[Allan from Fallbrook]

Ex-SD: Nice nod to President Hoover there with the “chicken in every pot” reference. And Hillary or Obama, or Rudy or Mitt, will undoubtedly be just as successful as Hoover was in fixing this problem.

I remember my great aunt in Wisconsin telling me a story about the Great Depression when I was a kid. She told me that the attorney who worked in their neighborhood, which was rural/farming, took eggs, chickens, vegetables, etc in exchange for his services.

I bring that up both in reference to Hoover and the Great Depression, as well as wondering just how bad it will get.

[Allan from Fallbrook]

Ex-SD: Nice nod to President Hoover there with the “chicken in every pot” reference. And Hillary or Obama, or Rudy or Mitt, will undoubtedly be just as successful as Hoover was in fixing this problem.

I remember my great aunt in Wisconsin telling me a story about the Great Depression when I was a kid. She told me that the attorney who worked in their neighborhood, which was rural/farming, took eggs, chickens, vegetables, etc in exchange for his services.

I bring that up both in reference to Hoover and the Great Depression, as well as wondering just how bad it will get.

[Allan from Fallbrook]

Ex-SD: Nice nod to President Hoover there with the “chicken in every pot” reference. And Hillary or Obama, or Rudy or Mitt, will undoubtedly be just as successful as Hoover was in fixing this problem.

I remember my great aunt in Wisconsin telling me a story about the Great Depression when I was a kid. She told me that the attorney who worked in their neighborhood, which was rural/farming, took eggs, chickens, vegetables, etc in exchange for his services.

I bring that up both in reference to Hoover and the Great Depression, as well as wondering just how bad it will get.

[Allan from Fallbrook]

Ex-SD: Nice nod to President Hoover there with the “chicken in every pot” reference. And Hillary or Obama, or Rudy or Mitt, will undoubtedly be just as successful as Hoover was in fixing this problem.

I remember my great aunt in Wisconsin telling me a story about the Great Depression when I was a kid. She told me that the attorney who worked in their neighborhood, which was rural/farming, took eggs, chickens, vegetables, etc in exchange for his services.

I bring that up both in reference to Hoover and the Great Depression, as well as wondering just how bad it will get.

[Allan from Fallbrook]

Ex-SD: Well, hopefully, Bush woke up this morning and realized he’s a Republican. Leave that left-winger/libbie nonsense to Pelosi and her ilk.

We were talking about Greenspan and his legacy earlier. I have to believe he will become almost desperate in the coming months in his desire to help avert this crisis. Too bad the proverbial horse is already out of the barn on this one.

We need to bring Volcker out of retirement.

[Allan from Fallbrook]

Ex-SD: Well, hopefully, Bush woke up this morning and realized he’s a Republican. Leave that left-winger/libbie nonsense to Pelosi and her ilk.

We were talking about Greenspan and his legacy earlier. I have to believe he will become almost desperate in the coming months in his desire to help avert this crisis. Too bad the proverbial horse is already out of the barn on this one.

We need to bring Volcker out of retirement.

[Allan from Fallbrook]

Ex-SD: Well, hopefully, Bush woke up this morning and realized he’s a Republican. Leave that left-winger/libbie nonsense to Pelosi and her ilk.

We were talking about Greenspan and his legacy earlier. I have to believe he will become almost desperate in the coming months in his desire to help avert this crisis. Too bad the proverbial horse is already out of the barn on this one.

We need to bring Volcker out of retirement.

[Allan from Fallbrook]

Ex-SD: Well, hopefully, Bush woke up this morning and realized he’s a Republican. Leave that left-winger/libbie nonsense to Pelosi and her ilk.

We were talking about Greenspan and his legacy earlier. I have to believe he will become almost desperate in the coming months in his desire to help avert this crisis. Too bad the proverbial horse is already out of the barn on this one.

We need to bring Volcker out of retirement.

[Allan from Fallbrook]

Ex-SD: Well, hopefully, Bush woke up this morning and realized he’s a Republican. Leave that left-winger/libbie nonsense to Pelosi and her ilk.

We were talking about Greenspan and his legacy earlier. I have to believe he will become almost desperate in the coming months in his desire to help avert this crisis. Too bad the proverbial horse is already out of the barn on this one.

We need to bring Volcker out of retirement.

