This Time Is Different — For The First Time In 25-Years The Wall Street Gamblers Are Home Alone

This Time Is Different—–For The First Time In 25-Years The Wall Street Gamblers Are Home Alone (David Stockman’s Contra Corner, Oct 14, 2014):

The last time the stock market reached a fevered peak and began to wobble unexpectedly was August 2007. The proximate catalyst back then was the sudden recognition that the subprime mortgage problem was not contained at all, as Bernanke had proclaimed six months earlier. The evidence was the surprise announcement by the monster of the mortgage midway—–Countrywide Financial—-that it would be taking huge write-downs on its $200 billion balance sheet.

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