Tuesday, November 27, 2007

Getting That Old Dotcom Feeling



anyone else out there thinking that the financial industry has been smoking crack for the last ten years? anyone want to take bets on when the first big bank goes under? will i be wiping my ass with dollar bills next year because they're worth less than toilet paper?

the mortgage rate interest resets won't peak until next year. soft landing, my rosy red ass.

8 comments:

Ole Blue The Heretic said...

We are all in debt. Long live the tyranny

emily2 said...

Burn, baby, burn! Disco inferno! Burn, baby, burn! Burn that mother down!

emily2 said...

Oh, sorry, like ABB I tend to hear disco on occasion.

But I shall answer your questions.

anyone else out there thinking that the financial industry has been smoking crack for the last ten years?

*Raises hand*

anyone want to take bets on when the first big bank goes under?

Merrill Lynch (and maybe Citibank)! Oh, you mean WHEN, not WHICH... next year! They're gonna go the way of Enron!

will i be wiping my ass with dollar bills next year because they're worth less than toilet paper?

No, because Charmin is still softer. But perhaps you can line hamster cages with dollar bills?

emily1 said...

next year? think it will be that long? i just hope i don't get laid off in the inevitable nasty recession.

emily2 said...

next year is one month away...

{{{SCREAM!!!!!!}}}

emily1 said...

exactly. it's one month away, and i'm not sure it will take that long before one of them fails spectacularly.

emily2 said...

LOL!

hey "pedant" - bankruptcy expert - if my student loan corporation files for chapter 7, do i still owe them money? (okay, i know they won't file for chapter 7, but humor me.)

The Pedant said...

To answer your question, we actually go back to Shupack's contracts class, where he pointed out that a promissory note can be cashed by any bearer until voided.

Remember how you signed a promissory note? Whoever has that note has the power to make you pay them money. It could be your issuer, your servicer (the person who bought the loan), the servicer's receiver or bankruptcy trustee or new interim CEO, or whatever holding company picks it up after the bankruptcy.

But, as long as the note exists, it's money. And someone will try to get money out of you by it.