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PerpWalkWatch - # of Hours New AG Eric Holder Has Let Angelo Mozilo Run Free
Eric Holder and Barack Obama
Failure to
Arrest
Angelo Mozilo
2862 Hours
(countdown suspended 6/21/2009)
ERIC HOLDER - YOU ARE A COWARD
DO YOUR JOB
(UPDATE 6.4.09 - SEC CHARGES MOZILO WITH INSIDER TRADING. YET ERIC HOLDER STILL SITS ON HIS ASS AND DOES NOTHING)
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91 comments:
Asville, North Carolina?
Definitely not Idaho! Try Lake Tahoe, CA or most of Maui, HI or Key West, FL. Seattle is the most beautiful metropolis I've been to on the mainland
Anywhere you don't have to suck on smog
You mean where *was* the most beautiful place, before the entire blogosphere showed up and destroyed the place? I don't think so. Cheap land, access to deep water, plentiful fresh water, lots of game, nice weather, plenty of infrastructure which will outlast the failing USA, and I ain't saying where.
Hawthorne, NV -
Not many people around, beutiful high desert and Walker Lake is pretty much undiscovered. Plus they have this cool park with sculptures made of bombs...
Depends on the time of year.
Sometimes DC is during the cherry tree blooms.
Sometimes the east coast during fall foliage.
Sometimes Death Valley is my absolute favorite.
GT Charlie
There ain't just one.
I have seen wheat fields in Kansas that would take your breath away,
Desert landscapes that were awe inspiring,
Autumn sunsets in Texas and Indiana or Idaho that were magnificent
but "There's no place like home", where the heart is.
Amsterdam, Holland, The Netherlands.
There are NO beautiful places in America.
America is DEAD. A Bankrupt Graveyard.
A Turd-Worl Nation of Nothing and Nobodies.
The George W. Bushco Depression of 2009.
Personally, my favorite is still downtown Chicago. There isn't much natural beauty, but the architecture is amazing and it's a lot cleaner than NYC.
I'll nominate the Southwest, on account of Monument Valley, Arches Nat'l Park, and the bulk of Arizona. But I have yet to see the Redwood forests, Yellowstone, or Yosemite.
So many cities in this country are turning into ghetto sh*tholes that I'm almost afraid to publicly say what cities are good to live in. Every city I've lived in has been destroyed by the homies ... the malls, the neighborhoods, the schools etc. ... the quality of life goes down, or way down.
This country is in the fast lane to becoming a total shithole. Actual domestic terrorism exists in some of our shittier cities like Detoilet, St. Loius, Newark, LA, Killidelphia, Shitcongo etc. But it's far more important to chase terrorist 'ghosts' overseas. I know people will have a knee jerk reaction to this but, sorry, the truth is the truth.
Fourty years ago our students were not just in the top percentile of academic achievement, they were THE best in the world. We were the envy of the world. Go into the ghetto cities of today and forget about the 20-40% of kids who aren't graduating h/s ... many of the ones who are graduating can't even read.
There is going to come a day in the not too distant future when people start leaving America to find the American dream in (one of) the country(ies) that they came from.
Any remote spot high in the Sierra Nevada mts 2 day hike from the trailhead. Tyndal creek, forester pass, Mt whitney, palisades glacier,
Center basin, Marion lake, and about a 1000 other hi-Sierra back country places.
1. NoCal Coast.
2. West Virginia.
3. Downtown Detroit.
Washington, D.C.
Not Idaho.
Could it be Idaho?
Nice Keith, I'm glad to see a feel good post. We need it with GM fixing to shake us down (again) this week.
Wheh, man: the Marin Headlands, the Manhattan skyline from the Palisades, the stark beauty of Western Wyoming, sunrise in Old San Juan, sunset over Hawaii, storms rolling over the ND prairie...
I'd have to say I'm a big fan of the White Mountains in the fall.
All pessimism aside, we live in a very beautiful country.
Lived in Ft. Collins and graduated from CSU. It's OK, but doesn't hold a candle to Southwestern Colorado. The most amazing place in the US. The San Juan Mountains are, in a word, transcendent.
there is no place like "home" and i hope you all think the same................
The US is full of beautiful places, but my personal favourite is sitting on my south deck in the middle of 50 verdant mossy acres of pine and birch woods, overlooking 1400 feet of shore frontage of a sparkling pristine lake in the great state of "live free or die" New Hampshire, with views to the White Mountains in the distance. You can hear the loons and the owls. It's even better in the leafy gold and red autumn or the icy winter when there is pure silence.
