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Politics : Ask Michael Burke

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To: Knighty Tin who wrote (87733)	12/31/2000 5:50:04 PM
From: Tommaso	Read Replies (2) of 132070

MB, I keep studying Kindleberger's "Manias, Panics, and Crashes," and he makes points every so often that seem esepcially trenchant. One is that banks that provide the credit for a boom/bust do not do well. I think California is going straight to hell financially. They have got everything wrong. I already hold LEAP puts on Wells Fargo and on Providian (which I just put back in--I failed to get all I wanted on Friday). Can you or anyone else tell me of any institutions even more exposed than these may be to the credit bubble in California? I think there are going to be a lot of bankruptcies and mortgage defaults. Who will be hurt the worst?

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