Collectively and individually, we all learn through crises. But only after a crisis is over do we recognize the lessons learned and become thankful for the fundamental and needed changes such crises bring. When this crisis is over, we too will be thankful for its gifts. But this crisis is not yet over. It has only just begun.
Thanksgiving Menu 2008
appetizers
Mélange Of Frozen Markets
Tossed Assets With Government Guarantees
Frisée Of Foreclosures And Defaults
main dishes
Évaporation de Credit à la Cold Turkey
House Signature Dish
Seared Investors In Bottomless Pit With Caramelized Investments
Overheated Markets Without Oversight à la SEC
Braised Bankers Rump With Bailout Coulis
desserts
Sorbet Trio Of Shock, Disbelief And Insolvency
Off Balance Sheet flambé
Featured wine
Great Depression Grand Siècle1933 méthode creditoise
THE LAST HAPPY CHRISTMAS
Last fall when the crisis caused by the August 2007 credit contraction began to gain momentum, its effects were initially confined to the financial sector. The lives of most individuals were still not affected by the spreading contagion of defaults emanating from investment banks in New York, London, Tokyo, Europe and elsewhere.
In America, Thanksgiving Day occurs in November and begins the autumn holiday season which ends with Christmas and the New Years festivities. At this time last year, the financial crisis had not yet affected America’s holiday celebrations although I knew it would soon do so.
Last fall, I predicted that Christmas 2007 would be remembered as “the last happy Christmas”. Today, the financial crisis has now reached the lives of those far removed from global financial centers and this holiday season will be unlike those previous. Next year, it will be worse.
schoon
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