I certainly hope its true. I suspect we are all in for a rougher ride than we expect. Its been a while since the last recession and the IT contract industry just died last time. And since my novel-writing career has been somewhat unprofitable, I need to remain doing what I do.
-----Original Message----- From: [email protected] [mailto:[email protected]] On Behalf Of Ricardo Aráoz Sent: Wednesday, 18 February 2009 12:12 PM To: ProFox Email List Subject: Re: [OT] Australian Government To Regulate Private Regularity Bob Calco wrote: >>> Glad y'all got that figured out. >>> >>> The only difference I see is you *had* political pressure to keep >>> >> deficit >> >>> spending to a minimum. We've had the opposite. Otherwise I see pretty >>> >> much >> >>> the same problems manifesting. >>> >>> - Bob >>> >>> >>> >> Oh! And the tiny little fact that it was YOUR economy that triggered >> this whole thing. >> > > Well, what *triggered* it we don't actually know. > > We know that it was primed by the collapse of the subprime mortgage lending > market in the US, which did owe its very existence (and toxicity) to bad > government policy ("community reinvestment act" and the related failure to > regulate GSEs Fannie and Freddie Mac it spawned, whose securities were at > the heart of bizarre international hedge funds that only Tim Geithner, who > doesn't know how to operate Turbo Tax, can explain). > > But who actually started the run on US money market accounts on Sept 18, > 2008, and extracted $550 billion from those accounts in a span of two hours, > triggering the panic and subsequent credit crunch, has not been determined, > for a shocking lack of curiosity. > > Who did what to cause oil (which is now under $35/barrel) to skyrocket up to > $145/barrel at the same time as the banks were failing and right in the > middle of an election, we also do not know. > Just what every asshole says, hey I was running at 150 but then the baby crossed my path and the tire blew up. It is not clear that my reckless driving killed the baby, we should investigate the tire company and the baby's mother. Got news for you, NO accident has only one cause, but fools let the causes pile up till something collapses and disaster strikes. > Neither anomaly has been investigated, let alone explained. > > In any case, Geoff was lecturing me about how much smarter Australians are > and how immune they are to our problems because they have such fine > regulators down under. Apparently he hasn't been following the news. > > - Bob > I don't think Geoff means their economy is immune to what goes on in the world. He's just saying their economy if far healthier than yours and that they will have a much softer landing. And it is true! --- StripMime Report -- processed MIME parts --- multipart/alternative text/plain (text body -- kept) text/html --- [excessive quoting removed by server] _______________________________________________ Post Messages to: [email protected] Subscription Maintenance: http://leafe.com/mailman/listinfo/profox OT-free version of this list: http://leafe.com/mailman/listinfo/profoxtech Searchable Archive: http://leafe.com/archives/search/profox This message: http://leafe.com/archives/byMID/profox/[email protected] ** All postings, unless explicitly stated otherwise, are the opinions of the author, and do not constitute legal or medical advice. This statement is added to the messages for those lawyers who are too stupid to see the obvious.
