The main feature of this time is of predation.
Those entities with cash or what can be easily converted to cash, can buy.
The assets of Lehman Brothers, Bear Stearns, AIG are transferred from some entities TO some entities.
In ten years, that will be 90 percent of the story of this time, the change in power structure.
The predatory cash and oil-rich (many other commodities as well) over the leveraged. And, the predatory nature of private equity (comprising the cash and oil-rich) over even publicly traded entities.
And that that transfer was financed largely by the US government, primarily in the tax code that created a preference for speculation over investment in exchange of goods and services.
Sep 16 2008 - 5:32am