11-21-2008, 11:34 AM
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CC Member
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Join Date: Jul 2001
Location: Senoia,
Ga.
Cobra Make, Engine: 427SO with big twin autolite inlines on custom intake, jag rear, top loader, wembeldon white, guardsmen blue stripes
Posts: 3,155
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Not Ranked
Interesting and startling........
FOX..
Niall Ferguson statements from Jan, 2007.
“…..It is perfectly possible to imagine a liquidity crisis too big for the monetary authorities to handle alone. As in 1914, governments would need to step in…..Federal bailouts for the likes of Goldman Sachs may seem unimaginable to us now. But financial history reminds us that ten-sigma events do happen. And, when they do, liquidity can ebb much more quickly than it previously flowed.” (”When a Black Swan Lands on Lake Liquidity,” January 2007)
“Maybe, just maybe, not everyone is cut out to be a property owner. Maybe, just maybe, we should not be bribing and cajoling people at the margin into taking out mortgages and buying houses. And maybe, just maybe, a day of reckoning is approaching, when the costs of this policy will have to be borne not just by a minority of over-burdened households, but by everyone……the problems in the subprime mortgage market are not confined to the borrowers alone. On the contrary, the current explosion of defaults and foreclosures threatens to set off a chain reaction extending right through the global financial system………..This is financial alchemy: using subprime mortgages to produce a top tranche of triple-A-rated securities is the equivalent of turning lead into gold. (”Maybe owning a home is not for everyone,” Sunday Telegraph, July 15, 2007).
I know nothing about this guy but, I'll dam sure read him from now on....
Watch the video.......
http://glickreport.blogs.foxbusiness...w-this-coming/
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Perry
Remember!, there's a huge difference between a 'parts' changer, and a mechanic.
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