Jim Corr (of The Corrs) I told you so, engineered banking collpase !

[meanreversion]

There is something sinister going on with the EU project, and now it's there for all to see - Ireland is merely a subset of Brussels, and is controlled by unelected officials.

The EU have a nerve (actually, they don't, they simply don't care what you think). The organisation itself is fiscally incontinent, with unaudited accounts stretching back 15 years. They are getting a 3% budget increase this year.

Oh and by the way, everyone else tighten your belts.

The people will not stand for this forever.

 

[scose-no-doubt]

Nope, can't agree with that. 'Tis all about when and what they invested in...if property values fall back to 2001 levels a lot of the asset wealth the newly rich (last ten years) have built up will evaporate. Reason banks not lending any mortgage money atm? no new Q.E. and the banks needs as much reserves as poss for debts due in 2011. Credit Crunch 2.0 is going to be hell IMHO...

Why do you think we'll have another liquidity crisis? Also what do you consider rich? Very few of the prop portfolio holders I deal with are fully leveraged and the ones that are geared are mainly overseas countries with good growth. Rents won't be affected much in any case and there is cash flow for reinvestment. I don't think they'll be whacked.that hard.

 

[counter_violent]

Why do you think we'll have another liquidity crisis?

If asset prices fall again and middle man gets further squeezed, he will walk away from the problem. It then becomes the lenders problem and round we go again !

 

[scose-no-doubt]

But isn't central banks role as lender of any resort now cemented? That's what I though anyway.

Also etc knew there was a man in the Corrs lol

 

[meanreversion]

But isn't central banks role as lender of any resort now cemented? That's what I though anyway.

When's the last time you heard anyone use the expression "moral hazard"? lol

Probably around the same time that Alex Salmond last bleated about wanting independence for Scotland.

 

[scose-no-doubt]

Watched wall street 2 the other day. I reckon they say moral hazard over 100 times

 

[meanreversion]

Er, think I'll give that one a miss!

 

[scose-no-doubt]

Disappointing tbh

 

[meanreversion]

That's what I heard.

Read "The Greatest Trade Ever", it really is a thrilling book.

(Is Paulson mentioned in WS2?)