Blowncue Group, LP | 03.19.08 - 8:32 pm | #

WDCRob writes:
Shahvon
WDCRob | 03.19.08 - 8:39 pm | #

Missed Information writes:
You are all subprime phase is over.
You are all COLLATERAL now.
Missed Information | Homepage | 03.19.08 - 8:43 pm | #

EPD writes:
Hot off the press - as of March 27th Countrywide will no longer do CLTVs over 80% - thus the end of the piggyback

Wells at max 80% cltv now as is Chase

So, all the pressure is on the PMI companies to hold it together. If they crack, ya better start working on your garden for food.

Countdown to the end of stated income... t minus 2 months and counting
EPD | 03.19.08 - 8:44 pm | #

halpmeh writes:
euro strength vs the dollar drives the EU to take the top economy spot: http://www.reuters.com/article/topNews/ idUSL1491971920080314
halpmeh | 03.19.08 - 8:47 pm | #

The Blowncue Group, LP writes:
WDCRob wins a Swiss Franc! What will one Swiss Franc buy you? A conco in Miami!

This just in:

Merrill Lynch discovers that insurance companies will try to screw you out of paying on claims after they take your premium!

Dogs bite man!

The sun sets in the West!
The Blowncue Group, LP | 03.19.08 - 8:48 pm | #

The Blowncue Group, LP writes:
And, a letter "D!"
The Blowncue Group, LP | 03.19.08 - 8:48 pm | #

KnotRP writes:
If real wages are hard to come by, cash to pay for groceries will be hard to come by, which means deflation and defaults, not inflation and releveraging of assets. The Fed has all this money and can print more, but we ran out of people stupid enough to lend it to the next dope who wants to leverage it at x32 (like BS).

The Fed is spending it's credibility pushing the string, when it should be back burning a few dopes to put out the fire and GAIN some credibility. The only thing that worries me more than dopes at x32 times leverage, is the Fed trying to keep them leveraged.

It's like having a ring of people all wearing terrorist vests, but they've handed their release trigger to the dude on their right. Now one guy passes out from the stress, and the Fed makes a brilliant reach for the release trigger, thus saving the whole ring from a blow up event. Now what?
KnotRP | 03.19.08 - 8:50 pm | #

realty-based lawyer writes:
Shuh-vawhn. My daughter's name, it means "beloved," being the feminine version (Sean-ban) of Sean, a Hibernicization of John, an Anglicization of the Hebrew name Jonathan. Spelt in Irish with a fada over the a: Siobhán.

Irish orthography, unlike English, is phonetic. And my last remaining punt to you if you can figure out the rules: Aoibhainn is pronounced Eavan (ex.: Eavan Boland, poet).

Way OT, but I was challenged. I'll be quiet now. (Sipping my Guinness and listening to the Dubliners.)
realty-based lawyer | 03.19.08 - 8:53 pm | #

FreedomWorks writes:
Thanks to wantonly reckless Fed intervention, we are all owners of speculative and fraudulent bad loans...whether you own a home or pay rent, if you pay taxes or earn dollars, you are subprime. That's the problem with socializing risks-- the responsible and the conservative people are dragged down by the reckless and immoral.
FreedomWorks | Homepage | 03.19.08 - 8:54 pm | #

tg writes:
Periwinkle writes:
Gold is still dropping in Asia right now

I am hoping for a big drop. It is only stupid yellow metal that is not much good for anything. You should sell if you have any. I need to buy more.
tg | 03.19.08 - 8:59 pm | #

Siobhan writes:
Some pedal steel...

Two dollars in the jukebox
and
Pick me up on your way down

-Shivie
Siobhan | 03.19.08 - 8:59 pm | #

The Blowncue Group, LP writes:
Excellent brief by counsel, we award said counsel the letter "i"!
The Blowncue Group, LP | 03.19.08 - 8:59 pm | #

Tanta writes:
Heh. We're all Tanta now.
Tanta | 03.19.08 - 9:05 pm | #

rich writes:
>So was the drop in gold today a deflationary indicator?

I believe so. But in two different ways. One is the unwinding of margin and leveraged gold. The other could be the first stirrings of weakness in emerging markets, where many ordinary people hold gold the way Americans hold CDs. In three of the world's three largest countries by population, China, India and Indonesia, people hoarde gold as savings and liquidate it when they want to stuff money in their mattress. The quantities are vast, and the dehoarding waves tend to be violent.
rich | 03.19.08 - 9:10 pm | #

Siobhan writes:
Thank heavens! I'm no longer the counterparty holding the bag of two buck upchuck.
Siobhan | 03.19.08 - 9:14 pm | #

bugsy writes:
Watch it toots, or you'll be in deep shit like that dirty rat Spitzer.
bugsy | 03.19.08 - 9:15 pm | #

12th Percentile writes:
Although I'm going purely on memory, there were similar drops in gold after the other big rate cuts in the past few months. Much head scratching ensued and then it resumes its upward march.
12th Percentile | 03.19.08 - 9:17 pm | #

Misean writes:
His name is Logan. Shouldn't it be we're all over 30 now?

