That Pig Don't Fly
During 1996-2000 the name of the global financial game was NASDAQ, DAX and anything that ended in "com". Since 2001 it has been debt, debt derivatives and structured finance.
Egged on by ultra low interest rates, the whole world has gone on a borrowing binge creating awesome debt that is masquerading under the benign - but fallacious - name of "liquidity". The same environment of hubris, excess and malfeasance surrounds the debt industry today as it once did with tech stocks. The same talk of "innovation" and "it's different this time", the same 122-page learned analyses stuffed with equations and charts that "prove" the bullish case... and the same enormous fees.
The same astonishingly overpiced (pari pasu) IPO's of CMO's, CDO's, CLO's, CMS's, based on heroic assumptions of debt service ability and collateral worth. The same wool being pulled over investors' eyes in the form of arcane derivative structures that not even a math PhD could easily explain to the un-initiated. The same "I snap my fingers and I get $10 billion in financing" cocky attitude amongst "financiers".
But no matter what, debt is just a pig. You can dress him up with aviator cap, silk scarf and snazzy Ray-Bans. You can even pose him in front of the latest model Gulfstream G550 with a Cohiba stuck in his snout, his hoof casually around a sexy hostess in a slinky dress.
But it is all a sham. No matter what, that pig don't fly and all that "liquidity" is just a load of debt that MUST be serviced and MUST be repaid when due. And we shall then see that porkers don't just sprout wings and soar in the skies... they always end up as ham, bacon and sausages.
During 1996-2000 the name of the global financial game was NASDAQ, DAX and anything that ended in "com". Since 2001 it has been debt, debt derivatives and structured finance.
Egged on by ultra low interest rates, the whole world has gone on a borrowing binge creating awesome debt that is masquerading under the benign - but fallacious - name of "liquidity". The same environment of hubris, excess and malfeasance surrounds the debt industry today as it once did with tech stocks. The same talk of "innovation" and "it's different this time", the same 122-page learned analyses stuffed with equations and charts that "prove" the bullish case... and the same enormous fees.
The same astonishingly overpiced (pari pasu) IPO's of CMO's, CDO's, CLO's, CMS's, based on heroic assumptions of debt service ability and collateral worth. The same wool being pulled over investors' eyes in the form of arcane derivative structures that not even a math PhD could easily explain to the un-initiated. The same "I snap my fingers and I get $10 billion in financing" cocky attitude amongst "financiers".
But no matter what, debt is just a pig. You can dress him up with aviator cap, silk scarf and snazzy Ray-Bans. You can even pose him in front of the latest model Gulfstream G550 with a Cohiba stuck in his snout, his hoof casually around a sexy hostess in a slinky dress.
But it is all a sham. No matter what, that pig don't fly and all that "liquidity" is just a load of debt that MUST be serviced and MUST be repaid when due. And we shall then see that porkers don't just sprout wings and soar in the skies... they always end up as ham, bacon and sausages.
But isn't good capitalism using debt to make money? Financiers are using debt to make more in returns than the debt takes to service - capitalism 101 (playing devil's advocate here)
ReplyDelete...and debt would be wonderful if it went to build plant, equipment, infrastructure, fund research towards a better energy regime, etc. Instead, it is used to leverage "assets" like homes,stocks and accomplish LBO's at ever higher prices.
ReplyDeleteTo paraphrase.."Debt is Good"... until it isn't.
This comment has been removed by the author.
ReplyDeleteCosts for production capacity isn't linear. People aren't always rational. Economies of scale make it cheaper (per widget) to build a factory that makes 20 million widgets than a million widgets. Cheap money makes it possible to build ten 20 million widget factories. Greed rationalizes it.
ReplyDeleteCheap debt, low volatility, and greed eventually lead to over capacity. Over capacity leads to bankrupcies and deflation. Business cycle 101.
