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Re: Madoff scheme hits (his) home-Marketwatch columnist
metal, I didn't know you were into haiku? 
I, too, think this is tip of the iceberg. Reports say that various hedge funds have frozen $250B in client's assets. The hedge funds say it is because there is no market to sell into. There are always buyers, so what the hedgies are really saying is they don't want to sell at a significant loss, hoping against hope, the markets will bounce back That, or like Madoff, the money was never really there.
Either way, the money is gone and there will be some significantly wealthy people finding themselves in a very different situation.
In South Florida, we have a lot of trophy properties. They have been appearing on the market in increasing numbers lately but the owners have not been discounting them in the assumption they don't need the money and are unwilling to sell at what they view as discounted prices. I expect to see those trophies begin discounting now. (Probably the same in Boca Raton, Palm Beach, Greenwich, the Vineyard and the Hamptons)
I expect to see an increasing backlash against the wealthy here in the US. Up and down the entire social hierarchy. Against the well off unions (IAM), against the billionaires, really against anyone who was formerly better off than oneself.
No guillotines in the street of course, but a very healthy dose of schadenfreude.
Originally posted by metalman
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I, too, think this is tip of the iceberg. Reports say that various hedge funds have frozen $250B in client's assets. The hedge funds say it is because there is no market to sell into. There are always buyers, so what the hedgies are really saying is they don't want to sell at a significant loss, hoping against hope, the markets will bounce back That, or like Madoff, the money was never really there.
Either way, the money is gone and there will be some significantly wealthy people finding themselves in a very different situation.
In South Florida, we have a lot of trophy properties. They have been appearing on the market in increasing numbers lately but the owners have not been discounting them in the assumption they don't need the money and are unwilling to sell at what they view as discounted prices. I expect to see those trophies begin discounting now. (Probably the same in Boca Raton, Palm Beach, Greenwich, the Vineyard and the Hamptons)
I expect to see an increasing backlash against the wealthy here in the US. Up and down the entire social hierarchy. Against the well off unions (IAM), against the billionaires, really against anyone who was formerly better off than oneself.
No guillotines in the street of course, but a very healthy dose of schadenfreude.
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