Allow me to summarize 24 pages in a single sentence. We are in very very deep trouble.
Kyle Bass, a top drawer Wall Street money man and fund manager for Hayman Advisors was one of very few people who saw the coming of the sub-prime real estate collapse. (He actually made money last year, and I mean a lot of money.) His October letter to investors is one of the best pieces I have read in a long time on the state of the economy and where things might be going. It is not short, but I think it is a must read.
Pay very close attention to what he writes about our national debt and the mass printing of money. This is far more detailed than the usual mantra of "printing money = inflation." Finally take note of his detailed dissection of the rest of the world's economic standing. This is sobering reading.
Hay Man
Note: For unknown reasons the embedded document does not show up in Mozilla FireFox. It does however work fine in Internet Explorer.
Imitating Christ: Being a Stranger and Sojourner
14 hours ago
4 comments:
I believe the current recession -- the worst economic slump since the Great Depression -- will be with us for several more years.
For staff of the Obama administration to say that the worst part of the recession is over, is nothing more than wishful thinking.
George,
I think you are mostly right. The depression is likely continue more or less for the next several years. However I do agree with Obama that the extreme crisis we faced last fall seems to have passed. At that point we were in serious danger of witnessing a total collapse of our financial system.
In ICXC
John
All they have done is postpone the reckoning for another day. The real economy is being deprived of capital in favor of the government's zombie economy. And it's sure gonna be funny when Obama and his law review buddies pile socialized medicine and cap-and-trade on top of this wreck.
I suppose it will be easy to cap when there is no trade.
About the only things we actually make any more are corn and porn. Ugh.
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