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little teen suckers -
lonnie waters -
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lucy summers -
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me and my pussy -
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mega penetrations -
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natalia cruze -
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naughty julie -
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petite beaver -
petite pinups -
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real and natural -
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real trannies -
road gangbangs -
rug munchin -
sadistic sluts -
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school bus chicks -
score videos -
senior slutfest -
seventeen live -
seventeen video -
sexy preggo sluts -
shay laren -
shemale schlongs -
show me gape -
shy teachers pet -
sin cindy -
smooth snatches -
sodomy studs -
squirting snatches -
straight goes gay -
superb teen snatch -
taco twats -
tasteless toons -
teach my ass -
teenages going wild -
teencore zine -
teen dirt bags -
teens go porn -
teens natural way -
teens try anal -
teens want orgies -
teen thrills -
terri summers -
tiffany towers -
tranny bangin -
tranny treats -
try teens -
tug job queens -
twinks from the hood -
two cocks one box -
victoria redd -
voluptuous -
we need new talents -
white bitch bangin -
white pussy black cocks -
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wild latina girls -
wild solos -
xl girls -
young stacy -
young throats -
his first gay sex -
18 eighteen -
40 something mag -
adult associate -
adult movie network -
adult video network -
adult xxx pornstars -
amateurs gone bad -
anal sex lessons -
anita dark -
asian cream -
autumn jade -
banged by a gang -
banging machines -
bangkok bangers -
beijing beavers -
big betty bangin -
big bush beavers -
big cock bangers -
big tit buffet -
big tit invasion -
bisexual bangers -
bitchin movies -
bobbi eden -
booty licious mag -
bound and banged -
brooke skye -
brown sugar sluts -
burrito bitches -
busty angelique -
busty dusty stash -
busty ines cudna -
busty kelly kay -
busty kerry marie -
busty merilyn -
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cartoon cooters -
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cash strapped teens -
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club charlie -
college fuck tour -
college party time -
colossal cumshots -
corn hole cruisers -
crazy club chicks -
cream filled holes -
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crissy moran -
cum filled throat -
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desiraes world -
dick sucking dudes -
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gangbanged girls -
gangbang lessons -
gangland victims -
gay blowjob auditions -
gay closet movies -
gay jerk off auditions -
gay men galore -
girls got cream -
glamour models gone bad -
granny got laid -
granny parts -
gushing gashes -
guys go crazy -
handjob lessons -
hardcore sweethearts -
heather wild -
hefty humpers -
he has tits -
hentai humpers -
hentai hussies -
his first threesome -
horny teen harlots -
huge dicks little chicks -
huge tit whores -
interracial intercourse -
jesse capelli -
kat young -
leg sex -
lesbian lessons -
lesbian recruiters -
lesbo rama -
linseys world -
lisa a daniels -
little teen suckers -
lonnie waters -
looker girls -
lucy summers -
lusty lezzies -
massive mergers -
mature hotel -
me and my pussy -
meat stick milkers -
mega penetrations -
mega porn mall -
messy gangbangs -
milf mother fuckers -
milf munchers -
milf riders -
military fantasy -
moms need cash -
monstrous melons -
movie erotica -
my black coeds -
my latina teen -
my tranny lover -
nasty ass lickers -
natalia cruze -
naughty allie -
naughty asian nymphos -
naughty julie -
naughty little nymphs -
naughty mag -
neighbor hood nymphos -
never done that before -
nicole peters -
old fart fuckin -
party hardcore -
pepes adventures -
petite beaver -
petite pinups -
pink eye sluts -
plug 2 holes -
preggo poontang -
pure teen porn -
pussy punishers -
real and natural -
reality porn pass -
real trannies -
road gangbangs -
rug munchin -
sadistic sluts -
sarennas world -
school bus chicks -
score videos -
senior slutfest -
seventeen live -
seventeen video -
sexy preggo sluts -
shay laren -
shemale schlongs -
show me gape -
shy teachers pet -
sin cindy -
smooth snatches -
sodomy studs -
squirting snatches -
straight goes gay -
superb teen snatch -
taco twats -
