A bit over a year ago I was waxing pontifical (MY what a change) The Air is Black with Swans' Wings over the prospects for more sharemarket mayhem and my irish mate branedy left this comment.
I hope you are wrong about 25%, but I fear there is no bottom in sight, and I'm running out of rope.
In January last year, when I wrote the piece, the Dow was hovering around 12,000. Today it is struggling to sustain 7,000 and has dipped into the 6's. Yet the feeling is the same, we aren't near the bottom yet.
Since then, of course, not only have we lost Branedy's feered 25% but gone on to push 50% Iceland has gone bust, Ireland itself is hovering near bankruptcy, along with the UK and most of eastern Europe from the Baltics to the Balkans.
Yet we still get up in the morning, care for our families and try to make it through the day.
How's it going with you Brane?
I hope you are wrong about 25%, but I fear there is no bottom in sight, and I'm running out of rope.
In January last year, when I wrote the piece, the Dow was hovering around 12,000. Today it is struggling to sustain 7,000 and has dipped into the 6's. Yet the feeling is the same, we aren't near the bottom yet.
Since then, of course, not only have we lost Branedy's feered 25% but gone on to push 50% Iceland has gone bust, Ireland itself is hovering near bankruptcy, along with the UK and most of eastern Europe from the Baltics to the Balkans.
Yet we still get up in the morning, care for our families and try to make it through the day.
How's it going with you Brane?
This was a good reminder post. I remember reading the Black Swan post and wondering if the end was near, or if it was just another correction. You called it better than I.
I think the reason why so much of my country's money is being shoveled into AIG (Arrogant, Ignorant, Goofs) is that the system is panicked about the possibility of another country going bankrupt. Iceland is serious, but can be explained away. Ireland or Spain could not be explained away. Then we would all have to face the fact that we are in a new paradigm with all the disruption that entails.
Posted by: nomad496 | March 22, 2009 at 02:56 AM
Sorry, I've been off, while I've been busy, I've managed to braid more rope and We're Ok here.
Ireland May Follow Iceland into the drain soon, as the government can't seem to manage without the bankers and developers having a hand up their backs to animate them. There is real talk about revolution here, 1929 seems too long between governments.
Posted by: Branedy | April 06, 2009 at 09:44 PM