Some people look at subprime lending and see evil. I look at subprime lending and I see the American dream in action. My mother lived it as a result of a finance company making a mortgage loan that a bank would not make.
All the bribes and speaker fees and lucrative board memberships Gramm has, and he couldn't buy his mom a house?
Late last year China decided to stimulate the stock market by removing regulations that especially hindered foreign investment capital to participate in the China stock markets. This produced a giant speculative rally, which got the naïve investors, including companies speculating with their operating capital and banks loans, into stocks. Even condominiums are used as collateral for stock loans.
You mean the guys that created the Housing Crisis, the Commodity Boom and Bust, and the Dot Coms dumped money in China, and the stock market skyrocketed in a short time and it wasn't sustainable and came crashing right down?
Color me shocked.
Anyway, guys I respect like Jim Chanos and others have been calling for a big bust since 2008. Eventually, there had to be a correction, even if last year's flood of foreign investor cash didn't happen.
Self-driving cars, soon to join VR Glasses and Geometric Dome Housing. A decade from now people will be like "Self-Driving Cars, hahahaha, that was so teens. C'mon Elroy, let's take the flying car to work".