The ugliness south of the border.
Mar 17, 2008 | 7:13 pm
#3
Original Poster
Join Date: May 2003
Programs: NZ Silver, AC SE100K, Westjet, Marriott, Global Entry
Posts: 6,851
Maybe I'm a little hard nosed and Darwinistic, I believe in taking responsibility for our own actions, personally and corporately.
The Fed seems to be feeding the problem with more liquidity. I use the analogy of drip feeding the drug addict as opposed to forcing him to quit cold turkey.
The banks in their rush for market share created ingenious ways to print money to lend, then sell. They enabled the equally greedy consumer by providing them money by using their houses as ATMs.
These lenders and consumers should pay for their greed, the taxpayer should not. Let the greedy go tits up, the strong and sensible will survive, the financially greedy will learn a lesson.
The Fed seems to be feeding the problem with more liquidity. I use the analogy of drip feeding the drug addict as opposed to forcing him to quit cold turkey.
The banks in their rush for market share created ingenious ways to print money to lend, then sell. They enabled the equally greedy consumer by providing them money by using their houses as ATMs.
These lenders and consumers should pay for their greed, the taxpayer should not. Let the greedy go tits up, the strong and sensible will survive, the financially greedy will learn a lesson.
Mar 17, 2008 | 7:37 pm
#4
FlyerTalk Evangelist
Join Date: Jun 2003
Location: YYC
Posts: 25,035
Gretchen Morgenson, NYT
Mar 17, 2008 | 7:47 pm
#5
Original Poster
Join Date: May 2003
Programs: NZ Silver, AC SE100K, Westjet, Marriott, Global Entry
Posts: 6,851
I agree with most of the peice.
I bought CFC (Countrywide) for about $6 in late Jan, early Feb. I thought the worst had happened already and that I was being very clever. I could own it for a long time, good thing I don't need it for a long time!!
I bought CFC (Countrywide) for about $6 in late Jan, early Feb. I thought the worst had happened already and that I was being very clever. I could own it for a long time, good thing I don't need it for a long time!!
Mar 19, 2008 | 4:19 am
#6
Join Date: Dec 2006
Location: Closer to YTZ
Programs: Fairmont Platinum | AC Gate Lice Status | VIPorter
Posts: 2,554
It's mostly rigged. We are "ordered" to see Bear Sterns shares for $2, pennies on the dollar, to the bankers (JP Morgan) . Free market? I don't think so.
Did you notice the massive market rally yesterday on the Fed cut - whereas Sunday's emergency cut had no effect? By no coincidence the Visa IPO is today. JP Morgan is involved in the IPO.
There is no way Wall St. will lose money on that one.
This game is old and tired, they always end up buying our assets for pennies on the dollar.
I've worked in the industry for 5 years, following it quite closely.
Did you notice the massive market rally yesterday on the Fed cut - whereas Sunday's emergency cut had no effect? By no coincidence the Visa IPO is today. JP Morgan is involved in the IPO.
There is no way Wall St. will lose money on that one.
This game is old and tired, they always end up buying our assets for pennies on the dollar.
I've worked in the industry for 5 years, following it quite closely.
