Poor and Unemployed

If You Think the Dow Did Well Today, You're Wrong

While I do not like government interference in the markets – I try not to fight the tape. This is not an “American Problem”. We may be the leaders in the invention and distribution of sub-prime and so on but rest of the world has far more toxic debt than one can imagine and have buried their head in the sand.

Basic houses in Colombia, Brazil, India, Odessa not to mention Timbuktu were and in some cases are selling for over half a million US dollars with borrowed money. In most cases banks cannot recover the properties or the losses.

Industrial loans specially to shipping sector, which financed the new building boom over past few years is a replica of housing boom. Twenty-year-old rust buckets are selling for $40 million dollars instead of scrap price. All paid not by the traditional ship-owners but banks and funds.

Hopefully, we will put all this behind and move ahead while others face hyperinflations and defaults, which will restore our position in the world markets. Our biggest strength lies in our unique ability to cut the losses and move on with business of making money.

Print this comment and read it again in 2 years time. But all bets are off if OBAMA is elected. That man has never held a proper job in his life. Leave alone buy a house with his own money.