Friday, October 10, 2008
Another chap who’s been predicting this for years.
(includes interesting analysis of commodities markets, that I confess to not fully understand) "Indeed, the party is over. You have all watched in horror as five years worth of stock market gains have been vaporized since the peak on October 9, 2007, almost exactly one year ago, when the Dow closed at a bogus 14,164.53. All the gains for the past 8 plus years have been illusory, and the losses suffered over the past year are the direct outcome of an economy that has been based on nothing but smoke and mirrors ever since the dot.com collapse in 2000. - The bailout was a stealth bailout of the Federal Reserve Bank itself, which was almost bankrupt. - AIG could potentially take down the entire European banking sector due to swaps it had insured on European banks.