From Mort Zuckerman, Editor-in-Chief, U.S. News and World Report....
A trillion dollars?? WTF? who was watching the back door???mort said:In the next 60 days, nearly $1 Trillion of commercial paper will have to be "rolled over", and nobody is quite sure where the money to refinance will come from. If businesses can not access working capital, they will have to scale back operations
This is not a good sign...things are going to get much worse before they start to show any signs of growth.mort said:Households, too, face a series of challenges. Adjustable rate mortgages will likely cost more over the next 12 months. the job market will soften; consumer confidence is in for a decline, particurlarly as people confront the diminished equity in their homes. The number of existing homes for sale at the beginning of October was 4.5 million, TWICE AS MANY AS 2 1/2 years ago.
Again...WTF??? Even the "investors" don't know what they bought? Who the hell allowed the stuff to be sold in the first place. This tells me, that our economy is balanced on a head of a pin, and could tumble into oblivion at any moment...:alcoholicmort said:The big unknown-the fulcrum, maybe-is that there is perhaps $500 TRILLION in OUTSTANDING derivatives contracts, some of them in instruments so complex that investor after investor has admitted to not being able to know the value of those newfangled assets