The Meltdown Cometh

Been ranting about this for years, having been there on the inside with a ringside seat… Lehman, WAMU… it’ll keep spilling out, now that Uncle Sugar has finally realized that they can’t bail out the entire financial system.

Here’s to hoping a lot of the financial guys I saw greenlighting obviously fraudulent appraisals wind up out on their asses this week.

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4 Comments

  1. blackpine

     /  September 15, 2008

    I’ll drink to that.

    Reply
  2. convivialdingo

     /  September 15, 2008

    I was wondering about a statement I read earlier about the Fed loosening collateral requirements… well I just read that it meant the fed was taking stock in exchange for cash.

    Now that’s desperation…

    I get the feeling we all kind of staring at Godzilla beat Tokyo to a pulp… I don’t know wether to cheer it on or run for my life.

    Reply
  3. It’s a multidimensional being: you can’t run. May as well enjoy watching the assholes get theirs before the waves catches up with the rest of us. After all, if nothing else, we still have to pay for Freddie. grrrr.

    Reply
  4. Zathras

     /  September 16, 2008

    I have a little personal anecdote concerning Merrill Lynch. Last October I went to an academic conference on math in industry in Philadelphia. One of the speakers was a quant from Merrill Lynch. His entire talk was dedicated to how Merrill Lynch, unlike all those other “stupid” (his word) financial companies who were about to take a bath due to the mortgage market, had devised a method to insulate itself from any steep decline in house prices.

    Reply

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