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Re: Staggering statistics on suburban scroomage (Also posted by RobotTrader earlier)...
Schadenfreude - Sat, Jul 31, 2010 - 09:09 PM
"$2.4 trillion in total mortgage debt is impaired due to negative equity"
Nah...
Those are 'legacy assets' remember? The McMansion market wasn't / isn't wildly overvalued. All those 2500 sq ft cardboard fuck-boxes are really worth $750k (once Benny boy gets done with the currency, that is). That is the whole reason they invented 'mark-to-fantasy' accounting.
Besides, at this point, who cares if the bonds / prices collapse?
The 'assets' have all be handily transfered from the pigmen's vaults to Uncle Sugar's balance sheet and you won't find a better bagholder for dog-shit loans than the US taxpayer.
Sure, pension funds and some foreigners will take a haircut too, but the pensions are already busted and we'll just lob some cruise missiles at uppity foreigners... er... 'terrorists' if they squeak about it.
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Re: Staggering statistics on suburban scroomage (Also posted by RobotTrader earlier)...
Schadenfreude - Sat, Jul 31, 2010 - 09:09 PM
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