eCharcha.Com   Support eCharcha.Com. Click on sponsor ad to shop online!

Advertise Here

Go Back   eCharcha.Com > Current Affairs > Economy

Notices

Economy Fiscally fit?

Reply
 
Thread Tools Display Modes
  #1  
Old October 6th, 2008, 08:49 PM
tantric_yogi's Avatar
tantric_yogi tantric_yogi is offline
Member
 
Join Date: Feb 2001
Location: Jumrritalaiya!
Posts: 14,074
tantric_yogi has a reputation beyond reputetantric_yogi has a reputation beyond reputetantric_yogi has a reputation beyond reputetantric_yogi has a reputation beyond reputetantric_yogi has a reputation beyond reputetantric_yogi has a reputation beyond reputetantric_yogi has a reputation beyond reputetantric_yogi has a reputation beyond reputetantric_yogi has a reputation beyond reputetantric_yogi has a reputation beyond reputetantric_yogi has a reputation beyond repute
Question Economic Chaos ... Good read ... a must read

Link ... please comment ... appreciate your 100 cents worth or what is left of it.


copy/paste ... an excerpt from the article.

First, let’s go back to where it all started. Here’s an excerpt from a New York Times article on Sept 30th, 1999 by Steven Holmes.

“In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.

The action, which will begin as a pilot program involving 24 banks in 15 markets -- including the New York metropolitan region -- will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.

Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.

In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980s.

''From the perspective of many people, including me, this is another thrift industry growing up around us,'' said Peter Wallison a resident fellow at the American Enterprise Institute. ''If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.''

Well, the whole thing failed, and we are now paying for the consequences of this action. Here is what has happened in the month of September 2008 — a month that could go down in infamy in U.S. economic history. My interpretation of some of these events could be wrong. It is a very complex situation! However, I don’t think my interpretation of the ramifications of the situation is wrong. I think the only reason we haven’t had a much bigger crash in the U.S. stock market is due to the fact that most mutual funds have to be nearly 100% invested.

* The U.S. Government takes over 79% of Freddy Mac and Fannie May, costing taxpayers about $200 billion immediately and making the possibility of foreign governments buying U.S. agency debt a thing of the past. China, for example, lost huge amounts in its investment in the two “FMs.” By the way, $200 billion is the cost of the latest debt that the two FMs have coming due. The long term cost will be much, much higher.
* Lehman Brothers, a 158-year-old investment bank is allowed to fail, and the ramifications of the derivative positions held by the bank no longer having a backer shakes the world’s financial system.
* AIG, a huge insurer that has insured a large portion of the CDOs, is taken over by the government, not because they really failed but because the price speculators were willing to pay for the CDOs had fallen so far that AIG didn’t have the cash to back it up. Now it’s a U.S. taxpayer problem.
* Washington Mutual is taken over by J.P. Morgan because its failure would have cost the FDIC 2/3rds of its reserves. It is the largest bank failure in the history of the United States.
* When Bank of America took over Merrill Lynch, the Fed suspended a long standing rule that a bank’s deposits could not be used to back investment banking deals. So Bank of America depositors, your money was used to buy Merrill Lynch even though you don’t have any extra assets. Be careful with your money because this is an unprecedented rule change. Some bond holder could claim the money in your account if Bank of America is not careful.
* With three of the five huge investment banks in America failing (Bear Stearns, Merrill Lynch, and Lehman Brothers), the remaining two investments banks (Goldman Sachs and Morgan Stanley) are allowed to convert to regular bank status and collect deposits.
* Short selling in financial institutions has been banned, which basically benefits people who have made huge financial mistakes. However, the government can change the rules of the game any time it wants. Remember that—the government can change the rules!
* Hank Paulson proposes a $700 billion bailout of financial institutions. My understanding is that the government could take over much of the junk paper around (at the discretion of the Secretary of the Treasury) at full face value (not at its current junk value). Bernanke said in testimony to the Senate Banking Committee, “If the Treasury bids for and then buys assets at a price close to the hold-to-maturity price, there will be substantial benefits.” The plan was to take these over at full face value but to give the taxpayers “an equity stake” (i.e., the lowest stake on the totem pole of who gets paid in a crisis of the companies for which it buys junk at face value).
* We’ve had a huge withdrawal of money from money market funds, and some funds have gone below the magic $1 mark, meaning customers have gotten less than they put into the account. The withdrawal has prompted the U.S. government to consider adding FDIC insurance to money market funds. But in the meantime, most short term loans come out of such money market funds and that source of borrowing is now drying up.
* GM and Ford will probably fail if the U.S. doesn’t bail them out to the tune of another $50 billion. But both companies have pension plans that could bankrupt them at some time in the future.
* The House of Representatives failed to pass the bill with 2/3rds of the Republicans voting against it. Hmm, a Republican administration proposed the bill. The Republican presidential candidate said it was his duty to make sure it was passed. That's not a lot of co-ordination in the Republican party. And the Republicans, of course, are blaming the Democrats who actually did vote in favor of the bill. Interesting logic! And the Dow Jones Industrials immediately went down 777.68 points and then was up 485.21 the next day. So what’s next?
* And when I asked that question, I learned that Wachovia’s assets were being bought out by Citigroup in a fire sale that was announced on Monday. In addition, the governments of Belgium, the Netherlands and Luxembourg moved to partly nationalize Belgian-Dutch group Fortis NV, and German lender Hypo Real Estate Holding AG secured a credit line from the German government.
__________________
.................................................
Stupid Opinions ... All Mine ... worth 2 cents ... you can have for FREE.
Jamke Dushmani Karo Humse ... Magar Bas Itni Gunjaesh Hai Aapse
Kal Agar Hum Dost Ban Jaayen ... To Sharminda Na Ho!


