nothings goes straight down the recent USD strength is a bear...

nothings goes straight down the recent USD strength is a bear counter trend rally expect a US dollar crash within 1-45 days

if Freddie or Fannie had been let fail then we would have it already

things are pretty desperate, a worst case scenario for ANZ could unfold before xmas

the yanks only have themselves to blame, now that it started its very very hard to contain

ANZ played in some areas where only a very rare 1/100 year scenario would see them come undone unfortunately we look to be in one of those scenarios

The folks that did it within the institutional bank did it thinking they had covered themselves, the did it for a meagre few points of profit, probably less than $100M , but in oder to make that money they had to play with very large amounts

the ANZ risk management system missed picking up this risk by netting the risk to a very low amount and discounting what saw as a very low probability of loss circumstances unfolding