EP, Elmat was choreographing a classic bust ala LatAm. Here is the script of a neo-classic bust ala Asian Financial Crisis:
Day minus 10: friends gather for Sunday boat trip, and, before departure, the gathered spontaneously order up caviar, champaign, and other goodies at the club shop for catering on boat, all enthusiastic to foot bill.
Day 0: all pedestrians crossing busy intersections raise sight to watch street corner mega-TV screen on share index drop; tension in air; anguish in water; and the city felt like one giant funeral home.
Day plus 11: friends gather for Sunday boat trip arranged three weeks earlier. The gathered bring on board beer, bread, and lunch meats. Half of all gathered out of jobs, and one quarter waiting to be thrown out of jobs.
The window of redemption is still open, and only the brave and deserving jumps through, recognizing a wollopping loss in the paper portfolio, so as to live another day.
There was hardly any chance to exit real estates.
Chugs, J |