If things get bad, we'll go there and hole up. We can both hunt and garden on our own mortgage-free property. That is, unless somebody decides to tax us to death and the developers come in and put up 50 McMansions with 50 motorboats for Wall Street bankers and the loons and the owls and the deer disappear.
The county connected to the northern end of the golden gate bridge. Marin County, California.
Somewhere/anywhere looking across the boarder looking at the u.s. & watching the American Dream "unwinding."
Other than a very small minority who really understand what is going to happen, who are now preparing for the coming days that will destroy America as we know it.
Good Luck
Most beautiful states? AK and HI. CA would be close behind if it weren't for all the damned people and economic collapse.
Most beautiful large city? San Francisco.
Bisbee, AZ
Colorado
Natchez
Vicksburg
New Orleans
Portland...and gotta love its NWO-domesticated-nanny state lovers:
Consumerist -- You may have seen the commercial where Montel Williams hawks some goofy collectible coins with President Obama's face IN FULL COLOR OMG. A father and daughter bought the coins and discovered that they're just regular money with color stickers applied. One of the news anchors even comments that she could see the face on the coin through the sticker when she looked at it from the side.
www.katu.com/home/video/39598022.html?video=YHI&t=a
Sheeple will always be sheeple. "Yes we can"...bwahaha Hey genius, now go give your money to P-Diddy by buying one of his overpriced sweatshirts.
jackson hole (for the skiing and flyfishing)
mount pleasant sc (the beach, the golf, and charleston)
crystal cove, ca (the beach)
pebble beach, ca (the golf)
mauna kea, hi (best beach in the world?)
to name a few!
It's hard to narrow it down as the US has many beautiful spots, so I'll do my top 3:
1. The drive from Zion, Utah to the North Rim of the Grand Canyon
2. The Northeastern quadrant of Yellowstone
3. The Na Pali Coast of Kauai
Mineral King
YOseMitE,
Coconutz!
Better enjoy all those beautiful places before the next World War.
Just remember Protectionism leads to Nationalism and Nationalism leads to war.
Thank You BOJ and Goldman Sach
http://www.dailymail.co.uk
/news/worldnews/article-1146080
/Barack-Obama-risks-trade-
war-rescue-plan.html
'Buy-American' clauses in Barack Obama's £545billion economic rescue plan could set off a trade war, critics warned last night.
They said that the legislation is still biased towards U.S. companies, even though protectionist measures in the bill have been toned down after an international outcry.
But despite claims that President Obama is undermining pledges by world leaders to work together to combat the global credit crisis, he is expected to sign the bill into law today or tomorrow.
http://news.xinhuanet.com/english
/2009-02/14/content_10820353.htm
History and economics have told us, facing a global financial crisis, trade protectionism is not a solution, but a poison to the solution.
Experience has shown trade protectionism can protect nothing. During the Great Depression in the 1930s, the protective measures taken by countries like the United States triggered trade wars, further hurting international trade and the world economy
hawaii has to be right up there.
That is like asking "What is the best beer in the world?"
I'm partial to Guiness and IPAs, and enjoy mountains and beaches. Belgian ales can be mighty fine too, as can the plains. Anchor Steam reminds me of one of the best cities -- San Francisco.
I'm glad I don't have to pick just one beer or place.
It sounds like the shadow government is trying to pull something big like 9-11:
(CNN) -- A British Royal Navy nuclear submarine was involved in an accident with a French submarine during maneuvers in the Atlantic Ocean, CNN has learned. Both vessels are understood to have been carrying nuclear warheads at the time.
(CNN) -- Sonic booms and at least one fireball in the sky were reported in Texas on Sunday, less than a week after two satellites collided in space
I hope you have a bunker because the NWO freaks are ready to pull something big.
East St. Louis Il. Highest per capita murder rate in the Umited States and plenty of liquor stores and strip clubs.
ATE-UP
Off subject but, Krugman. He's on my good list again.
> Then reality struck, and it turned out that the worriers had been right all along. The surge in asset values had been an illusion — but the surge in debt had been all too real.
http://tinyurl.com/awugmu
Fauquier County/Western Loudoun County, Virginia "The Piedmont" foothills of the Shenandoah
Most beautiful needs to also be reasonably cold, aside from hot/dry remote places like the Mohave Desert, to keep out the drifters.
