Raindrops keep falling on my head, originally uploaded by pangalactic gargleblaster.
but sometimes you don’t realize that there may be a tsunami coming behind it
[…] Professor Nouriel Roubini of New York University, one of the first economists to warn of the dangers of the American house price boom, believes the number of people positively choosing to walk away is growing rapidly.
“This is becoming a tsunami of voluntary defaults,” Professor Roubini says.
“The losses for the financial system from people walking away could be of the order of one trillion dollars when the entire capital of the US banking system is only $1.3 trillion.
“You could have most of the US banking system wiped out, so this is a total disaster.”
time to start buying zippered mattresses folks!
that is hard to comprehend!
Well, I was in a good mood.
Well, AG is still paying her bills. Let’s hope it continues.
Roubini makes most bears look downright optimistic. That said, this is going to be really bad…
I’m stocking up on extra-warm cardboard boxes and pre-gasoline soaked tires.
Please let us know that you weren’t in that passenger train fire in Southern India.
fire? that’s news to me… i was on a terrace, trying to catch the partial eclipse.
That partial eclipse is awesome.