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alstry (35.43)

Pray for a normal recession?

Recs

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March 20, 2008 – Comments (3)

After the jobless report came out this morning, CNBC economist Steve Liesman said "Pray for a normal recession."

Wow!!!

One of the cheerleaders of Wall Street tempted by the dark side? 

Pray for a normal recession when the world is facing the biggest liquidation sale in human history? Pray for a normal recession when millions of our jobs have been shipped overseas? Pray for a normal recession when credit was the foundation of our success for the past seven years.  Pray for a normal recession when Congress wants to now regulate the issuance of credit?

8:17  Frank: Anyone creating credit should be regulated(MarketWatch)

Anyone think its a little late for that?

Mommy, why are we loaning so much money to public homebuilders so they can help destroy the value of our homes?

 

3 Comments – Post Your Own

#1) On March 20, 2008 at 2:05 PM, dwot (70.39) wrote:

Yes, when you consider how much money was circulating on fluff and how it is now gone, well, there is still a heck of lot of fluff left in the system... 

I've been talking to myself in my last post... 

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#2) On March 20, 2008 at 2:08 PM, dwot (70.39) wrote:

Truly, people should not be trusting and this isn't over until there is a break down of trust.  There is enormous insolvency and lack of ability to live up to financial commitments and it is insane to have any trust right now.

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#3) On March 20, 2008 at 7:43 PM, alstry (35.43) wrote:

My friend, you are preaching to the choir on this one.

My problem is how does it resolve?  Does most every financial institution go bankrupt and restructure?  Do insurance companies void policies?

We are talking about a level of default that exceeds total available dollars.  How much can you print?

I would really be interested in your thoughts about this.

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