I'd say, Northern Vermont, esp along the Champlain lake. So if you don't need a corporate job and can live anywhere in the US, that would be it. In addition, it's about an hour from Montreal Canada, if you also want some nearby urban variety. And unlike let's say Boston, there are a slew of strip clubs over in QC.
In contrast, I wouldn't choose a hamlet like Boulder CO or Asheville NC, despite their sort of *New Age*, cultural ambiance because in effect, drifters/gangs show up in those towns to cause trouble when areas like Denver go bust.
For the most part, Northern Vermont has been safe throughout the ages and the drifters don't stick around esp when the late fall freeze kicks in. I think during a great depression, the Cabots and the Ben & Jerrys can provide some food stuffs to the average citizen through various community pot lucks, etc. In the prior depression, Vermont's near self-sufficient farming activities made it possible, the last time around back in the 30s.
Portland, Oregon Area. Just drove back from the Columbia Gorge yesterday and everyone agreed how lucky we are to live here.
Booklyn, NY
Definitely not Idaho...
Phoenix, Las Vegas, Riverside, and San Bernadino. Oceanside and Escondido to name a few.
All of the Bank Owned trees are in full bloom across front yards everywhere.
Beautiful. Simply beautiful.
I have always like the Northern California coast (especially north of the golden gate bridge) and SF bay peninsula from hwy 280 west.
Experience has shown trade protectionism can protect nothing. During the Great Depression in the 1930s, the protective measures taken by countries like the United States triggered trade wars, further hurting international trade and the world economy
----------------
Fool globalism is dead. The only country that now and never engaged in protectionism is now financially dead. The greedy fools like you allowed corrupt muti-nationals and politicos to sell the beating heart of this great republic to third world slave labor camps run by corrupt dictators.
Move to China or Mexico or some other shithole and work for five dollers a day globalist. You can't drink the water or breath the air or consume the cheap shit they produce without being poisoned. Shut the F*ck up regarding Smoot Hooly that shit is a joke and people are on to it.
Oh protectionism has always been alive and well. These third world shitholes practiced it against us. Get a job if you can find one. The import buisness is dead. Read what is happening in Asia, india and the rest of the world. Global trade is dead. Denial will do no good fool. Move to Dubia moron. (The poster child for the great ponzi scheme is turning to ashes) Protectionism is the in thing. The US will be protecting itself from a couple of billion third worlders who bought the lie. You my corrupt greedy little friend will be hiding under your bed wondering why your not rich like the true wallstreet globalists. You got played dummy.
Best beaches in America? Along the Florida panhandle-about 150 miles. From Gulf Shores, Alabama to Panama City, Florida.
Bug Sur to Monterey!
Sailing was great there.
+1 for Lake Tahoe CA. including
El Dorado National Forest and Desolation Wilderness
http://en.wikipedia.org/wiki/Desolation_Wilderness
For me, its southern Utah and the Four Corners. I love the vastness and peace of the deserts.
The husband, on the other hand, loves the green murk of the PNW and the Redwood forests.
The lovely thing about the US is that there's a perfect habitat for everyone.
Say what you will about the US economy, but the place itself is one of the most beautiful and varied continents on the planet.
1000 Islands, NY.
Very pretty in the fall, but very very redneck all year long.
Kangtong
My favorite spot in America is the top pool of 'The Grand Prismatic' in Yellowstone.
As I peered into it last summer, I was transfigured simultaneously into Jimmy Hendrix playing 'Purple Haze' and John Galt taking over the world.
Okay, not really...but it was stunningly beautiful.
Anton Chiguhr
A place I would bet no one on here has been...
White Sands New Mexico
RayNLA
Hawaii
Brokeback Mountain, Wyoming.
Montecito Ca.
Off topic,
Is everyone else here seeing the forming of a commodity bubble?
1)I want to talk about Oil first cause it falls into the ‘commodities’ category and speculators may hop onto this bandwagon even though every single indicator points to continuing decline in demand, slowing global economies, and environment conscious consumers,.. One only needs to visit an auto show to see the irreversible trend of lower fossil fuel consumption, people are still feeling the pain of $4 at the pump… as for home heating, in my area there has been a mega boom and irreversible trend towards alternative heating from wood and wood pellet systems, to Geo thermal and even Solar, even the oil and gas systems are far more efficient then 3-4 years ago… so, even though it is obvious that the fundamentals for oil should be heading to below $10 a barrel, sheeple may inflate the price as the herd runs away from fiat currencies when inflation begins kicking in.
