|
Prev Blog << |
watch the guys who run the financial world |
Next Blog >> |
 |
Category: Finance and Credit Current Grade: A+ Total Views: 2025 Member Comments: 0 |
Posted on: 12/15/2007 Posted by: Jeff_Tumbarello Blog Points: 5344 View all blogs >> |
If you have 51 minutes to watch the guys who run the financial world in the US, watch this video. Actually, the first 10 minutes will get your tummy rumbling, the next 40 won't cure it:
http://www.bloomberg.com/avp/avp.htm?clipSRC=mms://media2.bloomberg.com/cache/v6fPK0Py8lp8.asf
Now, these folks RUN the industry and cannot get a grip on:
1. What caused it (RE ran out of steam? Rates too low? Rates too high? Money too easy? GREED on all sides? All of the above? )
2. How bad is it RIGHT NOW? All know it's bad, NONE can say how bad it is now, nor how bad it was a month ago, etc.
3. How bad can it get? Deflected - good idea, that.
4. What/who will the "freeze" help? Fairly clear here - few will find relief, but it's a start.
5. The BIG problem. Secondary Markets closed for renovation, no sign of reopening, the beating was too severe to forget. (Yep, that's a problem, folks - gonna be one for a while and it's a BIG ONE, too).
In any case, I was not amazed to realize these BIGNECKS haven't a clue how to do actual Banking/Lending, period. When Banks were "insulated" by lending the community's money to the community itself, the broad exposure didn't exist. One day or another, Banking will simply have to return to that model or implode in a final display of epic proportions.
The worst part of the video was the realization that the Kings Of Coin are as lost as are we.
http://www.bloomberg.com/avp/avp.htm?clipSRC=mms://media2.bloomberg.com/cache/v6fPK0Py8lp8.asf
Now, these folks RUN the industry and cannot get a grip on:
1. What caused it (RE ran out of steam? Rates too low? Rates too high? Money too easy? GREED on all sides? All of the above? )
2. How bad is it RIGHT NOW? All know it's bad, NONE can say how bad it is now, nor how bad it was a month ago, etc.
3. How bad can it get? Deflected - good idea, that.
4. What/who will the "freeze" help? Fairly clear here - few will find relief, but it's a start.
5. The BIG problem. Secondary Markets closed for renovation, no sign of reopening, the beating was too severe to forget. (Yep, that's a problem, folks - gonna be one for a while and it's a BIG ONE, too).
In any case, I was not amazed to realize these BIGNECKS haven't a clue how to do actual Banking/Lending, period. When Banks were "insulated" by lending the community's money to the community itself, the broad exposure didn't exist. One day or another, Banking will simply have to return to that model or implode in a final display of epic proportions.
The worst part of the video was the realization that the Kings Of Coin are as lost as are we.
