Economy

Demeter

(85,373 posts)

6. How Big Was It?

Fri Jan 25, 2013, 07:37 AM

Jan 2013

http://www.zerohedge.com/contributed/2013-01-24/dis-dat

By far and away, the worst financial crack-up in history was Fannie and Freddie. That disaster has cost $142 billion. The knock-on effects of the collapse of these two were devastating. F/F went out of biz on September 7, 2008. The next weekend Lehman blew up. F/F put the nail in the coffin at the “Brothers”, and after that, all the dominoes were falling.

With that in mind, I'm amazed that AAPL has blown off nearly twice the F/F losses in six-months, and there is not even a ripple in the water. Last night, in a few seconds of after-market trading, the stock got pasted for more than all of the losses for LEH. By the opening, the overnight losses exceeded more than LEH, AIG, GM, and Chrysler combined.

The market gets smoked for 1/4 Trillion in a single name, and we're trading at the highs. Go figure.

THAT'S BECAUSE APPLE ISN'T A SHADOW BANK PILLAR, NATCH.

APPLE IS A TOY MANUFACTURER. FANNIE AND FREDDIE WERE THE FOUNDATION OF THE MORTGAGE/HOUSING MARKET AND SUPPLIERS TO ALL THE SOVEREIGN WEALTH FUNDS.

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