Anybody feel sorry for the poor investment bankers out there? They certainly have been up against it lately. Fearing for their jobs they still refuse to come clean as to how much sub-prime bonds they’re holding on their books.
They were almost giddy with the boatloads of money and bonuses they had racked up over the past 5 years. After all, coming up with the idea of packaging these nasty little investment vehicles which they sold to unsuspecting Wall Street Investors and Pension Funds was a stroke of genius.
The “National Association of Realtors” recently released September’s numbers. Existing home sales have fallen to their worst levels in 16 years and are seeing the largest decline in property values since 1999. This strikes me as odd. They didn’t start keeping these records until 1999.
