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William Rhodes, vice chairman of Citigroup about the outlook for the U.S. economy and financial markets, trade policy and his expectations for China’s growth.
Source:
Rhodes of Citigroup Says Credit Crisis `Half Way’ Over
Kathleen Hays
Bloomberg April 25 2008
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=avGIXeWKBadQ
Let me get this right: he “predicted” this in March 2007. Whoa… what a fabulous prognosticator. A regular Nostradamus.
They’re followed in their lack of understanding by all these “who would have known” types and the “nobody knew” spielers.
The executive suites Citi, just loaded up with effective, value-enhancing bankers, they.
I guess he meant the beginning of the crisis is halfway over.
For those of us who live in the real world, it is just the start. Check the latest entry at Calculated risk “Consumers Shifting to Inferior Goods”
http://calculatedrisk.blogspot.com/2008/04/consumers-shifting-to-inferior-goods.html
I’m sure these folks will be happy to know their lot is already on the verge of improving.
Oh! I forgot…Rhodes was talking about his “peers”.
Silly me! I need another coffee ASAP.
On a much more upbeat note, (but completely OT) it appears that genetic therapy has some very exciting results, right here in my hometown of Philadelphia. See:
http://tinyurl.com/5n72bx
Original URL
http://www.philly.com/philly/hp/news_update/20080428_Phila__researchers_bring_sight_to_the_blind.html
I am seeing some very creative jawboning going on – that the fed should cut 25 points in the next meeting, but “what matters is the statement.” This is having your cake and eating it too. Yes, business types desperately want that cut, which will make more profit for them, but any other results of such a cut should not happen. That is, it shouldn’t cause more inflation, it shouldn’t cause foreign individuals and countries to stop buying our debt, it shouldn’t cause US citizens to ask any questions.
They think that maybe if they push this theme well enough, they will pocket more money without taking any responsibility for the consequences. After – and only after – getting that cut they can move on to “well, what’s really important is the next fed action.”
How can someone who is unknowingly complicit in this mess tell us it is healing itself? He didn’t know it was developing in the first place. These people are completely clowns. Incompetence is a right of passage anymore.
Putting that through the market-speak BS translator 2008v2.9, those of us who live in the Real Economy(TM); should read:
Rhodes of Citigroup Says Credit Crisis is just beginning; predicts we’re still waiting for the worst and are maybe 1/10th of the way through. He predicts that those that live in the Fake Economy(TM) will continue to spin falsehoods all the while stocking up on gold for their parachutes.