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Nye Lavalle

Investing
Kass: Next Shoe to Drop in Subprime Mess
By Doug Kass
RealMoney Silver Contributor
11/5/2007 12:00 PM EST
URL: http://www.thestreet.com/newsanalysis/investing/10388331.html

The following blog posts originally appeared on RealMoney Silver on Nov. 5.

7:51 a.m. EST
Pain Cannot Be Contained

The writedowns at Citigroup and Merrill Lynch represent the largest charges in the history of Wall Street and the commercial banking industry.

From my perch, this is proof positive that the housing/subprime problem has morphed into a credit disaster unprecedented in the annals of modern financial history.

It is also proof that the housing/subprime contagion can no longer be "ring-fenced," and that the U.S. non-export economy has been the "greatest story ever sold."

With the added problem of a retrenchment in overall credit associated with the fallout and after years of unprecedented credit/debt generation, the economic pain will be broad and not contained to the domestic economy.

Further compounding the multiplying credit issues is the precarious state of the financial guaranty industry, which includes monoline insurers such as MBIA (MBI) , Ambac Financial Group (ABK) , PMI Group (PMI) , MGIC Investment (MTG) and Radian Group (RDN) .

Should that industry fail or become even more materially capital-impaired -- a possibility I have suggested throughout all of 2007 -- the credit problems will cascade and produce even more massive writedowns in the first half of 2008.
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~Beenawhile~
And America will melt.......






with yet more financial ruin......

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bottoms up !
and we even haven't seen the bottom fall out yet  .  this has only been the icing on the cake


some of you may not believe in the bible , but  , all of this is pointed out in the bible , as we approach the end of days  !

we are seeing lawlessness  in our everyday society


prove me wrong , please 
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arkygirl
For those who do not read the Bible just read the end of Ayn Rand's "Atlas Shrugged". It is a road map to how our society and ultimately, our country, will fall due to the manipulations of the government in tandem with the bankers.

Increased violence is the first sign and we have it already. There may be an uprising among the middle class (some of us here have already joined a political r3VOLution to try to stop this before it gets any worse). If political solutions do not work the violence could be become physical to the point that the government might invoke martial law and tanks and armed soldiers will roam the streets of our cities. Look at Pakistan and see what is happening there.

The greatest human experiment in the history of this planet will be brought down by a relatively few greedbags, most of whom have been named in this forum at some point or another. I know the decline started long ago, but this generation of pigmen has accelerated it greatly and now it is at the breaking point. I fear our children will be bankrupt slaves. I am not sure intervention is possible or if the crumbling can be stopped.

If the pain at this forum could be measured in some manner I feel that it might reach light years into the universe. Or be a "10" on the Richter scale. It is massive and all-encompassing. So many destroyed lives, broken homes, suicides, depressions, health problems and raw grief offered up on the altar of greed created by a select few. It breaks my heart.......truly it does. It is nearly unbearable.

Yet, bear it we do. Thank God for the fighters here who continue on without much support from anyone or anything in the system, who work constantly to push this issue into the public eye. You do not get nearly enough recognition. As long as there are those who will not give up or give in all is not lost and I salute you!

                                                Huzzah!
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