LEFT OF DAYTON

Chicken Little and the Mortgage-Housing Crisis | November 29, 2007

Maybe Chicken Little is right, the sky IS falling! I don’t know about you but the news about the resignation of Citigroup CEO Charles Prince, [who will no doubt exit the crisis with his pockets stuffed…] coming on the heels of an announced loss over at Merrilly-Lynched of about 8 BILLION DOLLARS, is starting to sound more and more like the dam is slowly breaking apart. I’m no Paul Krugman or Thomas Friedman economist type….but the creaking I hear sure don’t sound good.

On Sunday, the chairman and chief exec of Citigroup, Inc., Charles Prince, threw in his ATM card and stepped down — this as the bank announced it would probably have to write off 11 BILLION dollars in subprime mortgage losses……now, if this sounds a bit like old news, it may be because Citicorp just wrote down 6.5 BILLION lastquarter

.http://www.biggerpockets.com/renewsblog/2007/11/05/subprime-mortgage-crisis-brings-citigroup-ceo-down-in-flames/

Thats TWO companies, and 25 Billion Dollars. And, it doesn’t even begin to add in the fallout from the really big mortgage & housing construction companies, AND Fannie & Sallie Mae…drip drip drip…

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61 Y/O VIET VET WORKING FROM THE LEFT OF CENTER

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