Cutting Off The Big Swinging Dicks
Goldman Sachs has been gutted by the extraordinary loss of face in having to axe thousand of jobs, and the hedge funds will be following suit; Bloomberg reports that in a conference in London today, Dr Doom, otherwise known as Nouriel Roubini, has forecast that the fall-out of hedge funds having to dump assets will be so big that governments will be forced to close down financial markets for a week or more to override total systemic panic.
Let’s just take a moment to remind ourselves that the people who have dominated the financial markets for decades prided themselves on being Big Swinging Dicks, and, as we all know, pride usually comes before a fall.
Unfortunately for the rest of us, the fall is looking more and more like an mass extinction event, and less and less like a Darwinian evolution of a new financial system….
– Chenier
Posted: 23rd, October 2008 | In: Reviews Comments (4) | TrackBack | Permalink