2)Ahhhhh Gold, commercials popping up everywhere with offers like ‘mail in your old jewelry’, etc. even saw a kiosk pop up in our local mall with a sign ‘cash for gold’ so there is no question that the Realtors and housing flippers have moved on to Gold,.. look forward to books, courses and lots of rationalization on why this yellow useless metal will make ya rich…
And how do I already know who will be blamed by the knuckle heads buying in at the peak when the bubble bursts..
Hmmm, the secret intergalactic NWO people, or the underground inter-universe Money changers, ooooh the Bankers. No no wait the Fed.. no no the politicians..
Wait wait, definitely Bush, its gotto be Bush..
Keith; if you want to be ahead of the curve again, you might want to move on to the next big thing and start the “Gold Panic’ blog.
Evidently the most beautiful spot in the USofA is somewhere where there are no people to junk it up. Flea Markets, Junk Yards, unkept buildings of everysort. Paper littering the streets and highways. Run down houses in every city. More on the way thanks to foreclosures and personal attitudes. I don't know why we can't Just pick it up--clean it out--paint it--tear it down---wash it out--put it in the trash--smooth it over--rake it up--and keep it neat? Go to Germany and look around--sure they have some dumps but the National evdeavor is to keep their cities and countrysides clean. There are other countries like that as well. Americans seem to gravitate to the "unkempt" and don't see it. So many of our cities and towns have "projects" and "ghettos" and junk cars and trash all around everywhere. We have the most beautiful country, we just NEED TO TAKE CARE OF IT!!!!!!!!!!
well lets see maybe we can pick out a wonderful liberal city in a wonderful liberal state on the verge of collapse and put the list up and have you blame bush but the sitcom is in progress frankie lymon and the teenagers will be in denver for the big signing ceremony dow down over 2000 pts since the election and 2010 cant come fast enough for the %56 who voted for change
Edison NJ top 50? This list is way wrong. There's only one cool place to live where real estate continues to rise as well as the standard of living...Manhattan NYC
plain and simple.
Looking for a place to buy a home, Keith?
I hear it's a good time.
I like green, compact, walkable, safe, and cultural place.
I like Boston but most people are living in the gypsy moth infested boring suburbs and not in the city.
So, I would choose Honolulu, HI or Portland, OR, next time I live in the us.
This is so subjective and personal it is difficult.
I suggest anywhere where there are no people and their opinionated whims. If it is not brown or desert, but green(like in grass) or blue(ocean) is fine with me. If it's warm even better.
as far as the other choices
California too broke and hostile
Maui too crowded with assholes
Key West too hip
Ashville too retired
Southwest too close to Mexico and illegals (don't need bars on the windows)
I have a secret country in the Pacific Rim that I am setting up as my refuge. I aint going to say which it is. Don't need the company of exiled American refugees.
Good Luck and may God have Mercy on your souls.
Brokeback Mountain, Wyoming.
Muddy Gap, Wyoming.
the back of my front door at 4:20 friday afternoon after a 40 hour week. home.
Detroit Michigan hands down.
No doubt about y'all Sweet Home Alabama!
Idaho, of course!
.
ESCONDIDO?
ESCONDIDO??
.
HI TOOLS!!!!
I HAVE TO SAY THE REDWOODS IN OREGON/CALIFORNIA!!!!
JUST DRIVE DOWN THE REDWOOD HIGHWAY (US-101)!!!!
IT HAS BEEN A WHILE SINCE MY LAST POST!!!!
JUST WANTED YOU TO KNOW THAT I AM NOT DEAD!!!!
TAKE CARE!!!!
TOOLS!!!!
DOLTS!!!!
DOPES!!!!
Anonymous Realist said...
So many cities in this country are turning into ghetto sh*tholes that I'm almost afraid to publicly say what cities are good to live in. Every city I've lived in has been destroyed by the homies ... the malls, the neighborhoods, the schools etc. ... the quality of life goes down, or way down.
This country is in the fast lane to becoming a total shithole. Actual domestic terrorism exists in some of our shittier cities like Detoilet, St. Loius, Newark, LA, Killidelphia, Shitcongo etc. But it's far more important to chase terrorist 'ghosts' overseas. I know people will have a knee jerk reaction to this but, sorry, the truth is the truth.
Fourty years ago our students were not just in the top percentile of academic achievement, they were THE best in the world. We were the envy of the world. Go into the ghetto cities of today and forget about the 20-40% of kids who aren't graduating h/s ... many of the ones who are graduating can't even read.