Cheers,
Misean | 03.19.08 - 9:33 pm | #

unirealist writes:
If you want to lose your last shred of hope, read the new Roubini post.

Thus the piecemeal approach to crisis management taken by the Fed, the Treasury and other financial authorities is going to fail miserably. A severe recession and a severe financial crisis cannot be avoided at this point. Only much more radical government action will limit the financial meltdown and start to put a floor on the financial markets collapse. This government intervention would not be aimed to prevent the necessary adjustment of asset prices; it would be aimed at ensuring that the necessary adjustment is not disorderly.

Such radical policy action includes a government plan to purchase – at a significant discount to minimize its fiscal cost – hundreds of billions of dollars – possibly trillions – of mortgages, effectively a nationalization of mortgages.

He also observes that Fannie and Freddie are insolvent and should be taken over, with total losses to equity holders, and that US banks should get the same treatment.

Needless to say, what Nouriel says must be done cannot be done without a radical transformation of the US political structure, perhaps even suspension of the Constitution.
unirealist | 03.19.08 - 9:34 pm | #

sam writes:
I suggest all of you read this. its sickening but it come sfrom Roubini who has been spot on.

http://www.rgemonitor.com/blog/r...roubini/250488/
sam | 03.19.08 - 9:36 pm | #

sam writes:
his column is titled:

The Worst Financial Crisis Since the Great Depression is Getting Worse…and the Need for Radical Policy Solutions to the Crisis
sam | 03.19.08 - 9:38 pm | #

Misean writes:
unirealist,

"Needless to say, what Nouriel says must be done cannot be done without a radical transformation of the US political structure, perhaps even suspension of the Constitution."

And a complete repudiation of all foreign held debt.

That might whip inflation up a bit.

Cheers,
Misean | 03.19.08 - 9:39 pm | #

unirealist writes:
Misean, I agree. We may be caught up in deflationary collapse right now, but if Roubini's solution is followed, even a cheetah won't be able to catch the runaway inflation. Hold your gold. It's headed for 10k.
unirealist | 03.19.08 - 9:42 pm | #

Misean writes:
unirealist,

Well that would be sweet. I'd be happy with my target of parity real with 1980 ~$2000 and silver ~$150.

Always the optimist unirealist.

Cheers,
Misean | 03.19.08 - 9:46 pm | #

unirealist writes:
More Roubini:

..many of the creditors of Bear Stearns would have experienced massive losses as Bear was insolvent and unable to pay such creditors with its impaired assets. Instead the $30 bn Fed support represents a major subsidy for JPMorgan and a major bailout of Bear’s creditors. Effectively the Fed has taken on its balance sheet the entire credit risk of $30 bn. of toxic securities held by Bear Stearns. So, this Fed bail out is an explicit case of using the disastrous Japanese model of a “convoy system” (healthier banks taking over zombie banks with the help of lots of public money) that led to a decade of economic and financial stagnation.

A market solution to this crisis does not exist; those who believe in such markets solutions are deluding themselves as markets left alone will melt down and enter into the mother of all meltdowns, margin calls, cascading collapse of asset prices, massive credit crunch and liquidity seizure and severe economic recession.

I just don't see any way out of this without massive inflation.
unirealist | 03.19.08 - 9:50 pm | #

Anon writes:
Did the Nikkei open?
Anon | 03.19.08 - 9:51 pm | #

Misean writes:
unirealist,

JPM has some $77T in nominal derivatives. BSC is a counter party to some of that. Methinks its a cash flow thing.

Fed $30B facility goes to BSC goes to counter party...perhaps JPM...or another counter party that goes to JPM...or perhaps another counter party...that still ends at JPM.

Since these are liquidity and not solvency payments...it keeps the ball rolling.

JMHO and although I read a WSJ article on it at 4:30 am this morn...I don't have an online WSJ sub and red it on a blog without a credit. So it may be totally false. But it sounds right.