LLKC ... pure and unadulterated ... LLKC!

दूर से देखने पर तो यही लगता था ... 'वाह! वहाँ क्या मजा होता होगा!'
बुरे फसें 'मजाल', आ कर जन्नत में ... हमने तो सोचा था, कुछ नया होता होगा!

Last edited by tantric_yogi; October 6th, 2008 at 08:52 PM.
Reply With Quote
  #2  
Old October 6th, 2008, 10:59 PM
Gr8_Hindustani's Avatar
Gr8_Hindustani Gr8_Hindustani is offline
Senior eCharchan
 
Join Date: Apr 2001
Posts: 1,884
Gr8_Hindustani has a reputation beyond reputeGr8_Hindustani has a reputation beyond reputeGr8_Hindustani has a reputation beyond reputeGr8_Hindustani has a reputation beyond reputeGr8_Hindustani has a reputation beyond reputeGr8_Hindustani has a reputation beyond reputeGr8_Hindustani has a reputation beyond reputeGr8_Hindustani has a reputation beyond reputeGr8_Hindustani has a reputation beyond reputeGr8_Hindustani has a reputation beyond reputeGr8_Hindustani has a reputation beyond repute
Re: Economic Chaos ... Good read ... a must read

There is nothing in this article that we didn't already knew. The question is what next? Even after the $700B bailout plan the market tanked. We are in deep deep shit.
__________________
HINDUSTANI

Ek he ulloo kafi hai barbade gulistan kee liya,
Anjamye gulistan kya hoga jab har daal pee ulloo bethe hoon
Reply With Quote
  #3  
Old October 6th, 2008, 11:39 PM
tantric_yogi's Avatar
tantric_yogi tantric_yogi is offline
Member
 
Join Date: Feb 2001
Location: Jumrritalaiya!
Posts: 14,074
tantric_yogi has a reputation beyond reputetantric_yogi has a reputation beyond reputetantric_yogi has a reputation beyond reputetantric_yogi has a reputation beyond reputetantric_yogi has a reputation beyond reputetantric_yogi has a reputation beyond reputetantric_yogi has a reputation beyond reputetantric_yogi has a reputation beyond reputetantric_yogi has a reputation beyond reputetantric_yogi has a reputation beyond reputetantric_yogi has a reputation beyond repute
Re: Economic Chaos ... Good read ... a must read

Sky is not falling ... change your habits ... stop reading predictions of so-called experts.

How is this to make you feel good ... experts are seldom if ever right. With all due respects to HarHarbhai whose predictions have bad habit of showing up.

Read this ...


And this ... see ... noh? Experts my ass.
__________________
.................................................
Stupid Opinions ... All Mine ... worth 2 cents ... you can have for FREE.
Jamke Dushmani Karo Humse ... Magar Bas Itni Gunjaesh Hai Aapse
Kal Agar Hum Dost Ban Jaayen ... To Sharminda Na Ho!


LLKC ... pure and unadulterated ... LLKC!

