El-Erian raided the ATM when Lehman collapsed: And they tell you things are OK

B

ByLoSellHi

Let this serve as proof that things are not within the government's control; it was by sheer luck that there wasn't rioting and a revolt.

And it isn't over yet. Not by a long shot.

BTW, Stiglitz is calling for a deep and steep double dip recession.

-On the Wednesday and Thursday after Lehman filed for Chapter 11, I asked my wife to please go to the ATM and take as much cash as she could. When she asked why, I said it was because I didn't know whether there was a chance that banks might not open. I remember my wife sort of pausing and saying, "Are you serious?" And I said, "Yes, I am." We had long felt that the world was increasingly in disequilibrium, and by March of 2008 we decided that things were critical and that the unthinkable was thinkable...

http://money.cnn.com/galleries/2009/fortune/0909/gallery.witnesses_meltdown.fortune/index.html
 
its amazing how many idiots in that fortune article still think if lehman brothers didnt collapse everyone would be fine. No one seems to understand that our economy doesnt have an unlimited debt capacity.
The world is probably more dangerous than it was months ago.
 
Quote from lrm21:

What exactly has fundementally changed in 12 months? Aside from the giant wealth transfer to goldman?
More...

Absolutely nothing has changed. All that's happened so far is a slight reduction in leverage. Well, that and Goldman's biggest competitors are gone. :D

Consumers are officially tapped out and are now unwilling AND unable to take on any more debt.
 
Look at all those happy faces and their fancy job titles. I like Anne's the most:

Amy Brinkley - Former chief risk officer of Bank of America

Barbara Byrne - former vice chairman of Lehman Brothers

Lori Fife - Partner at Weil Gotshal & Manges, Lehman's law firm

Anne Erni - Former Managing Director and Chief Diversity Officer at Lehman
 
Quote from lrm21:

What exactly has fundementally changed in 12 months?
More...

Mark to market is gone.

Mark to fiction. Hide the losses with creative accounting.

All is well.
 
Quote from JamesVU2000:

its amazing how many idiots in that fortune article still think if lehman brothers didnt collapse everyone would be fine. No one seems to understand that our economy doesnt have an unlimited debt capacity.
The world is probably more dangerous than it was months ago.
More...
 
There are 2 power centers in the world

The oil machine and the banking machine.

The oilmen would love it if they could open your mouth and pour crude oil down your throats....oh wait. They already do that.

The bankers would love it if they could make indentured servants out of you paying interest in perpetuity....oh wait. They already do that.

Now go watch some more Fox TV. Since you don't have an opinion of your own, you can listen to what they say and pass it own as your own opinion.
 
You must log in or register to reply here.
Back
Top