Cheers,
Misean | 03.19.08 - 9:56 pm | #

Maven writes:
"One of London's leading brokers has demanded that clients put up significantly more cash to cover derivative positions - a move which traders fear could result in millions of shares being dumped on the market today."

http://www.telegraph.co.uk/ money...cnglobal120.xml
Maven | 03.19.08 - 9:59 pm | #

Suecris writes:
Anon - I think Japan's on holiday today.
Suecris | 03.19.08 - 10:00 pm | #

REBear writes:
The Great Unwind has begun, Citigroup warns

Avoid leveraged companies, countries and consumers, bank's strategists say

http://www.marketwatch.com/news/...D& dist=hplatest

"We are now confronted by a broad bloodbath in the credit markets," Citigroup said. " The most leveraged paper is falling in value because it is leveraged, and now the least leveraged paper is also falling in value because it is owned by leveraged investors."
REBear | 03.19.08 - 10:00 pm | #

Anon writes:
Suecris, thanks.
Anon | 03.19.08 - 10:01 pm | #

Ray writes:
A good analysis from somewhat unlikely source:

The Great Unwind has begun, Citigroup warns
Avoid leveraged companies, countries and consumers, bank's strategists say

http://www.marketwatch.com/news/...D& dist=hplatest
Ray | 03.19.08 - 10:01 pm | #

ron writes:
Sheila C. Bair (FDIC) was saying pretty much the same thing regarding saving the credit markets, the Gov't need to do a large scale bail out. She mentioned that Congress, Exec and agencies were all trying to put together some plan that could do the job but the size of the effort (millions of mortgages) ran into so many issues that they are still working on the various proposals.
Nouriel of course has his spin but his basic idea has widespread support in the political.financial leadership circles.
She was being intereviewed on Bloomberg Monday or Tues this week.
ron | Homepage | 03.19.08 - 10:02 pm | #

The Blowncue Group, LP writes:
The Blowncue Group needs to go to Kroger's and get long orange juice on the spot market, but would like to leave with two quick comments:

The short dollar/long commodities is a very crowded trade right now and we would not be surprised to see some unwinding. Gold may consolidate as added breathing space is brought to financials. At least temporarily.

Nouriel Roubini is running out of breathing space insofar as his posts' titles are concerned. Extrapolating from the trend line yields such possibilities:

"The Meteor that is Hurtling toward Wall and Broad Streets, Destined to Extinguish all Life in the Tri-State Area as We Know It."

"The Crisis triggered by The Crisis triggered by The Crisis triggered by The Crisis triggered by the sloppy underwriting in subprime mortgage and Aided and Abetted By Mathematicians and their Models which were more Coked up than Kate Moss."

Disclosure: long Kate Moss, short trip to the HR office for termination of grounds of violating zero tolerance policy for sexual harassment.
The Blowncue Group, LP | 03.19.08 - 10:05 pm | #

Matt writes:
Non-Prophet Blog made my freakin' day.
Matt | 03.19.08 - 10:05 pm | #

Gary writes:
That scurvy thief!
Gary | 03.19.08 - 10:07 pm | #

Misean writes:
Come on all. The stock drop was just profit taking. Sheesh..don't you watch CNBC.

Cheers,
Misean | 03.19.08 - 10:10 pm | #

Outsider writes:
the Gov't need to do a large scale bail out.

Well, if I'm bailing anyone out, I want the person responsible for this mess at my house for cleaning duties to work some of their debt off.
Outsider | 03.19.08 - 10:10 pm | #

Tyrone writes:
Just e-mailed the BBC. Told them they stole that line, and linked to here. hehehe
Tyrone | Homepage | 03.19.08 - 10:49 pm | #

Ziggurat writes:
Get By With A Little Help From My Friends......

http://online.wsj.com/article/ SB...s_us_whats_news

"The collapse of Bear Stearns Cos. dealt a severe blow to investors, from big names like billionaire Joseph Lewis to thousands of employees of the brokerage firm.....

But there's one group trying to contain their joy amid all the gloom on Wall Street: Investors who placed big bets against Bear Stearns.The Securities and Exchange Commission is investigating a spike in options contracts before the collapse in Bear stock.

About 25% of Bear Stearns's shares were borrowed and sold short, as of Friday, making it the seventh-most heavily shorted stock in the Standard & Poor's 500, according to estimates by Will Duff Gordon of Data Explorers Limited, a New York firm that tracks these trades. That compares with average short interest of 5% for the average stock in the Standard & Poor's 500. Bears Stearns's short position doubled in the summer of last year and continued to rise."
Ziggurat | 03.19.08 - 11:08 pm | #

Francois writes:
Tanta rules!
Francois | 03.19.08 - 11:14 pm | #

Taos writes:
what about my phrase :

" Mortgage Bombs and Insecurities"?

