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GAIA Host Collective
So Countrywide lines up $12 billion in credit and the entire market declares the credit crunch over? Is this not silly human optimism at its worst? Apparently people have forgotten that just last month Countrywide lined up $11 billion in credit and used it all inside of 24 hours and was still in trouble.
Here's a prediction to the money managers on Wall Street - Countrywide will be reporting further problems and troubles and they will use this current line of credit in a short period of time as well.
"The greatest shortcoming of the human race is our inability to understand the exponential function." -- Dr. Albert Bartlett
Into the Grey Zone
IMO it would be ironic for people to declare the credit crunch over now. I think it's very close to resuming again in earnest, indeed to an extent that should make August look like a little local difficulty.
And, again, fundamentals...this isn't JUST a credit crunch!
It is an Asset overvaluation CRUNCH - AKA BUBBLE BURSTING.
Just because several firms have lined up Short term and bridge financing is nothing more than a bandaid.
The asset value is vaporizing, and cannot be replaced without a new bubble. But this one must deflate first.
Definitely NOT over!
(But denial(and ignorance) is powerful, a case in point is the Pasta boycott yesterday...yeah...that will help!!)