Friday, August 10, 2007
Quotes You Don’t Want to See at a Time Like This
Those of you looking for solace in today’s Wall Street Journal—some sign that the current melt-down in the sub-prime mortgage-backed fiction of a debt market is near an end—may want to skip the C-Section of the Journal, go straight to the "Weekend Journal" and look at all those nice houses in Vail seeking a buyer.
More specifically, readers should avoid the following quote on the front page of the C-Section from one Ann Rutledge, who is identified by the paper as the principal of a structured finance consulting firm.
Here’s what she said:
“No one really knows how to price asset-backed securities and CDOs and that’s a real problem in the market now.”
Me, I made the mistake of reading Ms. Rutledge’s quote. So now I’m looking at all those nice houses in Vail in the "Weekend Journal."
Is it my imagination, or are a lot more of ‘em for sale than last week?
I Am Not Making This Up
© 2007 NotMakingThisUp, LLC
The content contained in this blog represents the opinions of Mr. Matthews. Mr. Matthews also acts as an advisor and clients advised by Mr. Matthews may hold either long or short positions in securities of various companies discussed in the blog based upon Mr. Matthews' recommendations. This commentary in no way constitutes a solicitation of business or investment advice. It is intended solely for the entertainment of the reader, and the author.
Posted by Jeff Matthews at 8:33 AM