HowardSome American System-- Creedence Revival Style
October 7th 2007 22:25
John Fogerty; American System Revival?
The monetary system is in shambles
If you bail it on out, only getting worse;
You might be gettin' tired of takin a gamble
Go with that doo doo doo doo doo Lyndon stuff;
The leveraged buyouts are left in the lurch now;
The crashin bankers, say, nothing you can do;
The Dems and Repubs have hit the floor, wow;
Saying it's time to get a little of that old LaRou;
Doo, Doo, doo doo doo doo;
Report from the Daily Morgue:
Merrill Lynch announced it will report a quarterly loss, after writing off $5 billion in mortgages, mortgage backed securities (MBS) and collateralized debt obligations (CDO). This has caused the biggest freakout, because ML is a lot smaller than the other firms taking $3-4 billion in losses.This compares with a UBS write-off of $3.4 billion, and Citibank of almost $6 billion, announced earlier this week.
Washington Mutual, the largest U.S. Savings and Loan, wrote off $1.39 billion.
With more than 100 mortgage companies closed or sold off this year, Bloomberg quotes Mark Adelson, a mortgage consultant in NY City, saying that the trouble in mortgages has just begun. "The alarm is going off from the detector on the ocean floor, but the tsunami hasn't hit the shore yet."
Anyway, with John Fogerty's new song out, I thought I'd throw a little Creedence Song in.
pix from Really Long Link
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