Monday, Feb 25, 2008
George Magnus, UBS senior economist advisor
FT: UBS on a Trillion Dollar Meltdown
George Magnus was one of the first to speak of a Minsky Moment last year. Recons the US economy won't bounce back so quickly later this year. The only solution to this crisis is regulatory not liquidty. This guy seems to see things clearly, it is a pity UBS don't listen to their own advisers!
Posted by happyrenterz @ 09:48 PM (1753 views) Add Comment
11 Comments
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1. happyrenterz said...
Sorry forgot to mention this is a video
2. sold 2 rent 1 said...
Interesting.
If the US housing bailout goes ahead, I can see a massive backlash against the rich bankers, who can now retire on their yachts, from the US taxpayers who will have to retire into poverty. If Ron Paul can capitalise on this issue and be a modern day Robin Hood, then he might well get elected.
3. drewster said...
s2r1: Sadly Ron Paul doesn't seem to stand much chance. The media have completely blanked him. I'm not one for conspiracy theories but in this instance the silence is deafening. To get an idea of the issues, read Prison Planet: Corporate Media Censor Ron Paul's Debate Success.
A non-conspiracy viewpoint is that the public don't vote for big scary changes, they prefer small gradual transition. Faced with candidates like Ron Paul or Ralph Nader they take fright. Conspiracy theorists retort that the fear is generated by the media.
Interestingly, Ron Paul and Ralph Nader are from opposite ends of the political spectrum but they share a distaste for the Fed. Compare CounterPunch: Bringing Democracy to the Federal Reserve (by Ralph Nader) versus House: Abolish the Federal Reserve (by Ron Paul)
4. lvmreader said...
The backlash is beginning. HSH Nordbank are suing UBS, but more interestingly they are going after "named traders".
Yikes.
5. Stevie Dee said...
You can't get blood out of a stone... simple really.. the financial system has come a cropper, and all these analysts, well they'll have to find a job at the bookmakers.
As for conspiracy theories, similar has been said about the HPC, tin-foil brigade, doomsters, etc... so never be afraid to speak your mind.
On a lighter note: Everyone should post a £1,000 monopoly note to a friend or even the PM, with the words "Northern Rock - Promise to pay the bearer the sum by Gordon Brown"
or to the banks
with the words "There are plenty more where these came from!"
6. Ntone606 said...
Lol I love how she gleefully smiles and says "So a Trillion Dollar meltdown!" at the very end.
7. alan said...
George said, "..cutting rates isn't the answer..", "it's inevitable that taxpayers will get a bill in UK", "...A bailout package for US homeowners could take place by October...". The ECB will move downward in April/May, he felt.
He said this house/credit crisis is different as it's "...so big, widespread, affecting solvency...".
Sound analysis, I thought!
8. Terry Fwit said...
Eh, whatever happen to the real economy, have they all forgotten about us?
I am starting to get a bit anoyed by the likes of George Magnus expecting us taxpayers to bail him and his bonus rich gambler friends out now that their idiotic greed has blown the family silver. We should be stringing these guys up for trying to con us over the securitisation of trailer trash debt - it should be a real crime with real punishment.
Instead? What do we get?
Let all their banks go to the wall ...
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