Friday, Dec 07, 2007
We're Going To Party Like It's 1929
washingtonpost.com: It's Not 1929, but It's the Biggest Mess Since
Columnist Steven Pearlstein predicts even grimmer times ahead, in this concise and informative walk through the developing global economic crisis.
Hey, life isn't all bad though. Apart from this week's cut in UK interest rates, the Pope has just rolled out a seasonal deal offering 50% off time spent in purgatory (for just a little cash outlay up front). Sadly, the sub-prime sinners still get the full roast. Happy 2008 everyone!
Posted by lierbag @ 11:06 AM (453 views) Add Comment
5 Comments
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1. jack c said...
Reminds me of an old song, regularly played by my Grandparents and sung by Nat King Cole “The party’s over, It’s time to call it a day, they’ve burst your bubble and taken your credit away”
2. happyrenterz said...
I read somewhere about an economist asked whether the subprime mess was about at the half time stage of this credit crisis. His answer was that we haven't even finished playing the national anthems yet.
3. wiltshire said...
Nevermind national anthems, the UK team aren't even on the pitch. They're down the high street, shopping like there's no tomorrow...................
4. David Smith's Sub Prime. . . said...
There is no sub prime....
And anyway if there was my newspaper proprietor, Mr. Murdoch, would tell me to tell the truth about it...
Love David Smith aged 13 and a quarter..
5. handle_it said...
Quite a few interesting comments posted about that article.Here's one that stands out for me:
This is a free market. The Lending institutions relaxed their criteria to get a loan. I have friends who are Real Estate Agents and Mortgage wholesalers. These large investment banks started to come up with exotic products. I have a friend that has a no doc loan on a $500K house. I have an issue with the government bailout. If you are going to treat residential real estate as an investment then you should be prepared for your investment to lose money. How does a House triple in price in 5 years? Is that model sustainable? Are kids graduating from College in 2015 going to pay 5.5 million for a studio? the Government needs stricter control over who can sell real estate and mortgages. I work for a financial services firm and have the corresponding licenses. If I sold my clients an investment that is going to tank like this one I would be sued and my license would be in serious jeopardy. We need a crash for proper reform. Sorry
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