दूर से देखने पर तो यही लगता था ... 'वाह! वहाँ क्या मजा होता होगा!'
बुरे फसें 'मजाल', आ कर जन्नत में ... हमने तो सोचा था, कुछ नया होता होगा!
Reply With Quote
  #4  
Old October 7th, 2008, 01:46 AM
compukid's Avatar
compukid compukid is offline
Ruler of Middle Earth
 
Join Date: Jun 2002
Location: Menlo Park, California
Posts: 1,023
compukid has a reputation beyond reputecompukid has a reputation beyond reputecompukid has a reputation beyond reputecompukid has a reputation beyond reputecompukid has a reputation beyond reputecompukid has a reputation beyond reputecompukid has a reputation beyond reputecompukid has a reputation beyond reputecompukid has a reputation beyond reputecompukid has a reputation beyond reputecompukid has a reputation beyond repute
Re: Economic Chaos ... Good read ... a must read

http://www.radaronline.com/exclusive...ed-in-face.php


Confirmed: Lehman Bros CEO Punched In Face - Radar Online
Made Popular: 8 hours ago CNBC confirms that someone did indeed march up to Lehman Brothers CEO Dick Fuld and "knock him out…
Reply With Quote
  #5  
Old October 7th, 2008, 10:19 AM
Sane Less's Avatar
Sane Less Sane Less is offline
Dead On Arrival is back
 
Join Date: Jun 2005
Posts: 17,183
Sane Less has a reputation beyond reputeSane Less has a reputation beyond reputeSane Less has a reputation beyond reputeSane Less has a reputation beyond reputeSane Less has a reputation beyond reputeSane Less has a reputation beyond reputeSane Less has a reputation beyond reputeSane Less has a reputation beyond reputeSane Less has a reputation beyond reputeSane Less has a reputation beyond reputeSane Less has a reputation beyond repute
Re: Economic Chaos ... Good read ... a must read

Quote:
Originally Posted by Gr8_Hindustani View Post
There is nothing in this article that we didn't already knew. The question is what next? Even after the $700B bailout plan the market tanked. We are in deep deep shit.
There was something here that I did not know. It seems that all these was started way back, during the Clinton administration... under the democrats... so that the poor and ill-prepared get to have houses. And now, the country is on the verge of voting in another democrat's administration. Shouldn't this be a warning sign
__________________
-----------------------------------------------

"Kisi ne sahi kaha zindagi kutti cheez hai. You live life without a care in the world not realizing that life is building a heavy load of trash that it dumps on you one fine day, breaking your back." - saneless
Reply With Quote
  #6  
Old October 7th, 2008, 12:25 PM
Desa Desa is offline
Senior eCharchan
 
Join Date: Mar 2001
Posts: 578
Desa has a reputation beyond reputeDesa has a reputation beyond reputeDesa has a reputation beyond reputeDesa has a reputation beyond reputeDesa has a reputation beyond reputeDesa has a reputation beyond reputeDesa has a reputation beyond reputeDesa has a reputation beyond reputeDesa has a reputation beyond reputeDesa has a reputation beyond reputeDesa has a reputation beyond repute
Re: Economic Chaos ... Good read ... a must read

Quote:
Originally Posted by Sane Less View Post
There was something here that I did not know. It seems that all these was started way back, during the Clinton administration... under the democrats... so that the poor and ill-prepared get to have houses. And now, the country is on the verge of voting in another democrat's administration. Shouldn't this be a warning sign
Aur Republican pichle 8 saal se white house mein jhaak maar rahe the uska kya.
Reply With Quote
  #7  
Old October 7th, 2008, 12:29 PM
Sane Less's Avatar
Sane Less Sane Less is offline
Dead On Arrival is back
 
Join Date: Jun 2005
Posts: 17,183
Sane Less has a reputation beyond reputeSane Less has a reputation beyond reputeSane Less has a reputation beyond reputeSane Less has a reputation beyond reputeSane Less has a reputation beyond reputeSane Less has a reputation beyond reputeSane Less has a reputation beyond reputeSane Less has a reputation beyond reputeSane Less has a reputation beyond reputeSane Less has a reputation beyond reputeSane Less has a reputation beyond repute
Re: Economic Chaos ... Good read ... a must read

Quote:
Originally Posted by Desa View Post
Aur Republican pichle 8 saal se white house mein jhaak maar rahe the uska kya.
At least they were trying to do peaceful stuff... err... clean peaceful stuff

