Thursday, August 2, 2007

If you thought for one second the HPC in the US could be ‘contained’, read this…

Subprime Defaults Blamed for U.S. Earnings Setbacks

Railroads, chemical producers and insurance companies are blaming the worst U.S. housing slump in 16 years for their earnings woes. ``The subprime slime is oozing,'' said Gary Shilling, president of A. Gary Shilling & Co. in Springfield, New Jersey, who correctly predicted the recession in 2001. ``As home equity evaporates, that takes out the foundation of strong consumer spending growth, which has been the mainstay of the economy.''

Posted by tyrellcorporation @ 10:46 PM (343 views)
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2 thoughts on “If you thought for one second the HPC in the US could be ‘contained’, read this…

  • “First American CoreLogic, a unit of Santa Ana, California- based insurer First American Corp., estimated in March that $326 billion of adjustable-rate mortgages extended between 2004 and 2006 will lead to 1.1 million foreclosures over the next six to seven years”. says the article.

    How many…?

    1.1 million……………. hey, are you serious?

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  • Yeah, right. I don’t give the timing of these claims much credit. Corporates have always and will continue to fudge their numbers from year to year while keeping the really bad stuff for a rainy day. In 2001, Bin Laden gave them the excuse (or the conspirators from the military industrial complex/CIA/Mossad/BBC/illuminati/owl-worshippers/lizards/whatever-your-favourite-theory-is-i-couldn’t-care-less.) Despite the fact that the dotcoms and TMTs were crashing all around on their hollow business plans and vastly over-inflated valuations and equity evaporated overnight, somehow it was still 9/11 that did them in and caused the recession?? Pull the other leg mate, it’s got bells on. Hurricane Katrina and Gulf War II have both had their turn as being the scapegoat du jour and now it’s subprime. Roll out all the bad news and let’s get over with. Ho hum.

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