Category 4 Financial Storm


	Category 4 Financial Storm

Joshua Zumbrun

9-18-2008 3:45 PM

906 views

tags:

hurricane, wall street, collapse, wealth, loss, confidence

Joshua Zumbrun says:

From JP Morgan's congressional testimony a few years after a major bank panic in 1907. An exchange between Morgan and his inquisitor for the government, attorney Samuel Untermyer.

Untermyer: "Is not commercial credit based primarily upon money or property?"

Morgan: "No sir. The first thing is character."

Untermyer: "Before money or property?"

Morgan: "Before money or property or anything else. Money cannot buy it...because a man I do not trust could not get money from me on all the bonds in Christendom."

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What we are witnessing may be the greatest destruction of financial wealth that the world has ever seen -- paper losses measured in the trillions of dollars. Corporate wealth. Oil wealth. Real estate wealth. Bank wealth. Private-equity wealth. Hedge fund wealth. Pension wealth. It's a painful reminder that, when you strip away all the complexity and trappings from the magnificent new global infrastructure, finance is still a confidence game -- and once the confidence goes, there's no telling when the selling will stop.
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