FinallyRetired
Thinks s/he gets paid by the post
- Joined
- Aug 1, 2002
- Messages
- 1,322
This is the title of today's column by Steven Pearlstein, Wash Post business columnist. Some excerpts:
"We are only at the beginning of the financial world coming to its senses after the bursting of the biggest credit bubble the world has seen. Everyone seems to acknowledge now that there will be lots of mortgage foreclosures and that house prices will fall nationally for the first time since the Great Depression. Some lenders and hedge funds have failed, while some banks have taken painful write-offs and fired executives. There's even a growing recognition that a recession is over the horizon. But let me assure you, you ain't seen nothing, yet. "
....
"This may not be 1929. But it's a good bet that it's way more serious than the junk bond crisis of 1987, the S&L crisis of 1990 or the bursting of the tech bubble in 2001."
.....
washingtonpost.com
Mr Bernstein will be online to answer questions at 1100 this morning. I submitted the following, will let everyone know if and how he answers it.
- Assuming the situation will get as bad as you indicate, what does that mean to those of us who are not directly involved in subprime or credit markets? In particular, for those of us near or in retirement, with a balanced portfolio, but needing the markets to work somewhat normally for our financial plan, does this situation call for action?
"We are only at the beginning of the financial world coming to its senses after the bursting of the biggest credit bubble the world has seen. Everyone seems to acknowledge now that there will be lots of mortgage foreclosures and that house prices will fall nationally for the first time since the Great Depression. Some lenders and hedge funds have failed, while some banks have taken painful write-offs and fired executives. There's even a growing recognition that a recession is over the horizon. But let me assure you, you ain't seen nothing, yet. "
....
"This may not be 1929. But it's a good bet that it's way more serious than the junk bond crisis of 1987, the S&L crisis of 1990 or the bursting of the tech bubble in 2001."
.....
washingtonpost.com
Mr Bernstein will be online to answer questions at 1100 this morning. I submitted the following, will let everyone know if and how he answers it.
- Assuming the situation will get as bad as you indicate, what does that mean to those of us who are not directly involved in subprime or credit markets? In particular, for those of us near or in retirement, with a balanced portfolio, but needing the markets to work somewhat normally for our financial plan, does this situation call for action?