There is going to come a day in the not too distant future when people start leaving America to find the American dream in (one of) the country(ies) that they came from.
February 16, 2009 1:29 AM
Realist, you seem to blame all of the nation's ills on blacks. But you don't even assign any blame to white Americans. You make it seem like white Americans share no blame and there are no such thing as a poor, uneducated, ignorant, etc... white Americans. If you want proof, then go to the small towns in America and go to their so called "seedy side" and you will see the white Americans who act, behave and share the same characteristics as their inner city black counterparts.
Best US City: San Francisco
Best US Island: Big Island, Hawaii
Nicest mountain area: Mount Shasta / Sierra Nevadas. SW Colorado is pretty cool as well. Haven't been to Alaska but expect the low snowline would make it pretty desolate from a flora / fauna perspective.
Nicest beaches: Hawaii
Vermont is nice but pretty dozy, I'd prefer some access to a population center where thriving markets and intellectual discourse exists.
Every continent has tremendous beauty and diversity. North America is not unique in that regard. However North America (along with South America) has the lowest population density of all the continents (besides Anarctica) and that makes it very special. It is also the youngest of the continents with regard to human civilization.
Asia has some nice places but it's hard to find a place that is truly remote, the kind of remoteness you can find in the Western US in the sticks.
-Mike
Anywhere outside of Los Angeles.
speedingpullet said...
"Say what you will about the US economy, but the place itself is one of the most beautiful and varied continents on the planet."
I know some 5th graders who would disagree with that.
History always repeat itself.
Protectionism is the in thing, because the point of no return has past.
Nationalism starts innocently with a faint solo voice like a small amber, but soon it grows into a roaring fire engulfing everything in it path.
The rational voices will become one irrational voice.
Are you fanning the flames of Nationalism.
http://ca.news.yahoo.com/s/afp
/090213/world
/us_intelligence_threat_economy_2
The economic crisis is now the top US security concern with a prolonged downturn raising the worldwide risk of "regime-threatening instability," the US intelligence supremo warned.
Social unrest in Europe has already highlighted the security risks unleashed by the crisis, and many poorer nations are ill-prepared to cope, Director of National Intelligence Dennis Blair said.
There is the deeper menace of tit-for-tat trade barriers going up and so "unleashing a wave of destructive protectionism,"
"Indeed, policies designed to promote domestic export industries -- so-called beggar-thy-neighbor policies such as competitive currency devaluations, import tariffs, and/or export subsidies -- risk unleashing a wave of destructive protectionism," he cautioned.
US economic leadership is under threat given the widely held view that excesses by Wall Street and inadequate regulation from Washington were to blame for the global crisis.
"Vermont is nice but pretty dozy, I'd prefer some access to a population center where thriving markets and intellectual discourse exists."
Montreal, Quebec is an hour from Northern VT - Burlington area. And Ottawa ON is a couple of hours from there. If anything, Montreal is one of the nicest cities in North America which hasn't yielded to urban blight, outside of Boston downtown. And finally, who can really afford anything in Honolulu or San Francisco these days?
Why are some off these responses so off topic? Isn't there enough chances to post on this blog about the end of the world b.s?
At any rate, my answer is: Anywhere where you can have a decent quality of life, but can be able to afford that life without having a trust fund or being a drug dealer. Of course with cost of living issues being what they are, this is not as easy as it used to be. New England is out, and I guess places like FL and CA are becoming too financially unstable to make them a good choice. In my limited travels, it seems that some parts of NC has these qualities, and I know some parts of PA do too, although many parts of the state are a little backwards.
Northern California Coast & Key West Florida both our really beautiful.
"...Social unrest in Europe has already highlighted the security risks..."
Northcom domestic task + detention centers: planning for what comes.
GM on the brink because of healthcare costs.
The nation still cannot accept that a very large part of our swaggering supremacy was bought by spending cash borrowed from the future.
The stark terror we see unfolding is the gradual realization that those loans will not be paid in today's dollars.
US economic leadership is under threat given the widely held view that excesses by Wall Street and inadequate regulation from Washington were to blame for the global crisis.
------------------------------
You are not capible of rational thought. The working class the backbone of this country saw this collaspe comming for ten years. I could explain why using macroeconomic models but you are deaf. This will end in war, not because of protectionism but globalism. The IMF wrote a paper warning the multinationals years ago the global economy would collaspe because of the outsourcing of American jobs. The rapidity (greed) would create massive imbalances that would collaspe the the global trading system. (not global economy.) Now, you can post what the NWO prints but its to late. The American people understand it. Hey just run around hollering smoot hooly, smoot hooly. That should correct the global imballences.