But seriously, the democrats created all the snow and ice... and the republicans started the avalanche... good team... dono mil kar maar rahe hai
__________________
-----------------------------------------------

"Kisi ne sahi kaha zindagi kutti cheez hai. You live life without a care in the world not realizing that life is building a heavy load of trash that it dumps on you one fine day, breaking your back." - saneless
Reply With Quote
  #8  
Old October 7th, 2008, 12:42 PM
santra's Avatar
santra santra is offline
eCharchan
 
Join Date: May 2003
Posts: 311
santra has a reputation beyond reputesantra has a reputation beyond reputesantra has a reputation beyond reputesantra has a reputation beyond reputesantra has a reputation beyond reputesantra has a reputation beyond reputesantra has a reputation beyond reputesantra has a reputation beyond reputesantra has a reputation beyond reputesantra has a reputation beyond reputesantra has a reputation beyond repute
Re: Economic Chaos ... Good read ... a must read

http://www.minyanville.com/articles/.../index/a/19357


One of the quotes in this article was:

"The irony of our current economic system is this: If everyone lives within their means, the economy will collapse."

A very appropriate one indeed.
Reply With Quote
  #9  
Old October 7th, 2008, 10:14 PM
echarcha's Avatar
echarcha echarcha is offline
Sutradhar {admin}
 
Join Date: Jul 2000
Location: CA, USA
Posts: 44,996
echarcha has a reputation beyond reputeecharcha has a reputation beyond reputeecharcha has a reputation beyond reputeecharcha has a reputation beyond reputeecharcha has a reputation beyond reputeecharcha has a reputation beyond reputeecharcha has a reputation beyond reputeecharcha has a reputation beyond reputeecharcha has a reputation beyond reputeecharcha has a reputation beyond reputeecharcha has a reputation beyond repute
Thumbs down Re: Economic Chaos ... Good read ... a must read

Look how these folks were cashing in while the ship was sinking
Quote:

Lehman Sought Millions for Executives

Monday, October 6, 2008 3:16 PM


WASHINGTON - Days from becoming the largest bankruptcy in U.S. history, Lehman Brothers steered millions to departing executives even while pleading for a federal rescue, Congress was told Monday.

As well, executives who feared for their bonuses in the company's last months were told not to worry, according to documents cited at a congressional hearing. One executive said he was embarrassed when employees suggested that Lehman executives forgo bonuses, and cracked: "I'm not sure what's in the water."

The first hearing into what caused the nation's financial markets to collapse last month, precipitating a $700 billion bailout, opened with finger-pointing and glimpses into internal company documents from Lehman's chaotic last hours.

Rep. Henry Waxman, D-Calif., chairman of the House Oversight and Government Reform Committee, said the giant investment bank was "a company in which there was no accountability for failure." Lehman's collapse set off a panic that within days had President Bush and Treasury Secretary Henry Paulson asking Congress to pass the rescue plan for the financial sector.

Richard S. Fuld Jr., chief executive officer of Lehman Brothers, declared to the committee "I take full responsibility for the decisions that I made and for the actions that I took." He defended his actions as "prudent and appropriate" based on information he had at the time.

"I feel horrible about what happened," he said.

Waxman questioned Fuld on whether it was true he took home some $480 million in compensation since 2000, and asked: "Is that fair?"

Fuld took off his glasses, held them, and looked uncomfortable. He said his compensation was not quite that much.

"We had a compensation committee that spent a tremendous amount of time making sure that the interests of the executives and the employees were aligned with shareholders," he said. Fuld said he took home over $300 million in those years — some $60 million in cash compensation.

Waxman read excerpts from Lehman documents in which a recommendation that top management should forgo bonuses was apparently brushed aside. He also cited a Sept. 11 request to Lehman's compensation board that three executives leaving the company be given $20 million in "special payments."

"In other words, even as Mr. Fuld was pleading with Secretary Paulson for a federal rescue, Lehman continued to squander millions on executive compensation," Waxman said before Fuld appeared as a witness.

The government let Lehman go under Sept. 15, only to bail out insurance giant American International Group the next day, in a cascading series of financial shocks and failures that put Washington on track for the multibillion-dollar rescue starting the end of that week.

Waxman described that plan as a life-support measure. "It may keep our economy from collapsing but it won't make it healthy again," he said.

