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To: marcher who wrote (113422)	8/2/2010 6:03:15 AM
From: TobagoJack	2 Recommendations Respond to of 116555

drink ... long long time ago, circa 1989, i was an apprentice in commercial building flipping and resort development efforts based in the philippines, and during the elapsed time of 18 months the effort went from net asset value of usd 100k to 7.odd mill and back to 100k based on max leverage of i cannot even figure out what multiples of equity (bank borrowings against 'project' defined on land secured with option to buy, and the option payments themselves were phased - such structures of course can only be made possible by friendly but nefarious bankers incentivized not quite right). we were brought down to earth by saddam invading kuwait, oil price ramping, tourism dying, 500k filipinos returning from the middleeast without jobs and drying up remittance income, and philippines interest rate going to 45% per annum. not a lot of projects can survive 45% per annum hurdle rate. but, yes, it was a heck of a joyful ride, the models and movie actresses loved the helicopter rides with prospective investors and eager financiers, and we all, to a man, every man, partied all the way up as well as down. in many ways the partying on the way down were more hedonistic, because my seniors knew it was all but over, and the banks and counterparties were tremendously exposed, and that soon enough our bankers would be using much four letter words against us. recommended. must not waste opportunities for partying even if it be last chance for partying, and the last party, in many ways, are the best party. ... and then ... nothing, absolute becalmed. i see the above script applying easily to nation states by fractal mathe.