If the banks are doing so well, why are they refusing to take the huge write-down the .Gov is demanding of them before the Chrysler bankruptcy? I mean, we SAVED their asses last year and now that they are doing well they refuse to help bail us out? WTF man? [relevant segment starts around a minute in]
Something just doesn’t smell right about this whole fiasco. And really, this time last year “the bottom was in” and in 2007 “the subprime crisis was well contained”.
Remember, Roubini and the IMF are calling for nearly another $3 trillion in losses on US mortages. Roubini was wrong twice when he first called for $1 trillion in losses and later $2 trillion. Now that we’re a trillion in, they’re calling for $4.1 trillion in losses (and I’m guessing that’s a minimum). Just cuz the stock market’s had a bump [look at the chart and you'll see the Great Depression crash had a bump of similar size and scope to the one we're having now at the exact same point after the crash we're in now] doesn’t mean it’s the start of the recovery. The Great Depression (mind you, we had less debt at the start of the Great Depression than we did at the start of the current Depression 2.0) took 3 years to get to it’s ultimate low. We still have 3/4ths of the way to go on losses, so there’s no fucking WAY this shit is over and done with.
In fact, if you look at the dip/rally swoops of the Depression 1.0 crash vs. the Depression 2.0 crash, you’ll notice that the timing if not the severity is almost perfectly in lockstep, and they had bear market rallies that match the one we’re just coming out of, now that faux-profits euphoria are starting to wear off. In fact, about this time last year we had a rally of similar duration, if not size, and then a much greater loss, and then the total fucking cliffdive of our bloody Red October. Remember, when Chrystler and GM go bankrupt, our unemployment is going to KEEP soaring – and it’s already accelerating while they’re still in business.
Tags: bitch bitch bitch, depression 2.0, lies lies lies, LIES!!, we're fucked, wild speculation