Deep under water
Dec 20, 2007 Gelt
MBIA Inc., the world’s largest bond insurer, said it has exposure to $30.6 billion in complex mortgage securities that it insures, an amount that eclipses its entire net worth.
I hate when that happens.
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December 21st, 2007 at 8:52 pm
I don’t. I much prefer fiscal sanity to bubbles. I’ve been following a series of articles on Bloomberg about the subprime mess the past week. These articles show how the mess was created (the debt instruments and derivatives that allowed subprime mortgages to be bought and sold), who created it and the aftermath. Like all bubbles people think the good times will never end, that past performance is a guarantee of future performance, and that everyone is smarter than everyone else.
Tulip bulbs. Precious metals. Internet stocks. Now subprimes. Sanity is creeping back into the market, but it will be painful. It’s painful to me because there are 3 homes on my block that have been for sale 6 months or longer! But it will pass.