Do I get a quote?
Taos | 03.19.08 - 11:29 pm | #

Ziggurat writes:
The WSJ is ready to start bulldozing....

http://online.wsj.com/article/ SB...days_us_opinion

Putting to the bulldozer a few housing tracts in California, Nevada and several other overbuilt states would be the precision way to prop up prices in vulnerable markets -- and do so far more honestly and equitably than by cranking up the Fed's printing press or distributing tax dollars to the irresponsible.
Ziggurat | 03.19.08 - 11:31 pm | #

Taos writes:
Like Seb and O-Joe, Yun the Shill is a great forecaster is you read CR.

Just pretend everything he said is the exact opposite and act accordingly.

Shill:

1. a person who poses as a customer in order to decoy others into participating, as at a gambling house, auction, confidence game, etc.

2. a person who publicizes or praises something or someone for reasons of self-interest, personal profit, or friendship or loyalty.
Taos | 03.19.08 - 11:59 pm | #

jg writes:
rich, your explanation on the movement in gold today makes great sense.

During the forthcoming crash, I hope to make money on my SDS, then move all proceeds over to gold and gold mining stocks -- which will move down in the crash, I think -- as soon as they start moving north again.

It is feeling unsettled and spooky, with the news of the MER lawsuit, gold moving down strongly, LEH going to the window, etc.
jg | 03.20.08 - 12:14 am | #

EngineerJim writes:
"Putting to the bulldozer a few housing tracts in California, Nevada and several other overbuilt states would be the precision way to prop up prices in vulnerable markets --"

I agree.

Disclosure, I am long Caterpillar.
EngineerJim | 03.20.08 - 12:57 am | #

dr strangemoney writes:
I like my version from April '07.
I think Snoop Dogg might say something like "Who's subprime now, bitch?!"
http://www.haloscan.com/comments...8656356/ #267741
dr strangemoney | Homepage | 03.20.08 - 1:24 am | #

tired of deceptive practices writes:
JP Morgan Bear Stern deal reveals poison clause.

How wrote this deal and why was it tax payer financed?

Also why do I have to learn everything first from the British Newspapers. The American rags do no seem to be doing any real reporting these days.

http://www.telegraph.co.uk/ money...cnpoison120.xml
tired of deceptive practices | 03.20.08 - 2:17 am | #

tired of deceptive practices writes:
Thats who not how.... It's late
tired of deceptive practices | 03.20.08 - 2:20 am | #

Ralph Cramdown writes:
Wow, what's with this talk of MF Global changing margin on "CFD" from 10% to 90%?

I'd never heard of CFDs before but they sound like the old wire room scam from Confessions of a Stock Operator - live quotes, but you're trading with a market maker instead of the underlying stock on the market. The market maker makes money by charging interest on the 90% that's "borrowed", but if the value of my "long position" goes up, so do my finance charges? And I only get 90% of the synthetic dividend that the short has to manufacture? Holy Moly, I thought this crap disappeared nearly a century ago.
Ralph Cramdown | 03.20.08 - 2:24 am | #

ashkan writes:
So the whole thing is bankrupt. Like Roubini says in so many words. Deflation is here and is coming(Mish) but there's inflation in the necessities. Sounds disorderly. Banking Reform Act(Glass Steagall) of 1934 was repealed. This is allowing much of the derivative deflation disorder. Who pushed banking deregulation? Greenspan of the Fed. This crash didn't happen just because people with low wages and high wages wanted homes with low payments. This 'ownweship society' was pushed by the Bush administration and low rates were kept low by the Fed.
This Frankenfinance thing was created from the top down and sure a bunch of fees and comissions were made. Was it a Ponzi scheme? Let's analyze HOW & WHY this crash was allowed to happen by TPTB. Who will benefit from a Crash? Who benefited from the last Depression and other Bubble Busts? Let's find out.
ashkan | 03.20.08 - 3:51 am | #

ashkan writes:
Now I've heard everything. Demolish houses with taxpayer money.
But the problem of the engineered bubble is housing is not affordable(too infleted). Then destroy existing housing? This is ridiculous. Who owns the WSJ? Organized chaos seems to be happening. I don't care what anyone says any more...I'm suspicious that it has come to this collapse. Signs of trouble in credit and mortgage derivatives were seen five years ago. But the disaster was allowed to be played out.
I want to prove this was engineered by whoever is the big money holders behind the world's many central banks. This thing was not some series of random events or a stroke of bad luck. That's magical thinking. The Crash could have been prevented by govt. and fed regulation and oversight! What's up?
ashkan | 03.20.08 - 4:04 am | #

Macro economist writes:
You shold sue him, Tanta...
Macro economist | 03.20.08 - 11:34 am | #