| july 5 2007 | | Mortgage Meltdown – CDO’s – Bear Stearns | This is the most definitive explanation of the sub-prime scandal and the wider implications as it spills over into all of the main market that I have read. Do not believe the happy clappy talking heads in the media that are paid to tell you everything is all right and democracy and capitalism are the way to heaven.
http://www.321gold.com/editorials/tustain/tustain070407.html
If you have been listening to the experts but were wondering when we will hit bottom in the housing market and this problem goes away, then follow this link to Chris Laird another respected commentator who knows what he is talking about, writing on Kitco and look at the chart from Credit Suisse which shows we could have a problem running out for another year in the sub-prime ARM loans although more nasties are waiting until 2011 depending on how it is dealt with.
http://www.kitco.com/ind/Laird/jul032007.html
Wish I could say that governments or central banks have the solution to this problem but as they are the architects of this debacle we are on our own.
Start buying gold if you aren’t already and don’t stop till I say so.
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