Comments on: Financial Crisis Far from Over, Ritholtz Says http://www.ritholtz.com/blog/2009/05/financial-crisis-far-from-over-ritholtz-says/ Macro Perspective on the Capital Markets, Economy, Geopolitics, Technology, and Digital Media Tue, 14 Feb 2012 23:06:20 +0000 hourly 1 http://wordpress.org/?v=3.0.5 By: cgasho1 http://www.ritholtz.com/blog/2009/05/financial-crisis-far-from-over-ritholtz-says/comment-page-1/#comment-172293 cgasho1 Sat, 16 May 2009 15:25:55 +0000 http://www.ritholtz.com/blog/?p=26635#comment-172293 Weekend at Bernie's HOW APPROPRIATE Weekend at Bernie’s

HOW APPROPRIATE

]]> By: FromLori http://www.ritholtz.com/blog/2009/05/financial-crisis-far-from-over-ritholtz-says/comment-page-1/#comment-172288 FromLori Sat, 16 May 2009 15:12:00 +0000 http://www.ritholtz.com/blog/?p=26635#comment-172288 If you've ever had the fortune of idly debating economic systems with a Marxist or a real, honest-to-god communist, you probably had the part of the conversation where you point out all the failures of communism (Russia, Cuba, Angola, etc.) and they respond with: "Yes, but, those weren't real communist systems, those were bastardizations of the ideal." That's kind of a tough line to refute -- cause how can it be disproved -- except that if every time we mortal humans try communism it utterly fails, what different does it make if some perfect, non-human aliens can make it work? It turns out, the tables have turned, and it's the self-proclaimed free market economies that are in the death spiral, done in by their own excesses. Of course, this can't be an indictment of capitalism. Cause after all, America doesn't have real capitalism. No, see, we don't have capitalism, we have corporatism (aha!). Or they say, how can you call our system capitalist, when we have a Federal Reserve, which sets the price of money. Or, how can you call it capitalism when the financial sector has thoroughly captured the public sector. If you’ve ever had the fortune of idly debating economic systems with a Marxist or a real, honest-to-god communist, you probably had the part of the conversation where you point out all the failures of communism (Russia, Cuba, Angola, etc.) and they respond with: “Yes, but, those weren’t real communist systems, those were bastardizations of the ideal.”

That’s kind of a tough line to refute — cause how can it be disproved — except that if every time we mortal humans try communism it utterly fails, what different does it make if some perfect, non-human aliens can make it work?

It turns out, the tables have turned, and it’s the self-proclaimed free market economies that are in the death spiral, done in by their own excesses.

Of course, this can’t be an indictment of capitalism. Cause after all, America doesn’t have real capitalism.

No, see, we don’t have capitalism, we have corporatism (aha!). Or they say, how can you call our system capitalist, when we have a Federal Reserve, which sets the price of money. Or, how can you call it capitalism when the financial sector has thoroughly captured the public sector.

]]> By: number2son http://www.ritholtz.com/blog/2009/05/financial-crisis-far-from-over-ritholtz-says/comment-page-1/#comment-172223 number2son Sat, 16 May 2009 04:52:49 +0000 http://www.ritholtz.com/blog/?p=26635#comment-172223 Barry, it's not that there isn't demand for money, it's that banks are being extremely conservative now and few people are qualifying. I tried to refi my mortgage recently but it's a no-go because the broker says the banks are requiring 70% debt-to-equity to qualify me for refi on my 1st and 2nd. I was below 70% only recently, but now that home prices are plummeting and appraisers are actually doing their jobs again the pendulum swings the other way. It's good to see some sanity returning, and I'll muddle on at my current rates. But I can only imagine how terrible this is going to be for people with ARM resets coming up, or those who are tired of being underwater on their mortgages. It's gonna be a long, hot summer I think. Barry, it’s not that there isn’t demand for money, it’s that banks are being extremely conservative now and few people are qualifying. I tried to refi my mortgage recently but it’s a no-go because the broker says the banks are requiring 70% debt-to-equity to qualify me for refi on my 1st and 2nd. I was below 70% only recently, but now that home prices are plummeting and appraisers are actually doing their jobs again the pendulum swings the other way.

It’s good to see some sanity returning, and I’ll muddle on at my current rates. But I can only imagine how terrible this is going to be for people with ARM resets coming up, or those who are tired of being underwater on their mortgages.

It’s gonna be a long, hot summer I think.

]]> By: dunnage http://www.ritholtz.com/blog/2009/05/financial-crisis-far-from-over-ritholtz-says/comment-page-1/#comment-172217 dunnage Sat, 16 May 2009 04:39:48 +0000 http://www.ritholtz.com/blog/?p=26635#comment-172217 Personally, I feel must more secure knowing all my money is going to the Money Centers. These folks don't make the big bucks for nothing. Personally, I feel must more secure knowing all my money is going to the Money Centers. These folks don’t make the big bucks for nothing.

