Open Forum (9/15-9/21)

Posted by Dave Fratello on Tuesday, September 16th, 2008 at 5:04am.

It's no good for anyone to see giant firms vanish, get engulfed or go BK.

In the financial realm, we're up to an unlucky 7 this year so far:
  • Countrywide
  • Bear Stearns
  • IndyMac
  • Fannie
  • Freddie
  • Lehman Bros.
  • Merrill Lynch
Most of those in the last week or so. Something's afoot, don'tcha think?

The media try to tell you who's next. What about AIG's restructuring? How about WaMu?

But the truth is no one knows.

The mucky-mucks just want to talk about "confidence." Tonight's AP dispatch:
The American people should remain confident in the "soundness and resilience in the American financial system," [Treasury Secretary Henry] Paulson told reporters at the White House.
And we should, indeed, be confident that there will be a financial system of some kind in the future.

The only thing that's clear now is that credit is not getting any looser any time soon. And, of course, that affects real estate everywhere.

The players to watch are Fannie and Freddie, under new ownership (kinda). They may be subject to the whims of the next president.

That's a long way off, though. Lots of pain, unwinding and loss-taking till then.

------------------------------------------------------------------------

As always, please use the "Open Forum" thread for news clips, off-topic questions & discussions of (virtually) any nature. And keep it clean.

Finally, on this post or any other, any day, use the "Email this" link at the bottom to let a friend know about MBC. The system, provided by FeedBurner, promises no spam to either party, and there are laws about that sort of thing.
comments powered by Disqus