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

To: Ramsey Su who wrote (79370)	2/27/2007 2:54:22 PM
From: orkrious	Respond to of 110194

that's a serious ass kicking

To: Ramsey Su who wrote (79370)	2/27/2007 5:03:56 PM
From: orkrious	Read Replies (4) \| Respond to of 110194

From Fleck: fleckensteincapital.com ...Anyway, those two nuggets were on my mind last night when my friend in the subprime arena emailed me with this alert: "It has gone from bad to worse. Things are so bad now, it almost seems like it cannot get worse. Goldman says book value of FF [First Franklin, which Merrill Lynch purchased four months ago for $1.3 billion] is now worth $300 million at best. Goldman and several others have pulled out of second market completely. Watch for second rates to explode and thus price many out of business. I have no idea what happens next. If things went in orderly fashion, we should implode now. If the market stayed like this, the ripple effects through real-estate market would be enormous. The dominos are ready to fall. Goldman says five months before things stabilize."