]]> By: Bob A http://www.ritholtz.com/blog/2009/05/financial-crisis-far-from-over-ritholtz-says/comment-page-1/#comment-172208 Bob A Sat, 16 May 2009 02:24:06 +0000 http://www.ritholtz.com/blog/?p=26635#comment-172208 JasRas Says "How come the only place I hear this sobering and true observation is here and Minyanville? " Maybe the same reason here and Minyanville was where you heard about the shit that has happened the last two years 3-4 years before it happened. JasRas Says “How come the only place I hear this sobering and true observation is here and Minyanville? ”

Maybe the same reason here and Minyanville was where you heard about the shit that has happened the last two years 3-4 years before it happened.

]]> By: XStudentDebt.com » Banks are not lending http://www.ritholtz.com/blog/2009/05/financial-crisis-far-from-over-ritholtz-says/comment-page-1/#comment-172166 XStudentDebt.com » Banks are not lending Fri, 15 May 2009 22:34:15 +0000 http://www.ritholtz.com/blog/?p=26635#comment-172166 [...] Here is why banks aren’t exactly lending by Barry Ritholtz [who just wrote the Bailout Nation] which I can’t wait to get and read [and YOU should too!]. This is the very reason why Robert Applebaum’s thought that canceling student debt will stimulate the economy is wrong.  Robert doesn’t seem to live on the same Earth that the rest of us do and laws of this planet [maybe one day we'll stop calling it that R.I.P. Pluto] don’t apply to his ideas.  Oh well, it is a good thing his idea is politically unattainable. [...] [...] Here is why banks aren’t exactly lending by Barry Ritholtz [who just wrote the Bailout Nation] which I can’t wait to get and read [and YOU should too!]. This is the very reason why Robert Applebaum’s thought that canceling student debt will stimulate the economy is wrong.  Robert doesn’t seem to live on the same Earth that the rest of us do and laws of this planet [maybe one day we'll stop calling it that R.I.P. Pluto] don’t apply to his ideas.  Oh well, it is a good thing his idea is politically unattainable. [...]

]]> By: “You Can’t Drink Yourself Sober. . . “ | HeatUp.com - Internet News http://www.ritholtz.com/blog/2009/05/financial-crisis-far-from-over-ritholtz-says/comment-page-1/#comment-172143 “You Can’t Drink Yourself Sober. . . “ | HeatUp.com - Internet News Fri, 15 May 2009 21:19:16 +0000 http://www.ritholtz.com/blog/?p=26635#comment-172143 [...] Another fun interview with Aaron Task at Yahoo Tech Ticker: “You Can’t Drink Yourself Sober. . . “ [...] [...] Another fun interview with Aaron Task at Yahoo Tech Ticker: “You Can’t Drink Yourself Sober. . . “ [...]

]]> By: Urkel http://www.ritholtz.com/blog/2009/05/financial-crisis-far-from-over-ritholtz-says/comment-page-1/#comment-172112 Urkel Fri, 15 May 2009 20:22:40 +0000 http://www.ritholtz.com/blog/?p=26635#comment-172112 “You Can’t Drink Yourself Sober” Well, I will keep trying. (it's Friday after all) “You Can’t Drink Yourself Sober”

Well, I will keep trying.

(it’s Friday after all)

]]> By: “You Can’t Drink Yourself Sober. . . “ | The Big Picture http://www.ritholtz.com/blog/2009/05/financial-crisis-far-from-over-ritholtz-says/comment-page-1/#comment-172090 “You Can’t Drink Yourself Sober. . . “ | The Big Picture Fri, 15 May 2009 19:48:45 +0000 http://www.ritholtz.com/blog/?p=26635#comment-172090 [...] « Financial Crisis Far from Over, Ritholtz Says To US or not to US [...] [...] « Financial Crisis Far from Over, Ritholtz Says To US or not to US [...]

]]> By: JasRas http://www.ritholtz.com/blog/2009/05/financial-crisis-far-from-over-ritholtz-says/comment-page-1/#comment-172072 JasRas Fri, 15 May 2009 19:27:06 +0000 http://www.ritholtz.com/blog/?p=26635#comment-172072 "you can't drink yourself sober" How come the only place I hear this sobering and true observation is here and Minyanville? Is everyone else still too drunk that the logic makes sense??! The only problem BR that I see with your platform for which you interact with the world is too small. This web site, which is a special and valuable resource, is simply and eddy in the river of information. The book will help. But your face needs to be on a Kudlow-type show on a regular basis. If it isn't, the world slowly forgets, marginalizes, and of course the loudest gongs will write the history of how they "held people's hands" in the time of crisis and got people through it... I think you've built something great, I can't wait for Amazon to deliver the book, I'm sure FusionIQ is wonderfully successful, but to make that impact you need to be leveraged up even more in the media. Until then, we are all just a coalition of the willing... “you can’t drink yourself sober” How come the only place I hear this sobering and true observation is here and Minyanville? Is everyone else still too drunk that the logic makes sense??!

The only problem BR that I see with your platform for which you interact with the world is too small. This web site, which is a special and valuable resource, is simply and eddy in the river of information. The book will help. But your face needs to be on a Kudlow-type show on a regular basis. If it isn’t, the world slowly forgets, marginalizes, and of course the loudest gongs will write the history of how they “held people’s hands” in the time of crisis and got people through it…

I think you’ve built something great, I can’t wait for Amazon to deliver the book, I’m sure FusionIQ is wonderfully successful, but to make that impact you need to be leveraged up even more in the media. Until then, we are all just a coalition of the willing…

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