tag:blogger.com,1999:blog-5936637281134795592.post1119597340271195043..comments2024-03-08T08:55:52.985-08:00Comments on Whispers from the Edge of the Rainforest: Real Estate never goes down... WAIT!... This just in...Unknownnoreply@blogger.comBlogger1125tag:blogger.com,1999:blog-5936637281134795592.post-76804404075299326462011-11-09T05:02:10.904-08:002011-11-09T05:02:10.904-08:00October was shitty but not "2008" shitty...October was shitty but not "2008" shitty. Of course, the crisis isn't nearly as bad yet either. In the first nine months of 2008 we had Bear Stearns fail, the Fed doubled their balance sheet, Fannie and Freddie put into conservatorship, then Lehman Brothers, and a failed bailout vote after which Bernanke *withdrew* liquidity and blew down the house of cards. Ireland was bankrupt, Iceland blew up, etc.<br /><br />This year Europe is putting on a pretty good show, although it's hard to top 2010's accusations of "Nazi Gold". AFAIK Belgium still doesn't have a government yet they bailed out Dexia.<br /><br />But the fat lady everyone is waiting to hear is China. How many empty cities can you build before it crashes down around your ears? I would have thought the answer was "one", but it seems I may have underestimated their ambition. They've certainly produced what appears to be the second greatest ponzi scheme in history, the first being US government bonds.Anonymousnoreply@blogger.com