That sentiment echoed on Wall Street, where the Dow Jones industrials sank below 10,000 on Monday for the first time in four years. Investors fear the crisis will weigh down the global economy and the bailout won't work quickly to loosen credit markets.

The rescue plan, now law, was so rushed that the usual congressional scrutiny is only coming now, after the fact.

"Although it comes too late to help Lehman Brothers, the so-called bailout program will have to make wrenching choices, picking winners and losers from a shattered and fragile economic landscape," said Rep. Tom Davis of Virginia, the committee's senior Republican.

Waxman said that in January, Fuld and his board were warned the company's "liquidity can disappear quite fast."

Despite that warning, he said, "Mr. Fuld depleted Lehman's capital reserves by over $10 billion through year-end bonuses, stock buybacks, and dividend payments."

Waxman quoted Fuld as saying in one document, "Don't worry" to the suggestion that executives go without bonuses.

That suggestion came from Lehman's money management subsidiary, Neuberger Berman. Waxman quoted George H. Walker, President Bush's cousin and a Lehman executive who oversaw some Neuberger Berman employees, as responding with a dismissive tone to the idea of going without bonuses.

"Sorry team," he wrote to the executive committee, according to Waxman. "I'm not sure what's in the water at 605 Third Avenue today.... I'm embarrassed and I apologize."

Rep. Elijah Cummings, D-Md., said: "I wonder how he sleeps at night."

Fuld said in his statement that the company did everything it could to limits its risks and save itself.

"In the end, despite all our efforts, we were overwhelmed, others were overwhelmed, and still other institutions would have been overwhelmed had the government not stepped in to save them," he said.

© 2008 Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.

LINK
__________________
eCharcha.com
-Loud and Proud Desi Opinions
Reply With Quote
  #10  
Old October 7th, 2008, 10:17 PM
echarcha's Avatar
echarcha echarcha is offline
Sutradhar {admin}
 
Join Date: Jul 2000
Location: CA, USA
Posts: 44,996
echarcha has a reputation beyond reputeecharcha has a reputation beyond reputeecharcha has a reputation beyond reputeecharcha has a reputation beyond reputeecharcha has a reputation beyond reputeecharcha has a reputation beyond reputeecharcha has a reputation beyond reputeecharcha has a reputation beyond reputeecharcha has a reputation beyond reputeecharcha has a reputation beyond reputeecharcha has a reputation beyond repute
Thumbs down Re: Economic Chaos ... Good read ... a must read

And here are the AIG folks
Quote:
AIG execs' retreat after bailout angers lawmakers

> By ANDREW TAYLOR
Associated Press Writer

WASHINGTON (AP) -- Days after it got a federal bailout, American International Group Inc. spent $440,000 on a posh California retreat for its executives, complete with spa treatments, banquets and golf outings, according to lawmakers investigating the company's meltdown.

AIG sent its executives to the coastal St. Regis resort south of Los Angeles even as the company tapped into an $85 billion loan from the government it needed to stave off bankruptcy. The resort tab included $23,380 worth of spa treatments for AIG employees, according to invoices the resort turned over to the House Oversight and Government Reform Committee.

The retreat didn't include anyone from the financial products division that nearly drove AIG under, but lawmakers still were enraged over thousands of dollars spent on outing for executives of AIG's main U.S. life insurance subsidiary.

"Average Americans are suffering economically. They're losing their jobs, their homes and their health insurance," the committee's chairman, Rep. Henry Waxman, D-Calif., scolded the company during a lengthy opening statement at a hearing Tuesday. "Yet less than one week after the taxpayers rescued AIG, company executives could be found wining and dining at one of the most exclusive resorts in the nation."

Former AIG CEO Robert Willumstad, who lost his job a day after the Federal Reserve put up the $85 billion on Sept. 16, said he was not familiar with the conference and would not have gone along with it.

"It seems very inappropriate," Willumstad said in response to questioning from Rep. Elijah Cummings, D-Md.

"Those executives should be fired," Democratic presidential candidate Sen. Barack Obama said at a debate with Sen. John McCain on Tuesday, referring to the retreat participants. Obama also said AIG should give the Treasury $440,000 to cover the costs of the retreat.

But Eric Dinallo, superintendent of the New York State Insurance Department, said he could see the value of such a retreat under the circumstances.

"Having been at large global companies and knowing what condition AIG was in ... the absolute worst thing that could have happened" would have been for employees and underwriters in its life insurance subsidiary to flee the company.

