Far easier to explain than recent total collapse. I have earlier indicated I was seriously worried our world is going to run out of commodities, remember commodity rally just ended this summer-2008.
In summer 2007 while sub-prime buble had burst, superheated world economy still firing on all cyliders was creating a flood of liquidity which, wall street, using its' own & US's good name directed to US markets, (along with other western bankers), mostly to residential & commercial RE and some to equities and still later into commodities in first half of this year. In summer of 2007 there were a number of large mega expensive MAs.
Closest analogy is someone shouting fire in a packed theater. All financial actors decided to exit in unison, spark was the realization ( in hind-sight of economist & delusion of financial players )
that real estate can also go down in price.
Yes the sun also rises.
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