Heinz Blasnik- Views You Can Use Message Board

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Strategies & Market Trends : Heinz Blasnik- Views You Can Use

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To: Perspective who wrote (2600)	6/24/2003 9:37:19 AM
From: yard_man	Read Replies (1) of 4905

even if we didn't have an explanation of how the interest rate swap markets work (still not sure I do after reading that) -- we all know intuitively that the government, i.e. we -- are the backstop for all the risk -- very little of it has or can be transferred to foreign bond(er bag)holders ... Notwithstanding, the amount of securitization, credit insurance and all the attendant risks of the propagation of a large failure -- just the existence of such structures are indicative of the huge underlying economic imbalances in the flows of real economic goods. Such imbalances can't be unwound gracefully or slowly ... there will be a bust. Don't have to look any further than housing and autos -- banking, finance can and will adjust however it has to when the bust happens -- but the root imbalances are below all the new financial alchemy, in the real economy. Got broken promises ...

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