And by the armchair economists right here on FR.
If there is a silver lining, it’s that the United States remains the engine of the global economy.
When did real estate (which is supposedly the basis for mortgage-backed securities) become “valueless”? Something doesn’t make sense here. Could part of the fear be that the Government will prevent banks from foreclosing on people who can’t pay their mortgages?
“Some analysts saw the sell-off, with leading indexes off 4 percent to 7 percent worldwide, as being driven by fear more than by fact. “
That and the Drive Byes want to help anyway they can to get a Rat elected in Novemeber and they have history on their side at telling the lie and making it fact when it comes to lying about the economy.
Remember the worst economy in 50 years in 1992?
In a nutshell; the truth of it ““What you see is not a panic of the public. This is a panic of the sophisticated,” said James Sinclair, a well-known gold trader who oversees a financial Web site and who has warned investors for years about the dangers of derivatives. “But this will have a tremendous impact on the public. In the end, this will hit Joe Sixpack. It’s very serious, and drastic emergency economic action is needed.””
You’ll hear a lot of this today, “it’s fear-based, not fact-based”. Nope. The facts of the matter have been well-known for years. I’m only surprised it took this long.
Maybe this guy from the NY Times, and the guy from Blackstone on CNBC this morning, who also sang the “fear not facts” song, can explain why triple-A rated bond-insurer MBIA had to ask for 14% when it issued its own loans two weeks ago. And why those bonds have already lost 30% of their face value.
I just logged on and yahoo news misleads by saying the rate cut was ineffective and the DOW is hopeless.
Funny when I left it was -300 and some but now it’s -100...
kind of like the war is lost tripe.
IF hypocrat liberals were playing football they’d quit when down at halftime and demand defeat at any cost when you explained the game isn’t over yet.