Forged signatures on forged deeds of fraudulently AAA rated mortgages, individual notes of which were counterfeitly sliced and diced multiple times all predicated in the first place upon falsified mortgage applications and a grossly negligent, greed fueled approval process. The top to bottom thoroughness of this mass deceit is simply breathtaking.
I want to introduce you to a word.
–verb (used with object), razed, raz·ing.
1.to tear down; demolish; level to the ground: to raze a row of old buildings.
2.to shave or scrape off.
Hey, lets use raze in a sentence.
Maybe just maybe the whole perverted, diseased temple is rotten to the foundation and should be razed.
Lord help those in the ponzi, those participants who are left without chairs when the supply of perfume to cover the stench runs out. But yes the economy is resilient. Where have you heard that before. Problems are contained and everything is on the mend. Just make sure you ignore this Bloomberg interview with Michael Feder from Radar Logic that 5 yrs worth of supply in the housing market. (thx to Mish for bringing it to my attn.)
I find it oddly comical how most on Wall St. recognize, how could they not, the ponzi that our capital markets have become and yet continue to participate. Yet these same folks, neck deep in the Great Ponzi and feeling flush riding this winning market, will ridicule the fools and sheep who participated in Madoff's scheme. Yes they will mock and lampoon those who were skinned alive of much of their savings claiming "those fools, how could they have not known."
I guess when the Fed and the treasury run it, all your frat buddies are involved in it, and most importantly its somebody else's money, then this all makes it much more fashionable and easier to stomach. It also helps when you bow before the alter of 'the annual bonus'.
Mortgage Principle Forgiveness
Forget the banks and think society. Has anyone considered the inherent inequity in any of this? Up is down, left is right, can't pay make those that can eat it what an absolute debacle. Wait till nobody pays their debts.
GM CFO Liddell Departs.
So after a little more than 1 yr on the the job Liddell is out. Forget Wall St. for a moment and ask yourself whether this is good or bad. I did the same when Wells Fargo's extraordinarily well compensated CFO departed abruptly. Warren Buffett and Berkshire are the largest shareholder so for sure everything is A-okay there.
Good speculating to you all and please remember to never forget that "an investor is a speculator who made a mistake and will not admit it".
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