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Let the Financial Reckoning Begin

gathermore

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Credit Suisse is getting blown up.
0egktaaavmr91.jpg

These are Credit Default Swaps for the Bank, soared ~300 bps above 2008 levels.
 
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SolidStateSurvivor

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Can you explain this in a way that makes sense to someone with little understanding of this level of economics? I think most of us felt a major crash coming soon, and I know companies were downsizing recently, but I don't really understand the significance of this. Are we in for something worse than 2008?
 
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deepfreeze

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Can you explain this in a way that makes sense to someone with little understanding of this level of economics? I think most of us felt a major crash coming soon, and I know companies were downsizing recently, but I don't really understand the significance of this. Are we in for something worse than 2008?
I thought we had all learned in the September 24 thread that nothing ever happens.
 
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SolidStateSurvivor

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it's almost like we should have given bankers death sentences in 2008 but instead we gave them as much money as they wanted
unknown-84.png

Here's to hoping Occupy Wall Street makes a well deserved (and violent) return too PepSiDawgwitcan
 
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deepfreeze

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Here's to hoping Occupy Wall Street makes a well deserved (and violent) return too PepSiDawgwitcan

They stood around in a park playing drums and smelling bad until the government sent a few annoying white women to call them racists and that's all it took to destroy them. They deserved their fate.
 
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IlluminatiPirate

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Can you explain this in a way that makes sense to someone with little understanding of this level of economics? I think most of us felt a major crash coming soon, and I know companies were downsizing recently, but I don't really understand the significance of this. Are we in for something worse than 2008?
Currently what you need to know in the financial world it this
>Fed is raising Interest rates to fight high inflation, causing banks to liquidated their positions to cover margin requirements
>Europe facing major economic turmoil due to high cost of energy and the Nordstream pipeline sabotage
>Great British Pound Is at an all time low
>SPY down to 355 from high of 429 of this year
>Credit Sussie is going to become insolvent unless the a pivot happen regardless of the copium that their Board of Directors say


If you are young and don't need to retire soon. Buy the dip
clib7hhflep91.jpg
 
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cuneicorn

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Can you explain this in a way that makes sense to someone with little understanding of this level of economics? I think most of us felt a major crash coming soon, and I know companies were downsizing recently, but I don't really understand the significance of this. Are we in for something worse than 2008?
As I understand it, a credit default swap is an asset whose value increases with the chance of the creditor it's tied to defaulting (running out of money or failing to pay interest on its debts). So this number being high means that the market assumes Credit Suisse might be insolvent for some reason. Knowing what I know about 2008 it probably has something to do with derivatives. Bear Stearns losing out on mortgage-backed securities, and its insurers being left holding the bag, is what caused the crash then. Credit Suisse is apparently a pretty big bank, too.
 
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handoferis

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>Europe facing major economic turmoil due to high cost of energy and the Nordstream pipeline sabotage
Arguably anybody expecting those pipelines to ever turn back on was huffing copium. I was absolutely shocked to find out markets were expecting pipelines to resume service. Mental.
 
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manpaint

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Can someone describe to me what it was like to live through the 2008 crash? From what I understand house prices went up, things generally got a bit pricier and a few people lost their jobs.

As a canadian who did not know the 2008 crash was a thing until I heard the legends later, I sometime hear people describing this event as if that was some kind of grand finnancial cataclysm.

Looking back, I don't think my parents were even affected by this. Was this purely a US thing?
 
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SolidStateSurvivor

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They stood around in a park playing drums and smelling bad until the government sent a few annoying white women to call them racists and that's all it took to destroy them. They deserved their fate.
And yet that display of peaceful, almost comically ridiculous unity against a common/popular enemy shook the establishment so much it's dictated the trajectory of propaganda for the last 15 years.

While there were some hippy types there, I think the media over played that in coverage to downplay the severity of what was occuring. Felt like the media sought out interviewing bizarre, misinformed characters at the protests to delegitimize the overall cause. Now compare that to the level of coping and gaslighting they achieved with the 2020 Summer Riots.

There's a really good graph correlating the rise in the media's usage of identity politics/critical race theory terminology since 2008, anyone have a copy of that? The class war was replaced with a race war essentially. Even without that dataset handy I'm sure you realize all the media articles currently saying a civil war, rather than a proper revolution against the ruling class, is inevitable.
 
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punishedgnome

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Can someone describe to me what it was like to live through the 2008 crash? From what I understand house prices went up, things generally got a bit pricier and a few people lost their jobs.
House prices didn't go up, they cratered. Take a look at this chart:

dfe1228c1.png
It's a bit crazy that they didn't recover to pre recession levels until the pandemic. They had a crash, a partial recovery and then a decade of stagnation.

Now my fellow canuck, take a look at this chart:
Screen-Shot-2020-08-16-at-12.19.52-PM.png
Canadian housing is going to get FUCKED in this recession. It's totally unglued from reality. Some pullback in prices are a healthy part of a functioning economy, but we didn't have one in 2008 due to high oil prices and now we are clearly in a bubble.
 
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manpaint

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House prices didn't go up, they cratered. Take a look at this chart:

View attachment 39448
It's a bit crazy that they didn't recover to pre recession levels until the pandemic. They had a crash, a partial recovery and then a decade of stagnation.

Now my fellow canuck, take a look at this chart:
View attachment 39449
Canadian housing is going to get FUCKED in this recession. It's totally unglued from reality. Some pullback in prices are a healthy part of a functioning economy, but we didn't have one in 2008 due to high oil prices and now we are clearly in a bubble.
I see. I guess we truly are living in interesting times.
 

EzzyCrafts

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Is there an exact date we can look forward to for the strengthening of these economic collapses and watch as it gets worse and worse and everything gets cheaper and cheaper
 
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EzzyCrafts

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AAUUUUUUURRRRAAAAAUUUUUUAAAHAHHHHHHHHHH, THE PAAAIN OF SEPTEMBER 24TH HAS RETURNED... NOTHING HAPPENED... WHY MUST THIS BE????
 
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handoferis

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Absolutely nothing changes unless some elites lose their heads about it (in minecraft) so that they remember the fear of the plebs revolting (in minecraft).

Case in point, current UK PM all like "wow how do i solve this cost of living crisis? I know! cut taxes for everyone earning over 150k!". Economy instant fucked, pensions were getting margin called, central bank had to step in. Instead of dealing with her the correct and right way (in minecraft) everyone just kinda grumbled about it. Elites are not scared of you sitting at home moaning, they're scared of angry mobs coming to separate their (minecraft) heads from the rest of their (minecraft) bodies.
 
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