"I do agree there is some profligate spending there, but the concept of bringing all the major employees together ... to ensure that the $85 billion could be as greatly as possible paid back would have been not a crazy corporate decision," Dinallo told the House committee.

The hearing disclosed that AIG executives hid the full range of its risky financial products from auditors as losses mounted, according to documents released by the committee, which is examining the chain of events that forced the government to bail out the conglomerate.

The panel sharply criticized AIG's former top executives, who cast blame on each other for the company's financial woes.

"You have cost my constituents and the taxpayers of this country $85 billion and run into the ground one of the most respected insurance companies in the history of our country," said Rep. Carolyn Maloney, D-N.Y. "You were just gambling billions, possibly trillions of dollars."

AIG, crippled by huge losses linked to mortgage defaults, was forced last month to accept the $85 billion government loan that gives the U.S. the right to an 80 percent stake in the company.

Waxman unveiled documents showing AIG executives hid the full extent of the firm's risky financial products from auditors, both outside and inside the firm, as losses mounted.

For instance, federal regulators at the Office of Thrift Supervision warned in March that "corporate oversight of AIG Financial Products ... lack critical elements of independence." At the same time, PricewaterhouseCoopers confidentially warned the company that the "root cause" of its mounting problems was denying internal overseers in charge of limiting AIG's exposure access to what was going on in its highly leveraged financial products branch.

Waxman also released testimony from former AIG auditor Joseph St. Denis, who resigned after being blocked from giving his input on how the firm estimated its liabilities.

Three former AIG executives were summoned to appear before the hearing. One of them, Maurice "Hank" Greenberg - who ran AIG for 38 years until 2005 - canceled his appearance citing illness but submitted prepared testimony. In it, he blamed the company's financial woes on his successors, former CEOs Martin Sullivan and Willumstad.

"When I left AIG, the company operated in 130 countries and employed approximately 92,000 people," Greenberg said. "Today, the company we built up over almost four decades has been virtually destroyed."

Sullivan and Willumstad, in turn, cast much of the blame on accounting rules that forced AIG to take tens of billions of dollars in losses stemming from exposure to toxic mortgage-related securities.

Lawmakers also upbraided Sullivan, who ran the firm from 2005 until June of this year, for urging AIG's board of directors to waive pay guidelines to win a $5 million bonus for 2007 - even as the company lost $5 billion in the 4th quarter of that year. Sullivan countered that he was mainly concerned with helping other senior executives.

© 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more about our Privacy Policy.

LINK
__________________
eCharcha.com
-Loud and Proud Desi Opinions
Reply With Quote
  #11  
Old October 8th, 2008, 10:05 AM
Sane Less's Avatar
Sane Less Sane Less is offline
Dead On Arrival is back
 
Join Date: Jun 2005
Posts: 17,183
Sane Less has a reputation beyond reputeSane Less has a reputation beyond reputeSane Less has a reputation beyond reputeSane Less has a reputation beyond reputeSane Less has a reputation beyond reputeSane Less has a reputation beyond reputeSane Less has a reputation beyond reputeSane Less has a reputation beyond reputeSane Less has a reputation beyond reputeSane Less has a reputation beyond reputeSane Less has a reputation beyond repute
Re: Economic Chaos ... Good read ... a must read

This is a simple and funny explanation (video) for why the markets tanked...

How the markets really work (from 2007)
__________________
-----------------------------------------------

"Kisi ne sahi kaha zindagi kutti cheez hai. You live life without a care in the world not realizing that life is building a heavy load of trash that it dumps on you one fine day, breaking your back." - saneless
Reply With Quote
Reply

Bookmarks


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
Shall we read together...? Rakhi Book reviews 41 April 7th, 2009 03:13 PM
Good stuff - read top to bottom please Charchila Puzzles 22 April 19th, 2005 01:47 AM
Read Bottom up - Good Forward dark horse SoapBox 11 May 8th, 2003 09:12 AM
Just Read It!!! desiboy SoapBox 6 February 20th, 2003 01:44 PM
Read this Madhav Taaza Khabar - Current news 1 February 6th, 2003 09:19 AM


All times are GMT -7. The time now is 08:59 PM.


Powered by vBulletin® Version 3.7.2
Copyright ©2000 - 2018, Jelsoft Enterprises Ltd.
Site Copyright © eCharcha.Com 2000-2012.