Reckless Europe beats reckless America at property bubbles

http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/100007092/reckless-europe-beats-reckless-america-at-property-bubbles/

I think Ambrose has underestimated the US inventory, or he just hasn't figured out that the banks have it well hid off their balance sheets, but that's beside the point. The point is how many countries that he points out who all coincidentally had the same type of bubble at the same time.
What a convenient coincidence, or is it? It would seem to me that the same type of banking model practice has been put to extensive use world wide, and world wide it blew up into their face.
Can you see the outline of a plot here, that was FED fortified?
Or else the world got stupid all at the same time.
The we didn't know excuse just doesn't wash anymore
This was an intentional take down.


Once and for all, let us nail the lie that the global credit crisis was basically a US sub-prime property bubble that went wrong, and that Europe was merely an innocent bystander hit by shrapnel.

This is the property bubble chart on Page 12 of the IMF’s latest report (Article IV) on France.

As you can see, France had the most extreme price rises from 1997 to 2009, followed by Spain and Italy some way below.

The Anglo-Saxons were more moderate. The US bubble was tame by comparison (measured by price: inventory overhang is another matter) and has largely corrected. This the American way, a short sharp purge. The Club Med bubbles have not corrected, by a long shot.

Goldman lied

http://www.mcclatchydc.com/2010/06/29/96779/goldman-admits-it-had-bigger-role.html#ixzz0sMNx7tIe

Oh what the heck it's only a case of perjury, if we can overlook money laundering for the Mexican drug cartels, this shouldn't even register on the attention scale.


Reversing its oft-repeated position that it was acting only on behalf of its clients in its exotic dealings with the American International Group, Goldman Sachs now says that it also used its own money to make secret wagers against the U.S. housing market.

A senior Goldman executive disclosed the "bilateral" wagers on subprime mortgages in an interview with McClatchy, marking the first time that the Wall Street titan has conceded that its dealings with troubled insurer AIG went far beyond acting as an "intermediary" responding to its clients' demands



Read more: http://www.mcclatchydc.com/2010/06/29/96779/goldman-admits-it-had-bigger-role.html#ixzz0sOz7cnkO