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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (41410)	9/12/2005 8:10:08 PM
From: Canuck Dave	Respond to of 110194

Good blog, mish. If America goes bust, how will we know? Let's see... Fort Knox, March 2009... Hilary visits the vault... "Gee Madam President, I guess we must have mislaid those bars. But we do have a receipt from Salomon Brothers for their leases. Not answering their phones?" CD

To: mishedlo who wrote (41410)	9/12/2005 9:34:15 PM
From: GST	Respond to of 110194

Fascinating Blog -- to be so dependent on things we cannot possibly grasp in terms of systemic risk is hard to fathom.

To: mishedlo who wrote (41410)	9/12/2005 10:02:51 PM
From: Ramsey Su	Read Replies (3) \| Respond to of 110194

Mish, I admire your ability to merge all those articles together in a cohesive manner. Now try this one. investorrelations.ncen.com Look at the 2 recent 8Ks. I am not sure exactly how those agreements are ammended. May be the credit event has already happened and we don't know about it yet. These originators are holding more and more loans in their portfolio. Sooner or later, their credit is going to be used up if they can't sell these loans. They would be forced to raise the coupon but that would chase away all the customers, since they would neither have to equity nor the incentive to refi anymore. I think all the subprimers have credit facilities that are renewed every year. If any of them are not renewed, that will be the starting gun for the credit event. Ramsey