REFLEXÃO DE MÁRIO SÉRGIO CORTELLA VAI AJUDAR KARNAL A SUPERAR TORNEIO DE SÓSIAS DO VÉIO DA HAVAN?

Don’t feel low acknowledging it… say it plain for the deaf! Your relatives, parents and close friends know it, and because those ones are straight with you, no tricks. You’d rather focus on them instead of trying extensively to please everybody.

The final episode of this series opens in summer of 2006 at the peak of the US housing markets. Consumers have been leaning on their home equity to finance their spending and drive economic growth. In addition, the advent of the credit default swaps have made risk a transferable and tradeable product. The perception that risk can be stripped out of an investment vehicle and transferred to another counter party has driven credit spreads (the difference between the cost of risky, corporate debt and the risk free US government debt) to historically low levels. Tight credit spreads have made it very cheap to borrow money and create leverage to amplify returns. But all that is about to change as the era of easy money and excessive leverage comes to a screeching halt.