[Allan from Fallbrook]

cooprider14: I was in the insurance/surety business during the construction boom prior to this last one, and I remember the same nonsense going on, but with surety bonds for construction. Underwriting standards went out the window, and the big sureties would bond anyone who could fog a mirror. When I spoke with the older underwriters, they were all shaking their heads and bemoaning the fact that at some point the music was going to stop, but they (the voices of reason and experience) weren’t being listened to. Rather, the CEOs of these companies were pushing the idea that this boom, unlike all of the others before, was somehow different.

Sound familiar? Your question as to the insights, or, more importantly, the lack of insights, is a good one. Unfortunately, when it comes to making money, even those who should know better generally forget the lessons of history and jump on the bandwagon with everyone else.

[Allan from Fallbrook]

cooprider14: I was in the insurance/surety business during the construction boom prior to this last one, and I remember the same nonsense going on, but with surety bonds for construction. Underwriting standards went out the window, and the big sureties would bond anyone who could fog a mirror. When I spoke with the older underwriters, they were all shaking their heads and bemoaning the fact that at some point the music was going to stop, but they (the voices of reason and experience) weren’t being listened to. Rather, the CEOs of these companies were pushing the idea that this boom, unlike all of the others before, was somehow different.

Sound familiar? Your question as to the insights, or, more importantly, the lack of insights, is a good one. Unfortunately, when it comes to making money, even those who should know better generally forget the lessons of history and jump on the bandwagon with everyone else.

[Allan from Fallbrook]

cooprider14: I was in the insurance/surety business during the construction boom prior to this last one, and I remember the same nonsense going on, but with surety bonds for construction. Underwriting standards went out the window, and the big sureties would bond anyone who could fog a mirror. When I spoke with the older underwriters, they were all shaking their heads and bemoaning the fact that at some point the music was going to stop, but they (the voices of reason and experience) weren’t being listened to. Rather, the CEOs of these companies were pushing the idea that this boom, unlike all of the others before, was somehow different.

Sound familiar? Your question as to the insights, or, more importantly, the lack of insights, is a good one. Unfortunately, when it comes to making money, even those who should know better generally forget the lessons of history and jump on the bandwagon with everyone else.

[Allan from Fallbrook]

cooprider14: I was in the insurance/surety business during the construction boom prior to this last one, and I remember the same nonsense going on, but with surety bonds for construction. Underwriting standards went out the window, and the big sureties would bond anyone who could fog a mirror. When I spoke with the older underwriters, they were all shaking their heads and bemoaning the fact that at some point the music was going to stop, but they (the voices of reason and experience) weren’t being listened to. Rather, the CEOs of these companies were pushing the idea that this boom, unlike all of the others before, was somehow different.

Sound familiar? Your question as to the insights, or, more importantly, the lack of insights, is a good one. Unfortunately, when it comes to making money, even those who should know better generally forget the lessons of history and jump on the bandwagon with everyone else.

[Allan from Fallbrook]

cooprider14: I was in the insurance/surety business during the construction boom prior to this last one, and I remember the same nonsense going on, but with surety bonds for construction. Underwriting standards went out the window, and the big sureties would bond anyone who could fog a mirror. When I spoke with the older underwriters, they were all shaking their heads and bemoaning the fact that at some point the music was going to stop, but they (the voices of reason and experience) weren’t being listened to. Rather, the CEOs of these companies were pushing the idea that this boom, unlike all of the others before, was somehow different.

Sound familiar? Your question as to the insights, or, more importantly, the lack of insights, is a good one. Unfortunately, when it comes to making money, even those who should know better generally forget the lessons of history and jump on the bandwagon with everyone else.

[Allan from Fallbrook]

Ex-SD: Since we both spend quite a lot of time on this blog, it is probably safe to assume you are staying fairly well abreast of developments in the housing market, and the economy at large.

I have been noticing a new behavior emerging amongst reporters, economists and bankers: The willingness to say that no one has a clear cut picture of how truly bad this might become, and to be prepared for the worst.

Just a few months back, Bernanke and Co. (and I include pretty much all of banking and finance in that little cabal, as well as the reporters and economists associated with the industry), were pronouncing the problem “contained” and asserting that prompt action by the FED and the ECB would bring a swift end to things.

Now, there is very much a sense that this might get out of control, and no one is entirely sure how big the blast pattern could be. Kind of alarming and refreshing, all at the same time.

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