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I'm 100+ pages into Nomi Prins book on FIRE's last great crash prior to 2008 and its ongoing unfolding. (Does scaffolding unfold while it's collapsing?) It's been an enjoyable read.
A few excerpts:
"But, sir, there's really not that much I can do. Our customers are simply not - not in a position to - to make their payments to us. They keep selling at losses in order to try, but things are moving too fast."
"I don't want to hear this!" shouted Jack (Morgan)
"They are panicking for no reason!" Jack shouted.
Roderick (Morgan) replied quietly, "That's not true, you know they have a reason. We've been lying to them for months. So have all the banks."
"Don't you see Roderick? People couldn't get enough - they were like vultures to a kill, gobbling up the spoils they borrowed to get in. And, you know what?" His tone dropped dramatically. "While they were buying, we were making a killing, funding the companies and products that made this country greater." His voice was riddled with conviction and self-importance.
Four of Wall Street's most powerful bankers, sporting expensive navy blue suits, matching hats, and dark leather shoes, mumbled among themselves . . . Jack Morgan was leaning back in a paisley covered armchair, like a sultan on his throne . . .
"What do you propose, Jack?"
"We pool together our leadership, and our capital. We will keep the markets from heading lower. People will take note and this - 'situation' - will be averted."
"And then," asked Mitchell, "we buy everything in sight?"
"Precisely," said Jack.
Black Tuesday
Nomi Prins
available in multiple configurations at Amazon
(scribblers note. Nomi's book is sans publisher. She's apparently dipped her toe into the self/on-demand publishing world. HBO reportedly has interest in making Black Tuesday into a movie. A new paradigm . . . at least for a while)
A few excerpts:
"But, sir, there's really not that much I can do. Our customers are simply not - not in a position to - to make their payments to us. They keep selling at losses in order to try, but things are moving too fast."
"I don't want to hear this!" shouted Jack (Morgan)
"They are panicking for no reason!" Jack shouted.
Roderick (Morgan) replied quietly, "That's not true, you know they have a reason. We've been lying to them for months. So have all the banks."
"Don't you see Roderick? People couldn't get enough - they were like vultures to a kill, gobbling up the spoils they borrowed to get in. And, you know what?" His tone dropped dramatically. "While they were buying, we were making a killing, funding the companies and products that made this country greater." His voice was riddled with conviction and self-importance.
Four of Wall Street's most powerful bankers, sporting expensive navy blue suits, matching hats, and dark leather shoes, mumbled among themselves . . . Jack Morgan was leaning back in a paisley covered armchair, like a sultan on his throne . . .
"What do you propose, Jack?"
"We pool together our leadership, and our capital. We will keep the markets from heading lower. People will take note and this - 'situation' - will be averted."
"And then," asked Mitchell, "we buy everything in sight?"
"Precisely," said Jack.
Black Tuesday
Nomi Prins
available in multiple configurations at Amazon
(scribblers note. Nomi's book is sans publisher. She's apparently dipped her toe into the self/on-demand publishing world. HBO reportedly has interest in making Black Tuesday into a movie. A new paradigm . . . at least for a while)