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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: russwinter who wrote (4940)1/13/2004 2:51:37 PM
From: Jim Willie CB  Read Replies (2) of 110194
 
wait!!! GreenMan said Real Estate is not a bubble

Fanny Mae is in the process of ripping another big tear in her big fat dress, which covers her big fat ass

we can already see her exposed big fat legs
when her bum is exposed for all to see, it will cause vomiting episodes on a scale never seen before

I have to laugh at American stupidity
we saw the great Japanese housing bubble, and how their entire banking system was inextricably linked to lofty prices which could not stand the pressure of gravity
their bank system imploded

so the American housing bubble is tied instead to big fat Fanny Mae and her equally fat Freddy Mac obese cop-til-we-drop husband
WE REPEATED THE JAPANESE ERROR, BUT CONCENTRATED THE EXPOSURE IN SUCH A WAY AS TO GAURANTEE ITS FAILURE, WHOSE EVENT WILL BE MUCH MORE SPECTACULAR, MORE VISIBLE, AND MORE REPLETE WITH PUBLICITY TO DISCREDIT OUR NATIONAL PRE-OCCUPATION AND PROCLIVITY TOWARD BUBBLE ECONOMICS

now we will see the GSE agencies implode
dont think for a minute that US banks will get off scott-free
they own a ton of agency debt and stock

in the last two years a major sea change has taken place
our economy produces no wealth anymore, no jobs, no output
so we power our entire economy with financially engineered bubbles in assets

the shock comes when Americans expect the Asians to finance the broken Agency pig when it fails
they will not

Asians now reportedly purchase about one third of agency debt
they will pull back before too many more unfortunate months
the Fed will pick up the slack with monetized funds
THAT WILL BE JUST ONE MORE LOG ON THE USDOLLAR FIRE

/ jim
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