The End of the Financial World as We Know It: Michael Lewis
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What Michael Lewis described in 4 pages, I will describe in 4 statements.
"Global financial crisis 2008" was just the "tip of an iceberg".
"Global financial crisis 2009" will be 90% of iceberg under the water
In real world, 90% of iceberg is under the water. Only the "tip of iceberg" is visible above the water. That's the reason "Titanic" sank. They did not see 90% iceberg under the water.
The worst is yet to come.
Moderators moved my original thread to "Chit Chat" http://elitetrader.com/vb/showthread.php?s=&threadid=149374
"Global financial crisis 2008" was just the "tip of an iceberg".
"Global financial crisis 2009" will be 90% of iceberg under the water
In real world, 90% of iceberg is under the water. Only the "tip of iceberg" is visible above the water. That's the reason "Titanic" sank. They did not see 90% iceberg under the water.
The worst is yet to come.
Moderators moved my original thread to "Chit Chat" http://elitetrader.com/vb/showthread.php?s=&threadid=149374
Consider banks where people deposit money and banks trades "people's money" by giving loans to "sinking and inefficient multi-billion dollars giant companies". In the end "world economy" suffers loss of $5 trillion - $10 trillion (final amount unimaginable) because of these "worthless giant companies and banks" without any business brains.
Then "worldwide central banks" invests $4 trillion - $6 trillion into "sinking world economy" and then "central banks" also become bankrupt.
USA alone lost 5,33,000 jobs in November 2008, the highest monthly job loss since 1974. Think of "worldwide job-loss"
Consumer spending has fallen to its maximum and less money is going to banks & less money is circulating in "world economy" because now world is poor.
Also what about the $10 trillion+ (not sure of correct amount) loss because of "Mortgage & Bank crisis".
Also what about the $30 trillion loss from worldwide stock markets.
There is a rule from "Mother Nature" that if a living creature makes a mistake, it has to die. Nature does not give second chance. For example-: In forest, if a Deer/Stag is sleeping carelessly, a Lion/Tiger or Grizzly Bear will kill and eat the Deer.
But Human beings keep making mistakes after mistakes and further mistakes. They continue to survive after making mistakes.
What I mean is that Fannie & freddie, AIG, Bear stearns, Citigroup, Big 3 carmakers & other giant companies and banks have made "Big mistakes" because they are "worthless & without business brains", They should not survive. They have to shut down, if not today then tomorrow.
How long do you think "$2.5 trillion bail-out" will save Gaint companies and Banks. They have to shut down one day.
"Mother Earth" does not have the resources to support 7 billion people. So the "global financial crisis" was inevitable (had to happen).
"Global financial crisis" will happen again in future and it will continue to happen. Human beings and even $100 Trillion cannot STOP "Global financial crisis".
Humans have a habit of digging their own grave with their own hands.
Sincerely,
Mach
But Human beings keep making mistakes after mistakes and further mistakes. They continue to survive after making mistakes.
What I mean is that Fannie & freddie, AIG, Bear stearns, Citigroup, Big 3 carmakers & other giant companies and banks have made "Big mistakes" because they are "worthless & without business brains", They should not survive. They have to shut down, if not today then tomorrow.
How long do you think "$2.5 trillion bail-out" will save Gaint companies and Banks. They have to shut down one day.
"Mother Earth" does not have the resources to support 7 billion people. So the "global financial crisis" was inevitable (had to happen).
"Global financial crisis" will happen again in future and it will continue to happen. Human beings and even $100 Trillion cannot STOP "Global financial crisis".
Humans have a habit of digging their own grave with their own hands.
Sincerely,
Mach
The thing about Michael Lewis is that if you cry 'Wolf' long enough then sooner or later you are going to be right. Those that proclaim forthcoming mishap speak of what they want to see happen, no more than that. It is no guide at all to all the tomorrows you live through and which make up everyones individual lifetime.
Doom sayers too may be right, sooner or later, but only to the very limited extent that mishaps from time to time feature in the inexorable march of progress in the short history of civilisation to date.
My equilibrium (and the equilibrium of most) will go undisturbed by the superficial melodrama of the current global financial vortex of recent origin, dissipating and eventually disappearing, as all vortices do.
Doom sayers too may be right, sooner or later, but only to the very limited extent that mishaps from time to time feature in the inexorable march of progress in the short history of civilisation to date.
My equilibrium (and the equilibrium of most) will go undisturbed by the superficial melodrama of the current global financial vortex of recent origin, dissipating and eventually disappearing, as all vortices do.
Michael lewis is an idiot. Another contrian indicator book.
Stock, I have a question for you..If you know how everything financial works, (stocks, the economy etc....) why are you holding (probably on paper) such massive losses on broken momo stocks? It seems to me someone of your supposed intellect would realize what was happening and bailed out and gotten short....I can't wait for your answer to this!!