[Marxism] Continuing economic woes

sartesian sartesian at earthlink.net
Fri Jun 6 08:17:13 MDT 2008

Based on "marked to market" valuations, I think we are only about 1/3 of
the way through the write downs of the MBSC (mortgage backed securities
contraction),  with a commercial real estate crunch still to come.

Certainly, the loss and default on lower "tranche" issues were
"worrisome,"  but truly frightening for the bougeoisie is the overall
devaluation of all such instruments, a  sort of  viral replicating
margin call, as the accumulated chickens of overproduction come  to a
foreclosed home to roost.

But then again, fear and greed are the bi-polars of capital
accumulation.  So... as bad as things might get for the bourgeoisie,
things will be worse for everybody else.  A rich man can get through
poor times better than a poor man.

----- Original Message ----- 
From: "Louis Proyect" <lnp3 at panix.com>
To: <sartesian at earthlink.net>
Sent: Friday, June 06, 2008 9:56 AM
Subject: [Marxism] Continuing economic woes

Wall Street Journal, June 6, 2008; Page A1
Real-Estate Woes of Banks Mount
Lenders Dumping Bad Loans at Discount;
Regulators See Losses Continuing

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