tasteless toons -
teach my ass -
teenages going wild -
teencore zine -
teen dirt bags -
teens go porn -
teens natural way -
teens try anal -
teens want orgies -
teen thrills -
terri summers -
tiffany towers -
tranny bangin -
tranny treats -
try teens -
tug job queens -
twinks from the hood -
two cocks one box -
victoria redd -
voluptuous -
we need new talents -
white bitch bangin -
white pussy black cocks -
white teens black cocks -
wild latina girls -
wild solos -
xl girls -
young stacy -
young throats -
his first huge cock -
18 eighteen -
40 something mag -
adult associate -
adult movie network -
adult video network -
adult xxx pornstars -
amateurs gone bad -
anal sex lessons -
anita dark -
asian cream -
autumn jade -
banged by a gang -
banging machines -
bangkok bangers -
beijing beavers -
big betty bangin -
big bush beavers -
big cock bangers -
big tit buffet -
big tit invasion -
bisexual bangers -
bitchin movies -
bobbi eden -
booty licious mag -
bound and banged -
brooke skye -
brown sugar sluts -
burrito bitches -
busty angelique -
busty dusty stash -
busty ines cudna -
busty kelly kay -
busty kerry marie -
busty merilyn -
butt bang boys -
butt bomber -
butt fuck bonanza -
cartoon cooters -
cartoon copulations -
cash strapped teens -
chloes world -
clit lickin lesbians -
club charlie -
college fuck tour -
college party time -
colossal cumshots -
corn hole cruisers -
crazy club chicks -
cream filled holes -
cream of cunt -
crissy moran -
cum filled throat -
cum swallowing lessons -
cum swapping bitches -
ReplyDeletecum swapping twinks -
curious hunks -
cute halle -
desiraes world -
dick sucking dudes -
digi dolls -
dirty babysitter -
double dong divas -
double team suckers -
drill her butt -
drunk sex orgy -
ebony exclusive -
ebony girls online -
facial fiasco -
faith belle -
fatty farm -
filthy feeds -
filthy toon fuckers -
flabby females -
fucked by frank -
gangbanged girls -
gangbang lessons -
gangland victims -
gay blowjob auditions -
gay closet movies -
gay jerk off auditions -
gay men galore -
girls got cream -
glamour models gone bad -
granny got laid -
granny parts -
gushing gashes -
guys go crazy -
handjob lessons -
hardcore sweethearts -
heather wild -
hefty humpers -
he has tits -
hentai humpers -
hentai hussies -
his first threesome -
horny teen harlots -
huge dicks little chicks -
huge tit whores -
interracial intercourse -
jesse capelli -
kat young -
leg sex -
lesbian lessons -
lesbian recruiters -
lesbo rama -
linseys world -
lisa a daniels -
little teen suckers -
lonnie waters -
looker girls -
lucy summers -
lusty lezzies -
massive mergers -
mature hotel -
me and my pussy -
meat stick milkers -
mega penetrations -
mega porn mall -
messy gangbangs -
milf mother fuckers -
milf munchers -
milf riders -
military fantasy -
moms need cash -
monstrous melons -
movie erotica -
my black coeds -
my latina teen -
my tranny lover -
nasty ass lickers -
natalia cruze -
naughty allie -
naughty asian nymphos -
naughty julie -
naughty little nymphs -
naughty mag -
neighbor hood nymphos -
never done that before -
nicole peters -
old fart fuckin -
party hardcore -
pepes adventures -
petite beaver -
petite pinups -
pink eye sluts -
plug 2 holes -
preggo poontang -
pure teen porn -
pussy punishers -
real and natural -
reality porn pass -
real trannies -
road gangbangs -
rug munchin -
sadistic sluts -
sarennas world -
school bus chicks -
score videos -
senior slutfest -
seventeen live -
seventeen video -
sexy preggo sluts -
shay laren -
shemale schlongs -
show me gape -
shy teachers pet -
sin cindy -
smooth snatches -
sodomy studs -
squirting snatches -
straight goes gay -
superb teen snatch -
taco twats -
tasteless toons -
teach my ass -
teenages going wild -
teencore zine -
teen dirt bags -
teens go porn -
teens natural way -
teens try anal -
teens want orgies -
teen thrills -
terri summers -
tiffany towers -
tranny bangin -
tranny treats -
try teens -
tug job queens -
twinks from the hood -
two cocks one box -
victoria redd -
voluptuous -
we need new talents -
white bitch bangin -
white pussy black cocks -
white teens black cocks -
wild latina girls -
wild solos -
xl girls -
young stacy -
young throats -
hot campus teens -
18 eighteen -
40 something mag -
adult associate -
adult movie network -
adult video network -
adult xxx pornstars -
amateurs gone bad -
anal sex lessons -
anita dark -
asian cream -
autumn jade -
banged by a gang -
banging machines -
bangkok bangers -
beijing beavers -
big betty bangin -
big bush beavers -
big cock bangers -
big tit buffet -
big tit invasion -
bisexual bangers -
bitchin movies -
