GOPwinger Lies/Distortions/Omissions/Perversions of Truth Message Board

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Politics : GOPwinger Lies/Distortions/Omissions/Perversions of Truth

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To: SeachRE who wrote (143444)	10/26/2008 11:20:43 PM
From: geode00	1 Recommendation of 173976

"...`Psychological Denial' In his office outside Geneva, about a three-hour drive from Davos and overlooking the French Alps, Schwab says the WEF began issuing warnings in 2003 to investment banks, insurance companies and hedge funds about the systemic risk gnawing at the foundation of the global economy. ``But the financial community didn't listen,'' Schwab says. ``They were told that any serious look at the economic fundamentals showed that we were in an unstable situation. It was denial, total psychological denial.''... Another ``bubble'' session the following January looked at real estate and was led by Stephen Roach, then Morgan Stanley's chief economist, who now is chairman of Morgan Stanley Asia Ltd. ``A sharp decline in housing prices could have a tremendous impact on the global economy; in the U.S. alone, 40 percent of new jobs since 2001 have been related to the housing sector. With low interest rates and excess liquidity, other bubbles may follow,'' the program read. Divide, Conquer Steinberg says the most-discussed housing issue among some delegates centered on Davos's Belvedere Hotel, where corporate chieftains and their deputies were ``more interested in entering into bidding wars to secure the biggest party room than they were in attending sessions held there.'' .... bloomberg.com Subdued these days but still completely out to lunch. After all, their buddies from GS have that $700 billion to spend pretty much as they please. Jeepers.

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