123 Book Tag ; The Lowdown on the Subprime Debacle

twin-fangs-bookcover_preview.jpgHere’s the meme tag from blog friend Panaderos : 

  1. 1. Pick up the nearest book of at least 123 pages.
  2. 2. Open the book to page 123.
  3. 3. Find the fifth sentence.
  4. 4. Post the next three sentences.
  5. 5. Tag five people.

 The book that’s currently in my laptop bag  is “Rapiers : Twing Fangs “ by Jeffrey Ressurrection.  Jeffrey comments  on this blog with the moniker Jeff-reiji and maintains a blog called Me and My Delusions of Grandeur. 

“They’re made from mutated dark ether energy”, Jorge continued.  Even I was surprised. Because in school, all the information regarding what really happened during the demi-human revolution, the dark ether, the cursed and its bearers were forbidden”.

“That’s enough, the Grand Seer said. There’s a proper place and time to answer all of those questions but not today. We must not proceed with the ritual”  

Speaking of the Grand Seer, the first time I saw her was the night prior to that ritual – gray haired, rickety skinned, wearing a thick purple coat.  I remembered the time Gustav said that he was related to her and how badly he wanted me to forget about it.

 Well, Jeffrey’s aspirations of grandeur is no longer a delusion. He finally managed to unleash the energy and passion for writing in a book he always dreamt of writing. The book is special because it is written  by a blog friend. It is likewise inspiring because it is written by a talented young man who is an IT  professional by trade and a writer by heart. I am thoroughly impressed with the book because I admit,  if I did write I couldn't do this - not with stuff that smacks of J.K.Rowlings and J. R. Tolkien's literary genre 🙂  In this sense Jeff is truly gifted for he can concoct a fictional and mystical world of demi-humans, dark ether, oink-ing mutants, cleavers and rapiers, wicked curses, warriors and swordsman and create an incredible story depicting the conflicts and survival of a kingdom fighting the evils of a wicked curse.

Jeff had writing in his blood and in his college days served as the literary editor of the Sebastinian, the official student newspaper of the San Sebastian College where he graduated two years ago with a Computer Science degree. Jeff says "my book is not "high art." I wrote it when I was in college back when I was heavily influenced by RPG computer games". Whatever Jeff, you certainly did an outstanding good job and I tip my hat off to you and wish you the best in your writing career 🙂

I won't be tagging anyone. Please feel free to consider yourself tagged if you like the meme.

HOW MARKETS REALLY WORK

Most of us were shocked and befuddled by the subprime mortgage debacle that wrecked havoc on the investment banking institutions in the U.S. The monumental 46 billion dollar bail out of Bear Sterns, one of  America's top investment banking firms, by the Federal Reserve Board was historic in the sense that it averted  the collapse of a premiere banking institution that would have triggered not only a recession but a re-occurrence the feared depression of the 1930's.

Here's a crash course on how markets really work. You can call this " How Markets Really Work for Dummies "

  

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29 Responses

  1. Congratulations to Jeff on his new book.

    BTW, I’m not really into economics but gosh what is happening to America 🙂

  2. Sad but true!

  3. I wish to tag myself but the book nearest me has only 122 pages. Nyahahaha!

  4. My friend from the States sent me a funny, but true, step by step powerpoint presentation of how this subprime mortgage came about. In a nutshell, greed is what led to this debacle.

    Wow! So young and already an author. Good work Jeff…

  5. Those financial institutions really had it coming. It’s greed gone rampant. In the late 90s, we had the dotcoms. This decade, we have the banks, hedge funds, and mortgage companies who pushed the sale of large and expensive homes to people who can hardly afford them, all for the purpose of driving property values higher.

    It just goes to show that people with MBAs can make monumentally stupid mistakes. Although I feel sorry for the lowly employees who are about to get laid off or have been laid off, I feel no such sympathy for the executives who made millions out of such schemes.

  6. The subprime crisis also affected many banks all over the world, not only in States. Tsk, tsk. Its really nasty 😦 Nice job Jeff.

  7. Irrealis – perhaps it’s time for all of us to be wary about the economy ! This subprime crisis had become a global menace 😦

  8. Sidney – it’s a parody but the duo seemed to be telling the real story. The bad news is the economic fallout ain’t over yet 😦

  9. Abaniko – 🙂

  10. Snglguy – people can simply laugh about it but the fact is, no one expected this crisis to happen ! You are right – it is a by product of greed and the false optimism 😦

  11. Panaderos – the worst part of it all is these Wall Street folks even after the huge financial write offs still have their jobs while the ordinary person has lost his house and those relying on their pensions for retirement are suddenly looking at an almost empty piggy bank 😦

  12. Ryan – yes, it is a global menace. Investment banks in Europe had written of billions in losses as well 😦

  13. I had a chance to read some parts of this book and must admire his creativity and imagination and especially his dedication on getting this book out. Congratulations to Jeff!

  14. that’s quite an achievement: a published book at such a young age. do i get a signed copy? haha. 🙂

  15. Thank you so much, BW!

    btw, I posted your review here:

    http://jeffreyresurreccion.com/message.detail.php?target=5

  16. Ferdz /Barry,

    It’s certainly inspiring to have a young man, a fellow Pinoy like Jeff take a stab at a very challenging goal and doing well at that 🙂

  17. Jeff – it is my pleasure pal. Good luck 🙂

  18. Interesting analysis of the housing market by those two guys. I guess they’re some sort of comedy team. They’re pretty accurate though. I noticed that the audience groaned when they mentioned that the banks will go after people’s pension funds, which employers rarely offer nowadays.

    Congrats to fellow blogger, Jeff!

  19. Wil – very true. Companies have moved out of managing pension funds for their employees precisely because the don’t want to get blamed for mismanagement.

    Nowadays it is common for companies to convert pensions into IRA/401K’s in the US or RRSP’s in Canada and have employees manage them meaning giving them the choice in investing – normally in mutual funds or fixed income funds.

    The mutual funds that invested in the subprime market funds have suffered a catastrophic loss but the good news is most people select funds that have diversity – meaning it also invests in high tech ventures, equities, foreign companies ( Asia, Europe) so the impact of the loss is somehow alleviated.

    The pension fund tragedy was the case of Enron. It turned out that the corrupt executives used the company managed pension funds to finance their shady deals and when things blew up, the fund was almost empty. Sad 😦

  20. I really like the quote at the top of your blog. Where is it from?

  21. Carrie – that quote is my own composition. Thanks for the appreciation 😎

  22. i haven’t viewed the video but yes, sometimes market forces play in a way that we think the end of the world is just around the corner. sometimes it needs to happen to correct itself.

  23. congrats to jeff!

    okay yung video. informative siya 🙂

  24. Great writing. Jeff is such a fortunate soul to have the best of both worlds, IT and fiction. More power to him…

  25. Ipanema – the recent crisis looked like a correction but a very expensive one . It nearly brought down a major US investment bank. Bottom line is it signaled changes to regulations 😯

  26. Tin,

    Being an economics grad, I’m sure you appreciated the video 🙂

  27. Major Tom – I know you’re an aspiring fiction writer yourself, planning to write a book. Good luck to you too 🙂

  28. ma-apply ko kaya yan sa mortgage dilemna ko, hehehe 😉

  29. Nell – sadly many people have been affected by the economic downturn which was not expected. But the good news is it is improving. Affected rin ako employment-wise kasi nagtatrabaho ako sa isang American global financial institution operating in Canada. So far the prognosis for 2008 is quite good 🙂

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