Debt Rattle August 24 2015
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Dorothea Lange Rear window tenement dwelling, 133 Avenue D, NYC June 1936 • Global Selloff Deepens as Stocks Sink With Oil (Bloomberg) • Global Bloodb
[See the full post at: Debt Rattle August 24 2015]Dow down 1,000 in first half hour. I’m watching the ticker feed- it’s going to be interesting.
And Greenland just cracked off a 12 sq. kilometer chunk of ice…
The accompanying photo gave me quite a start. Mid 50’s thru very early 60’s I can attest to it being very much similar only one alphabet avenue away. The single difference was the absence of the scrap wood pile for heating. Some 20 years later there was a kerosene stove.
Always a very poor area, it was purposely allowed to languish and truly deteriorate thru the 80’s/90’s and then with the magic of urban renewal it was sold to cronies of the banks and politicians for a song and renovated. The area is now urban chic with matching rents which are eye watering and breathtaking in their scope and ridiculousness.
The rest of the urban theft was accomplished after 9/11 when more taxpayer money was handed out to developers and the rest of the area and Chinatown were handed over to the rentier class.
It will be interesting to see what happens now as it is all unraveling..so much of this is financed with highly leverage money and there are only so many Eastern European oligarchs and so much mainland China money avaolable to pick up the slack.“We’re poised to see a lot of this.”, re: stockholders reacting violently – I believe you are quite correct; and it may be contagious to other countries, since we are now so instantly interconnected.
Many, many grandparents in China personally remember the days when “landlords” were evil, and were killed immediately. They remember they have the power to act- personally- immediately. When their grandson comes come with tales of having lost the family fortune to a corrupt higher-up – they WILL act; this one instance is not the only one reported internationally the past few years.
The Chinese people are going to really suffer from this crash; they did not have the experience of the Great Depression to provide ANY wariness about getting rich, and tons of middle class money is in their market; and will vanish.
Hopefully grandma still lives in the old village, and they can go home.
You REALLY have to look at all this as theater and entertainment – because it is; but it is also educational once seen that way. Reuters News service is really out of the closet; to me; as a total tool of the Owners, for feeding bs, propaganda, rumors, and morale directions to all the many, many emotionally needy investors:
“Wall Street stages dramatic comeback as Apple rebounds
“BY TANYA AGRAWAL
“U.S. stocks staged a stunning recovery off their lows on Monday, helped by a sharp turnaround in Apple’s shares..”Hilarious!!! My own headline would be “Wall Street Jiggles Meaninglessly, as Hedge Fund Managers Tinker With Pump And Dump”…
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