Thursday, September 10, 2009
The folks over at ClusterStock have compiled a list of Ten Bubbles in the Making and, to no one's surprise, China is number one. A bit further down you'll find what must be one of the most disconcerting developments of recent months - securitization of "life settlements".
While admittedly knowing little about this subject, it just smacks of being fundamentally wrong on so many levels, Matt Taibbi's now-classic characterization of one Wall Street firm perhaps summing it up best - "a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money".
By the way, shouldn't reverse mortgages also be on the top ten list of bubbles in the making?