The parallels between the crash in 1987 and the one soon to happen in 2007 are too real for comfort. Just look at the derivatives of 87 and the sub-prime mess of 2007. Or, consumer confidence which is barely holding now, but will fall in a NY minute. Or, many other similarities. The point is that again, like 87, we have our heads in the sand.
And, like 87, the signals are all there. It is just too tempting to stay the course and ignore them. Conrad Aenlle has a well reasoned piece in the NYT, as does Robert Shiller:
http://www.nytimes.com/2007/10/14/business/yourmoney/14mark.html?_r=1&ref=todayspaper&oref=slogin
http://www.nytimes.com/2007/10/14/business/yourmoney/14mark.html?_r=1&ref=todayspaper&oref=slogin
Comments
JRubinstein
October 16, 2007
The signals are there and Shiller is one sharp guy so I wouldn't be surprised if we have some real problems over the next month.
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PhilR
October 16, 2007
I don't see a crash. Perhaps some tough going but no crash, the global economy is too strong.
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Thead
September 23, 2008
The global economy?? Have you had your head in the sand?
When Bill Clinton signed into law the reversal of the great depression law that separated the commercial banks and the stock market and again allowed our mortgages to be packaged and sold on the market, it was the beginning of our downfall.
Democrats want to blame the republicans for our current state of affairs and seem to forget just who put us where we are to start with! Apparently the democrats cannot learn from our own history. We are in deep trouble here and no doubt about it.
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