Bob Morris @ Aug 23rd 2007 12:40 - Category: Credit crisis ;
And the “housing slump” will have been the trigger.
This will impact everyone. Rich, poor, left or right. That’s why I’ve been blogging about it. The social, economic, and political repercussions of the coming recession will be felt for years.
What happens when millions lose their homes and get laid off? We will be finding out.
Bob Morris @ Aug 23rd 2007 08:57 - Category: Credit crisis ;
Mish’s Global Economic Trend Analysis on the Fed lowering rates and opening the discount window.
A well respected source whose opinion I respect offered this viewpoint anonymously: “Basically this is a PR move coordinated by Fed to hide the fact that going to window is emergency move. It hides the fact that some banks have to.”
The implication is that something big is coming down the pike even if we do not know exactly what it is.
Precisely. If the subprime meltdown is so contained then why are the banks borrowing such huge amounts?
Then there’s Sentinel Management. They handle cash accounts for futures accounts and blew up last week saying the subprime mess had caused it. Not so says the SEC, because it now appears Sentinel moved money from client accounts into their accounts then used it as collateral to borrow more. Then the money vanished. Clients will be lucky to get 50 cents on the dollar. It’s a given the principals at Sentinel will go to prison, with a French hedge fund already facing major losses because of them.
Bob Morris @ Aug 23rd 2007 01:16 - Category: Unfiled ;
Just got back from a week in L.A. We were there on businss, and it was odd being back to where I lived for so long before Sue and I moved to CT.
We stayed at a friend’s house. Their cable modem access was a bit flaky (due to cabling out by the street, as it turned out) so I went to Starbucks frequently to go online.
LAX now has T-Mobile access everywhere (the same net provider Starbucks has) and the Phoenix airport has free wifi. LAX also now has lots of free power outlets for charging laptops, cell phones, iPods, etc.
Sooner rather than later, there will be wifi everywhere, and it’ll be as ubiquitous and reliable as landline phones. Imagine what all our gadgets will be like in five years. We’ll look back at what we have now as primitive!
Yet 2 billion people on the planet don’t have access to electricity and struggle to get potable water. The gap between the well-off and poor continues to widen.
And what would be the global warming ramifications if those 2 billion suddenly did get electricity? Just wondering…
Bob Morris @ Aug 23rd 2007 00:16 - Category: Unfiled ;
Bob Morris @ Aug 23rd 2007 00:11 - Category: Unfiled ;
And with it comes social unrest.
Will such unrest come to the US too? During the 30’s, things were so unstable in the US some thought a revolution might happen. So FDR created government work projects and a social safety net to help people and quiet the unrest.
With millions due to lose their homes soon due to adjustable rate mortgage resets, what will the economic, social, and political fallout from that be?
Subscribe
