Friday, Aug 17, 2007
Coming to a country near you - the Implode-o-Meter
The Mortgage Lender: Implode-o-Meter
Quote of the Week:
"Conventional thinking has it that had the Fed only created $5 billion and filled the hole in bank capital, the [Great Depression] could have been avoided. But the issue at the time wasn't, as conventional monetary economists believe today, the few billions necessary to recapitalize the banking system - but the ongoing tens of billions that would be required to sustain unsustainable Credit Bubble-induced inflated asset prices, inflated corporate profits, inflated earnings, and myriad worsening economic maladjustments."
Posted by uncle chris @ 08:49 PM (793 views) Add Comment
7 Comments
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1. dohousescrashinthewoods said...
Interesting - the more you prop it up the more you have to.
Presumably it grows exponentially, like hyperinlation in post-war Germany or modern Zimbabwe.
2. uncle chris said...
Found this nice little cartoon in the Times - Credit Morland
3. Orwell said...
This was a take off of the old Guardian one many years ago...
4. Orwell said...
Quote of the Week:
Conventional thinking has it that had the Fed only created $5 billion and filled the hole in bank capital, the [Great Depression] could have been avoided. But the issue at the time wasn't, as conventional monetary economists believe today, the few billions necessary to recapitalize the banking system - but the ongoing tens of billions that would be required to sustain unsustainable Credit Bubble-induced inflated asset prices, inflated corporate profits, inflated earnings, and myriad worsening economic maladjustments.
—Doug Noland, in the July 20th Credit Bubble Bulletin (replace "billion" with "trillion" in the above and you basically have today's situation).
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