I realized this today as I talked with economist Christopher Thornberg. He ranted about prices and then mentioned that what Bernanke was doing (i.e. bailouts) is to stabilize the banking industry, even if I don’t agree with it or even support it. “What is the difference between a recession and a depression?” he asked [...]
Filed under: Mortgage Mania, The Market | Tagged: foreclosure, investor, market, myopia, stock market, subprime | Leave a Comment »
Our New Feature: Saturday Schadenfreude! ‘Ridiculous, absolutely ridiculous.’ — Bear Stearns CEO Alan Schwartz, March 10, addressing liquidity-crunch speculation ‘[O]ur liquidity position in the last 24 hours … significantly deteriorated.’ — Schwartz, March 14 Hat-Tip to MarketWatch!
Filed under: Foreclosure Fever, Mortgage Mania, The Market | Tagged: Bear Stearns, credit crisis, liquidity, mortgage, Schwartz, subprime | 1 Comment »
While the story today about Vallejo’s possible bankruptcy is big, I don’t think it’s all based on salaries and pensions. But here’s an excerpt: Orange County Supervisor Moorlach said Vallejo’s problem is that it’s spending more than it’s taken in each year, and it’s “creating obligations it never could afford and never should have [...]
Filed under: Foreclosure Fever, Mortgage Mania, The Market | Tagged: foreclosure, subprime, Vallejo | Leave a Comment »