bobbi eden -
booty licious mag -
bound and banged -
brooke skye -
brown sugar sluts -
burrito bitches -
busty angelique -
busty dusty stash -
busty ines cudna -
busty kelly kay -
busty kerry marie -
busty merilyn -
butt bang boys -
butt bomber -
butt fuck bonanza -
cartoon cooters -
cartoon copulations -
cash strapped teens -
chloes world -
clit lickin lesbians -
club charlie -
college fuck tour -
college party time -
colossal cumshots -
corn hole cruisers -
crazy club chicks -
cream filled holes -
cream of cunt -
crissy moran -
cum filled throat -
cum swallowing lessons -
cum swapping bitches -
cum swapping twinks -
curious hunks -
cute halle -
desiraes world -
dick sucking dudes -
digi dolls -
dirty babysitter -
double dong divas -
double team suckers -
drill her butt -
drunk sex orgy -
ebony exclusive -
ebony girls online -
facial fiasco -
faith belle -
fatty farm -
filthy feeds -
filthy toon fuckers -
flabby females -
fucked by frank -
gangbanged girls -
gangbang lessons -
gangland victims -
gay blowjob auditions -
gay closet movies -
gay jerk off auditions -
gay men galore -
girls got cream -
glamour models gone bad -
granny got laid -
granny parts -
gushing gashes -
guys go crazy -
handjob lessons -
hardcore sweethearts -
heather wild -
hefty humpers -
he has tits -
hentai humpers -
hentai hussies -
his first threesome -
horny teen harlots -
huge dicks little chicks -
huge tit whores -
interracial intercourse -
jesse capelli -
kat young -
leg sex -
lesbian lessons -
lesbian recruiters -
lesbo rama -
linseys world -
lisa a daniels -
little teen suckers -
lonnie waters -
looker girls -
lucy summers -
lusty lezzies -
massive mergers -
mature hotel -
me and my pussy -
meat stick milkers -
mega penetrations -
mega porn mall -
messy gangbangs -
milf mother fuckers -
milf munchers -
milf riders -
military fantasy -
moms need cash -
monstrous melons -
movie erotica -
my black coeds -
my latina teen -
my tranny lover -
nasty ass lickers -
natalia cruze -
naughty allie -
naughty asian nymphos -
naughty julie -
naughty little nymphs -
naughty mag -
neighbor hood nymphos -
never done that before -
nicole peters -
old fart fuckin -
party hardcore -
pepes adventures -
petite beaver -
petite pinups -
pink eye sluts -
plug 2 holes -
preggo poontang -
pure teen porn -
pussy punishers -
real and natural -
reality porn pass -
real trannies -
road gangbangs -
rug munchin -
sadistic sluts -
sarennas world -
school bus chicks -
score videos -
senior slutfest -
seventeen live -
seventeen video -
sexy preggo sluts -
shay laren -
shemale schlongs -
show me gape -
shy teachers pet -
sin cindy -
smooth snatches -
sodomy studs -
squirting snatches -
straight goes gay -
superb teen snatch -
taco twats -
tasteless toons -
teach my ass -
teenages going wild -
teencore zine -
teen dirt bags -
teens go porn -
teens natural way -
teens try anal -
teens want orgies -
teen thrills -
terri summers -
tiffany towers -
tranny bangin -
tranny treats -
try teens -
tug job queens -
twinks from the hood -
two cocks one box -
victoria redd -
voluptuous -
we need new talents -
white bitch bangin -
white pussy black cocks -
white teens black cocks -
wild latina girls -
wild solos -
xl girls -
young stacy -
young throats -
hot muscle dudes -
18 eighteen -
40 something mag -
adult associate -
adult movie network -
adult video network -
adult xxx pornstars -
amateurs gone bad -
anal sex lessons -
anita dark -
asian cream -
autumn jade -
banged by a gang -
banging machines -
bangkok bangers -
beijing beavers -
big betty bangin -
big bush beavers -
big cock bangers -
big tit buffet -
big tit invasion -
bisexual bangers -
bitchin movies -
bobbi eden -
booty licious mag -
bound and banged -
brooke skye -
brown sugar sluts -
burrito bitches -
busty angelique -
busty dusty stash -
busty ines cudna -
busty kelly kay -
busty kerry marie -
busty merilyn -
butt bang boys -
butt bomber -
butt fuck bonanza -
cartoon cooters -
cartoon copulations -
cash strapped teens -
chloes world -
clit lickin lesbians -
club charlie -
college fuck tour -
college party time -
colossal cumshots -
corn hole cruisers -
crazy club chicks -
cream filled holes -
cream of cunt -
crissy moran -
cum filled throat -
cum swallowing lessons -
cum swapping bitches -
cum swapping twinks -
curious hunks -
cute halle -
desiraes world -
dick sucking dudes -
digi dolls -
dirty babysitter -
double dong divas -
double team suckers -
drill her butt -
drunk sex orgy -
ebony exclusive -
ebony girls online -
facial fiasco -
faith belle -
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