AA
<<Still, when the tech bubble exploded, there were many a fine rally on the way down that schooled the complacent bear>>
well then i guess i missed class those days as i have not been the least bit schooled. i haven't covered sh8t in three years except in cases of going-ot-of-business sales (Mutual Risk; NextCard; Enron; Hanover Compressor; HomeStore, etc). the friggin' Wizard of Oz is more powerful and scary than the Rubin bull <g>
the tech bubble and the credit bubble are different. the tech bubble is a friggin' toy popgun compared to the H-bomb that is the credit bubble. when 360 Networks goes under and can't pay its bills to Lucent, or its creditors, in the overall scheme of things it is no big deal. when MBIA's balance sheet is impaired and the State of MA can't get a bond deal underwritten to finance the Big Dig, and Fleet can't securitize the receivables associtad with its 4.25% home equity lines, then, Houston, we have a problem. Liquidity will evaporate and the Minsky ponzi economy in which we operate will cease to function properly. go back to Bobcor's linear controls post.
i'm sorry, i'm getting preachy and taunting again. i do not mean to be so, but frankly i'm afraid for my friends and parents if my worst-case scenario does come to pass. plus i'm pissed 'cause the Red Sox blew two late-inning leads and Lance, though he put huge time on his rivals, did not win the stage up the Ventoux today.
Cheers |
