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Ben:
I have been speaking about this happening for the past
18 months at seminars and Traders Expos. Most people
trading today were not around to see the oil embargo
in the 1970's and then the near hyper inflation that
Volker then wrung out of the economy.
Greenspan printed money like there was no tomorrow
after 9/11 for over 3 years. M3 has been growing at
around 17 percent. This will all come due and we are
only now seeing the beginning of the current Fed
chairman dealing with this situation. Those he has
been lowering 'official' rates, he has NOT been
handing out free money at the window to institutions
with troubled portfolios--and I doubt he will, being a
staunch monetarist. I think he will say, as Volker
did: You enjoyed the good times, now the situation
must be remedied--the price will be paid.
Who in their right mind lent people 125 pct value of
their homes in interest only loans? And then...the
incredible part is that some of the largest
institutions BOUGHT those rediculous loans as bundle
investments. What a crazy mixed up world. Hot potatoe!
Those that hold this awful paper last...lose.
I wish you all a healthy and happy 2008.
Best,
Tim Morge
www.medianline.com
--- Ben <profitok@xxxxxxxxxxxxx> wrote:
>
> Sent: Wednesday, January 02, 2008 3:03 AM
> Subject: [TimeandCycles] Wachovia May Face New
> Mortgage Writedowns - Financials * US * News
>
>
>
> Wachovia May Face New Mortgage Writedowns -
> Financials * US * News * Story - CNBC.com
>
> I've been in the industry for 32 years, and I've
> been CEO for seven years, and this is as tough an
> environment as I've seen," Wachovia Chief Executive
> Ken Thompson said at a Dec. 12 Goldman Sachs
> financial services conference
>
> this is pattern, they will have new writedowns every
> month for the rest of the year
>
>
>
>
>
>
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