Thursday, January 3, 2013

Credit Crunch Porn

credit is back © fintag

News comments:
Can you feel it? Well it's coming.

The US maybe bankrupt, but we are now tolerating debt of such high levels that the upshot will be even more tolerance and even more debt. It has been impossible to get any sort of leverage from the Banks (I mean even cash rich Vodafone has been thinking about turning itself into a bank, Rolls Royce funds all its suppliers and Hector "zzzz" Sants gets a knighthood) but boredom is helping release all that hard earned quantitative easing cash back into the hands of those who need it to help kickstart the next big bubble.

Nationwide (a UK bank) is offering 95% mortgages and rumours are more banks will be offering starter kit debt packages in 2013. As you can see from my most recent junk mail, Barclays are keen to move my debts to them (although with Mr Sants the new compliance officer at Barclays he should stop this sort of mis-selling - 0% on balance transfers with a near 3% upfront hidden fee) (guardian), like a compacted turd its [Ed: Stop]

The only winners of fiscal cliff money printing are those who deserve it most ...(forbes) ...and as we have said before the next credit bubble will make a 100% debt/ratio look like a low risk product.

Not since 2006 have I felt such stirrings in my loins ...time to beg borrow and blow ...

Today's shorts:
Cancer (bloomberg)

Today's longs:
banks to lend more (reuters)

Credit porn (ft)

Credit Unions are the new wonga (dorset)

Gossip:
ECB to be renamed European Credit Bank.



1 comments:

Chris Long said...

It is totally a high time to get ourselves prepared to the US defaulting on its loans. Even though we are not officially a bankrupt, still chances are quite high that we are soon to be one. Here is the thing with this fiscal cliff: I am sure that there are lots of those who benefit from it, but same for the majority it can only mean going beyond balance limit with the credit card or simply turning to licensed payday lenders in Manitoba Province for instance. So debt burden is not going anywhere for sure, we just to be prepared to the awful consequences.