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Replies (4)
It's just amazing to me that the bulk of our economy is based on credit. I think third world countries should just follow our lead and create wealth, by way of the printing press and 'IOU's'. No more impoverished people, just tons of never-ending wealth distribution.
- Martin Wareing, "Martin Wareing"
- Contributions:3772
Like putting a "Blue Tarp" over a hurricane-ravaged roof......
J, Other countries did follow the Western way.... and are being crushed and fleeced worse than what we are experiencing... We had an exchange student from Ukraine years ago.. now he is in his 20's.. back in Ukraine.... It is very ugly over there. Over consumption today with a promise to pay it in the future... balance...balance.... sometimes we just have to learn to say... no thank you, I have to save up some money prior to purchasing that whatever. Keep rockin'.
- shapiroamg
- Contributions:3058
If CDS are public enemy #1, then the rating services are pe #2 in this mess for rating everything AAA+ or whatever other bs is needed to be sold on the secondary market.
We as mortgage professionals are a pimple on the arse of wall street when it came to creating this "crisis".
- Kevin Hancock, "khancockloans"
- Contributions:24
The numbers in the CDS market are staggering. I heard $53 Trillion at one point, which is close to the $57 Trillion net worth of all US households.
This is the real culprit
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- 0.0/5.0
Contributions:857For those who think the MBS market is at fault for the collapse of the world financial markets, here is more evidence that the real culprit is the credit default swap market. Marketwatch Report
It is politically expedient to blame this whole mess on bad mortgages, and while it might have been the string that began to unravel the markets, it is the CDS market that is the real problem. Paulson and TARP are trying to keep a 50 TRILLION dollar market from destroying the world economy.
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