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Beware of the "Careful What You Wish For" crowd - The Bubble's implosion is good for working class people
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2008 Mar 7, 2:36am 13,980 views 150 comments
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DennisN
2008 Mar 9, 6:44am
I understand that North Dakota is the "fortress" of wheat production.
Federal Authorities open CRIMINAL investigation of Countrywide for Securities Fraud! :-)
The FBI is looking at whether the company misrepresented its financial condition in securities filings.
Interesting turn.
For my money I'd say we've got an historic week for the financial markets in front of us, one to tell the grandkids about. As far as I know, the central banksters have no tools at their disposal to stop margin call momentum panic. Hedge fund implosions, derivative unwinds, bank write downs.
I'll predict this is the beginning of the end for the irritating, overused "subprime crisis" moniker, the "credit crunch" will head to memory.....we are about to enter "full blown financial crisis" stage....look for the new headline on the nightly news by the end of this coming business week. Probably a news conference from the White House with the entire financial team in the background endeavoring to shore up confidence.
Main street America is about to get an education on just how serious this situation is.
Stay tuned for imminent FED emergency operations. Wondering just what those crazy kids are going to try this time.
Peter P
2008 Mar 9, 8:26am
Stay tuned for imminent FED emergency operations. Wondering just what those crazy kids are going to try this time.
Will gold break $1000 this week? :)
The tan man sure looks very attractive to inmates. I hope he's gotten enough lubricant stocked up.
DennisN
2008 Mar 9, 9:17am
I was just thinking this afternoon....we need more prison space for white-collar criminals especially.
We have entire "forests" of abandoned REO houses in Stockton and Modesto.
Why not build up a giant fence around those two towns and turn them into a minimum-security prison colony?
Peter P
2008 Mar 9, 9:34am
I was just thinking this afternoon….we need more prison space for white-collar criminals especially.
Only if there is a way to pay for that without raising tax.
The machine is overwhelming to me. For example, American workers have turned into service industry workers...while jobs have been off-shored, outsourced overseas. High paid professionals coming to the US on work visas (then become greencard holders) and these are engineers and doctors. The thing that frustrates me is that in their respective countries their education was free. I work in a hospital and I see this upclose with the ratio of Drs coming from India, vs. American citizens --for the same position. Then they come to the US and they get the high paying job, (200K-400K annual) while we are paying more and more to try and get a college education. Not to mention that our young men are then sent off to fight in wars either for our own defense or the defense of some other country. It seems the "system" is designed to bring Americans down.
Is this the fault of the American worker? How many more would plan and go to college if it were "free."
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Lately, The Gloom-n-Doom here seems a bit thicker than normal, even for a grizzly bear such as myself.
Yes, pain from the HB implosion & MEW withdrawal is spreading well beyond REIC circles –as predicted here on this blog 3 years ago. No, the Insolvency Crisis is not *contained* (except to planet Earth) and it’s starting to unwind at an impressively accelerating rate. Hearing about mass layoffs, unemployment, dropping equity, and watching the DOW plunge is a little depressing, even scary, yes. But, let’s also keep a little perspective: It’s not the End of the World as We Know It. It’s not even unexpected.
One of the FUD tactics the pro-Bailout crowd is trying to use (Cramer, Tan-man, etc.) is “Be Careful What You Wish For!â€. They want us to think that if they and their buddies incur any serious losses, it’s Financial Armaggeddon for Everyone and will plunge us into a new Great Depression. There will be pain, yes. But, is the macroeconomic danger already so great that we *have to* socialize all losses right now, before we even know how bad it might get? Is a Mad Max future really inevitable, just because some well-connected banksters and hedgies blow up (due to their own reckless actions)?
To me, this is really just another way for them to try to convince us and CON-gress that we need to share the bill for their recklessness and greed. Let’s not succumb to it so easily.
HARM
#bubbles