By John R. Talbott
How robust was once the yankee economic climate going into the current obstacle? How robust will or not it's a yr from now? How approximately 5 years from now? traders and electorate around the globe become aware of, as by no means prior to, that we have been misled--lied to--about the soundness of our economic system. yet what now?
John R. Talbott's inventive new e-book, The 86 largest Lies on Wall road, exposes the lies after which exposes us to the reality of what it is going to take to rebuild our economic climate. As a former funding banker at Goldman Sachs, Talbott is familiar with firsthand how the economic climate operates and what it's going to take to mend it. because the "oracle" who envisioned the housing situation in his 2003 booklet, the arrival Crash within the Housing marketplace, warned of an international banking concern in his 2006 publication, promote Now, and known as the election for Obama while the senator from Illinois was once nonetheless the underdog in Obamanomics, Talbott' s revelations approximately how the road and the economic system particularly paintings are as clear-eyed and indisputable as his...
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Extra resources for The 86 Biggest Lies on Wall Street
There are some economies of scale, but they also become more unwieldy and difficult to manage. To think that a board of directors that meets once a quarter is going to have any understanding of what a company the size of Citigroup is doing every day around the world is ludicrous. If twelve members of a board of directors came to work every day for ten hours a day they could not possibly supervise all of Citigroup’s operations around the world. Citigroup is composed of hundreds of different businesses in hundreds of different countries offering thousands of different securities and products to their customers.
Like all banks do, they first created a boom by over-lending, then they created a crash by restricting lending. At the same time the banks were lending too much to homeowners, the banks were repackaging these mortgage securities, selling them upstream to long-term investors, and very quickly getting them off their books. Banks had no incentive to be certain that these mortgages would ever be repaid. Long-term investors, like pension funds and sovereign governments, that ended up holding these mortgage securities were duped by investment banks, commercial banks, and especially the rating agencies into thinking they held AAA securities when they actually held the equivalent of securities trash.
Banks had no incentive to be certain that these mortgages would ever be repaid. Long-term investors, like pension funds and sovereign governments, that ended up holding these mortgage securities were duped by investment banks, commercial banks, and especially the rating agencies into thinking they held AAA securities when they actually held the equivalent of securities trash. But the story does not end with subprime mortgages. We shall see that even prime mortgages are experiencing dramatically increased default rates and foreclosures, and that the banks will realize significant losses in their prime residential mortgage portfolios.