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September 26, 2008

Did I Mention, This Is Serious?

One of my friends in finance (Ivy, very rational, etc.) told me this morning that there is no question but that we face serious recession and very hard times without a new Trust Corp. plan. His words: "You'll need a FICO score of 750 to buy a used car." He also mentioned that large commercial customers are purchasing, for example, one month T-bills of $80 million face value, with a negative yield. That meant nothing to me, so he explained that it meant someone was paying someone else $80M just so that one month from now they would pay them back $80M. Apparently, you only see those kinds of transactions from drug lords with numbered offshore accounts, and the fact that large domestic commercial customers are doing it says that we are in serious, immediate shit.

I work for a relatively small business, and I know that value to our continued existence of the availability of short-term credit. If there were even a one month long blip in it's availability, business small and large across this land will be shutting their doors, and not because they did anything imprudent.

-- Mr. Frankypants

Again, the screenname is not exactly adding credibility.

I suppose I'm getting repetitive, but I don't know that there's another issue out there worthy of covering.

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posted by Ace at 05:04 AM

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