Thursday, December 6, 2007

Morgan Stanley sells fear

Just like Goldman Sachs! I suppose if you lose $6 billion in a quarter, you need an excuse. So look at this gem Morgan Stanley came up with regarding the state of the housing market:

"The property derivatives market seems to be suggesting that we are in a very different environment, on the heels of market events that could force a housing recession like none ever imagined or experienced."

Just plain idiotic. I wonder if "ever imagined or experienced" included the Great Depression!

And this passes for research!

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