well, frankly hell yes. lets be ubar blunt here. 5 years ago when i predicted an ubereconomic downturn by 2010 i was doing so on the skyrocketing price of oil ALONE. I'd honestly thaught the oil spike would have supressed the golbal economy by now, becasue if a self educated hack could work out the dangers of unrestricted lending then so could the business graduates in charge of dolling out the bucks. Apparently, i was completly, totaly, INSANELY wrong. It;s actualy pritty dificult to get my head arround just how wrong I was. But seing the write down on Bearn Stienes nails it home. If a bank can drop to 1/4 of its list value in 3 days, we are in for som very "intersting times" economicaly indeed. Days like this i give thanks for my government job
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lets be ubar blunt here. 5 years ago when i predicted an ubereconomic downturn by 2010 i was doing so on the skyrocketing price of oil ALONE.
I'd honestly thaught the oil spike would have supressed the golbal economy by now, becasue if a self educated hack could work out the dangers of unrestricted lending then so could the business graduates in charge of dolling out the bucks.
Apparently, i was completly, totaly, INSANELY wrong.
It;s actualy pritty dificult to get my head arround just how wrong I was. But seing the write down on Bearn Stienes nails it home. If a bank can drop to 1/4 of its list value in 3 days, we are in for som very "intersting times" economicaly indeed.
Days like this i give thanks for my government job