We're all freaking (financially speaking) doomed...
Quote for the day
But this CDO thing being on everyone's lips is not too surprising, as this whole CDO markdown thing is Big Bad News (BBN), although this few-hundred-billion-dollar subprime mortgage stinker is just emblematic of the whole derivatives stinker, a similar convoluted global spider web of a leveraged-to-the-hilt financial mess that is so big (audience shouts out, "How big, Mogambo?") that it is estimated to be in the $450 trillion range, which is roughly nine (pause) times (pause) global (pause) G (pause) D (pause) freaking P!!
Nine times bigger than the sum total of the complete, total annual Gross Domestic Product output of the entire freaking globe!!!
Source:
The Crumbles of a Subprime Pie Crust, by Richard Daughty
http://www.dailyreckoning.com/Writers/Mogambo/DREssays/MG070407.html
But this CDO thing being on everyone's lips is not too surprising, as this whole CDO markdown thing is Big Bad News (BBN), although this few-hundred-billion-dollar subprime mortgage stinker is just emblematic of the whole derivatives stinker, a similar convoluted global spider web of a leveraged-to-the-hilt financial mess that is so big (audience shouts out, "How big, Mogambo?") that it is estimated to be in the $450 trillion range, which is roughly nine (pause) times (pause) global (pause) G (pause) D (pause) freaking P!!
Nine times bigger than the sum total of the complete, total annual Gross Domestic Product output of the entire freaking globe!!!
Source:
The Crumbles of a Subprime Pie Crust, by Richard Daughty
http://www.dailyreckoning.com/Writers/Mogambo/DREssays/MG070407.html
posted by Frances McKenzie at 10:17 PM
0 Comments:
Post a Comment
<< Home