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Another reason to rally the futures!!!! Yeehaw!!!:D

How is this possible in a non-recourse state. People are mailing their keys in and abandoning their houses by the thousands in CA. I have not heard that even one of them has had a claim put on their other assets.

^^^ Excellent. I can't wait to stop making lease payments!:D

^^^ In many places, yes. Next to come along will be some shyster who says stop paying your credit cards. Once things reach a critical mass, it will become unstoppable. This is why financials are all going to 0.

^^^ It will be the new new thing. If people are walking away from secured debt (mortgages) en masse, what do you think will keep them paying on their unsecured debt?

Don't have a link per se. I thought it was pretty common knowledge that insurance companies are the largest holders of bank preferred stock, not to mention these hybrid securities. BAC preferred is priced to yield 30% right now. Either its the buy of the century or you're getting an idea...

Insurers own tons of bank debt and bank preferred. They are dropping like flys because they could take a huge haircut on that debt in the event of a nationalization.

This reminds me of the pops last summer for Fannie, Freddie, AIG, and the pop after the short sale ban. Nothing more than setting up for the next leg down. Pathetic stuff.:mad:

Why is this news? How does it change even one thing? Why would futures be rocketing upwards because of it?

A year from now there will be such massive credit card defaults that your CC company will not even notice if you don't pay the money back.

They offered $500M of paper, not cash ... Now that I think about it, is there a difference? Facebook is nothing more than a site to see how sloppy the girls you knew in high school have become. Its going the way of the dodo bird.

Its a nice reminder that the Dow was still well north of 10K even after the Lehman and AIG failures. It wasn't until the panicked moves of Paulson and Bernanke with their $700 billion plan that the market really started to head south. The fall from 14K to 10,500 is on the bursting of the...

Yeah, like Blackstone ... oh wait, nevermind. :D

Its just blather. US Treasuries were probably the best performing asset class on the planet in 08. Perhaps this guy was the genius who was behind China's investment in Blackstone (50% loss in a few months).

Is he including in their resources the huge cache of gold that the IMF holds? Perhaps they will sell it to raise cash causing a large drop in the price of gold and setting up for the run to $3,000/oz.

LOL at listening that anything realtors have to say.

I can't think of any, but I've got to be wrong ... don't I?

Great stuff from both Dalio and Rosenberg. Rosenberg has been 'on point' for a long time. I've been waiting for this stupid "fiscal stimulus" bill to pass and the idotic "bank rescue plan" to be announced for a couple of weeks. I figure it will offer another great opportunity to buy T-bonds...

Or any of his other books? http://www.amazon.com/Contagion-Financial-Epidemic-Sweeping-Economy/dp/0470442212/ref=sr_1_1?ie=UTF8&s=books&qid=1233801062&sr=1-1 http://www.bloomberg.com/apps/news?pid=20601088&sid=a8mdg7z0u7Dw&refer=home

I own a lot of multi-family stuff (all buildings contain 5 or more units) in suburban philadelphia, and I can assure you that demand for apartments is strong as are the rents. Single family housing may be a different story, but multi-family is doing very well.