What does BMO stand for? Or is just the letters for Bank of Montreal in no particular order?

So UNBC could be CUMB or BUMC or CBUM?

Curious.

Nouriel Roubini, October 2008 - “There are significant downside risks still to the market and the economy,'' Roubini, 50, a New York University professor of economics, said in an interview with Bloomberg Television. ``We're going to be surprised by the severity of the recession and the severity of the financial losses.'' “The US and advanced economies' financial system is now headed towards a near-term systemic financial meltdown” “The crisis was caused by the largest leveraged asset bubble and credit bubble in the history of humanity…” “And given the rising risk of a global systemic financial meltdown the probability that the outcome could become a decade long L-shaped recession – like the one experienced by Japan after the bursting of its real estate and equity bubble – cannot be ruled out.” “A vicious circle of deleveraging, asset collapses, margin calls, cascading falls in asset prices well below falling fundamentals and panic is now underway.” Nouriel Roubini, October 2008, rgemonitor.com

I got this quote from the following link"

http://www.marketoracle.co.uk/Article6950.html


The following is a slightly different quote from Nouriel Roubini (on Oct. 18, 2008)

The crisis was caused by the largest leveraged asset bubble and credit bubble in history. Leveraging and bubbles were not limited to the US housing market, but also characterized housing markets in other countries. Moreover, beyond the housing market, excessive borrowing by financial institutions and some segments of the corporate and public sectors occurred in many economies. As a result, a housing bubble, a mortgage bubble, an equity bubble, a bond bubble, a credit bubble, a commodity bubble, a private equity bubble and a hedge funds bubble are all now bursting simultaneously.

I got this quote from the following link:

http://www.taipeitimes.com/News/editorials/archives/2008/10/18/2003426259

"Kwadacha Approve Deal Over Williston Reservoir"

There are seven comments on this story, I don't see them. Is there a problem?

They have fattened us and now they will pluck us. All I have to worry about will I loose my CPP and the pension plan that I paid into or will the greedy bas***ts get that as well.

Putting it in a sock will probably not work either as it looks like the loony will be in the dumper as well.

Cheers.

"What does BMO stand for? Or is just the letters for Bank of Montreal in no particular order?"

I'm not sure if you're kidding, but BMO is B ank of MO ntreal.

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""Kwadacha Approve Deal Over Williston Reservoir"

There are seven comments on this story, I don't see them. Is there a problem?"

You can guess what kind of comments this story generated, so they were nuked by the site moderators.

""Kwadacha Approve Deal Over Williston Reservoir"

There are seven comments on this story, I don't see them. Is there a problem?"

Yes, the very first posted comment was way over the top and mercifully the moderator may have decided not to allow any additional comments.

"Bubble, bubble, toil and trouble!" Ah, the power mere 'figures' with a "$" in front of them have over things. And human beings.

Betcha those involved in the 'symposium' here, and the thousands of others just like it that'll be going on all over North America will miss the most important point. Finance that isn't based on the FACTS of physical reality is pure delusion. They'll be more concerned as to how to keep the 'delusion' alive than ever changing those 'figures' to fit the 'facts'.

I encourage everyone who is interested in learning more about our current (and unprecedented) financial crisis to read the following article. It was posted today on the Sunday Herald web site (England). The article is titled
"Smoke, mirrors ... and how a handful of missed mortgage payments started the global financial crisis", and was written by Iain Macwhirter.

Please note the type size of this article can be increased by clicking on "Larger type" at the top right of the article.

The following is the link to the article:

http://www.sundayherald.com/news/heraldnews/display.var.2457240.0.smoke_mirrors_and_how_a_handful_of_missed_mortgage_payments_started_the_global_financial_crisis.php

Good link charles. I like this blurb at the very end:

"House prices must come down; the banks' assets must be repriced; insolvent banks must be closed; interest rates must encourage saving; consumers will have to stop borrowing to spend and everyone will have to start paying their debts.

It's a tall order, and governments across the world are in denial. But the only way out of this mess is some very hard medicine. The longer governments and banks put off swallowing it, the longer the slump will last"

I think there is allot of accuracy in what is said in there.

Inflation was a means to get out of or reduce debt, and I think the financial world counted on that.

So increased leverage and innovative accounting tok up that slack as well. Now it is pay back time, and no one thought about that.

The interesting thing is that when all that happens, income cannot remain the same otherwise WORK will be overvalued and be the new bubble rather than real estate and stocks. A little part of scenario modelling some seem to be overlooking.

Years later, when everything has settled out, it will all be relatively the same, except that during the process some will have become the new rich and others the new poor just because they were financially in the right place or the wrong place.