Sedona, AZ
Anonymous said:
"Realist, you seem to blame all of the nation's ills on blacks. But you don't even assign any blame to white Americans. You make it seem like white Americans share no blame and there are no such thing as a poor, uneducated, ignorant, etc... white Americans. If you want proof, then go to the small towns in America and go to their so called "seedy side" and you will see the white Americans who act, behave and share the same characteristics as their inner city black counterparts."
Oh really? Where are all these poor white trash cities that you speak of, lol. Where are the cities where young white males are carjacking and murdering people, where they are raping black women, where they are terrorizing people with armed home invasions (along with murders and rapes), where they are regularly committing random gang violence, where they are continually shooting people for no apparent reason. I'll be waiting for your list of all the poor white trash cities where whitey regularly commits these crimes. I'm waiting.
flagstaff, az
big sur , ca
New England, except Boston.
Boston is filled with snot nosed, know-it-all college students / punks who have little actual life experience.
New England is green, safe, filled with history and culture. Oceans, bays, mountains, woods, pastures. Highly educated people who are understated and appreciate the sublime.
Not like Boston, full of obnoxious tourists, crass tourist traps, low income and uneducated immigrants and all sorts of commericalized come-ons. Esp. the Japanese tourists ... THEY ARE THE WORST!!! We point and laugh at them.
"New England, except Boston.
Boston is filled with snot nosed, know-it-all college students / punks who have little actual life experience."
Yes, especially those areas around BU, as obnoxious as it gets.
"low income and uneducated immigrants"
I'd prefer the above to any group of snotty Tufts students who think that they deserve to attend Stanford or Yale and carry that chip-on-the-shoulder everywhere they go in town. At least in the other colleges, it's those w/ excess cash who act like Eurotrash even if they're from New Jersey.
Driving through Bear Tooth Pass in Montana, unless they ruined it
.
COMPTON, CA
.
COMPTON, CA<<<<
you have to be kidding.....
ha ha ha
Your mom's house.
Anon 12:25pm said:
"Montreal, Quebec is an hour from Northern VT - Burlington area. And Ottawa ON is a couple of hours from there. If anything, Montreal is one of the nicest cities in North America which hasn't yielded to urban blight, outside of Boston downtown. And finally, who can really afford anything in Honolulu or San Francisco these days?"
Only problem with going to Montreal is that is I don't speak French and I like my women with smooth armpits.
-Mike
"don't speak French"
Yes, I concur with this, as a long term impediment. Although Ottawa's 2 hrs away, if you want a full Anglophone city.
"and I like my women with smooth armpits."
Wrong country, unlike France, these women are both smooth/shaven and gorgeous. The attitudes and quality of women up there blow away the likes of Boston or Philly.
The failure of globalism due to unfair advantage leads to protectionism.
Protectionism leads to Nationalism.
Nationalism leads to War.
The root cause of the financial crisis was due to excess global liquidity when BOJ allowed interest rate to artificially stay low giving Japanese companies an unfair trade advantage.
This artificial low interest rate allow hedge funds to take advantage of Yen Carry Trade to flood the market with aggregate liquidity.
http://www.imes.boj.or.jp/english/publication/edps/2007/07-E-19.pdf
The broad yen carry trade
Aggregate liquidity can be understood as the rate of growth of aggregate balance sheets.
When financial intermediaries' balance sheets are generally strong, their leverage is too low.
The financial intermediaries hold surplus capital, and they will attempt to find ways in which they can employ their surplus capital.
In a loose analogy with manufacturing firms, we may see the financial system as having "surplus capacity".
For such surplus capacity to be utilized, the intermediaries must expand their balance sheets.
On the liabilities side, they take on more short-term debt. On the asset side, they search for potential borrowers that they can lend to.
It is in this context that the board yen carry trade comes into sharper focus.
By allowing intermediaries to expand their balance sheets at lower cost, the broad carry trade fuels the financial boom.
Aggregate liquidity is inmately tied to how hard the financial intermediaries search for borrowers.
In the sub-prime mortgage market in the United Stats we have seen that when the balance sheet are expanding fast enough even borrower that do not have the means to repay are granted credit - so intense is the urge to employ surplus capital.
The seeds of the subsquent dowturn in the credit cycle are thus sown
Spearfish, South Dakota in the beautiful Black Hills. Really.
Bar Harbor, Maine.
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