It is better to be an outcast, a stranger in one’s own country, than an outcast from one’s self. It is better to see what is about to befall us and to resist than to retreat into the fantasies embraced by a nation of the blind.
Chris Hedges

Tuesday, August 18, 2009

Staring into the abyss

Take a couple of hours and go through this blog entry by Karl Denninger. This is especially useful if you are one of those who believe our global economy will somehow come right.

The entry features a presentation by William Black, the lead investigator for the Savings and Loan scandal back in 1989. Famously, Charles Keating, Chairman of the Lincoln Savings and Loan ordered a "hit" on Bill Black. You may recall the "Keating Five" Senate investigation of five Senators who conspired to quash the federal inquiry. It's a very long watch, but worth it for people who believe the worst has passed. Black is currently advising the government of Iceland on their investigations into the banking collapse. For an idea of how that's going read: The Telegraph article via Paul Kedrosky's Infectious Greed Blog.

Market Ticker is a very good source for finding out when the next - even bigger collapse will happen. Denninger has the exuberance of a kid with a new toy. I enjoy listening to his weekly radio blog because he is patient with phone-in questions and explains the "why" about what is happening in the markets.

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