31.10.2007, New York
(click to enlarge)
When Meredith Whitney shocked Wallstreets backbone with a sober statement, Saturn signalized a week in which a fundamental correction and sacrificing would have to occur in resonance to Neptun and Pluto.
These Neptun and Pluto were not real current but virtual planets as they are appearing in the medium ring between zoodions and lights/planets. Saturn is on 6,6° Virgo and is in transit on red Neptun on 6,8° Virgo and transit opposition of olive Pluto on 6,8° Pisces. More about these virtual Planets and their colours appear below.
Back to the 31th of October 2007:
“Then came Meredith Whitney with news. Whitney was an obscure analyst of financial firms for Oppenheimer Securities who, on October 31, 2007, ceased to be obscure. On that day, she predicted that Citigroup had so mismanaged its affairs that it would need to slash its dividend or go bust. It’s never entirely clear on any given day what causes what in the stock market, but it was pretty obvious that on October 31, Meredith Whitney caused the market in financial stocks to crash. By the end of the trading day, a woman whom basically no one had ever heard of had shaved $369 billion off the value of financial firms in the market. Four days later, Citigroup’s C.E.O., Chuck Prince, resigned. In January, Citigroup slashed its dividend.”
The following months Meredith Whitney continued her warnings. She pointed out
, that the "incestuous" relationship between the banks and the credit-rating agencies during the real estate bubble will have a long-lasting impact on banks' ability to recover."
Methinks there is no single person to which such a lot of investers owe so much, when they are still in the business, than to her.
This week she gave another take.
1.12.2008 Ives Smith in nakedcapitalism
In a comment in today's Financial Times, Whitney gives some recommendations for the financial services industry, all of which are sensible. But the most striking part of the piece is her downbeat I am more bearish today than I have been in the past 18 months. In so far as the market has impacted on the economy, capital destruction has been so intense that multi-trillions in capital raised by institutions through both private and public capital has gone to plug holes and not stabilise the effects of shrinking liquidity to corporations and consumers. More than $3,000bn (€2,365bn, £1,955bn) of available credit has been expunged from the markets and therefore corporate and consumer borrowers so far this year.
I estimate that the mortgage market will shrink for the first time in US history and that the credit card market will be 18 months behind it. While just over 70 per cent of US households have access to credit cards, 90 per cent of these people use credit cards as a cash-flow management vehicle, or revolve payments at least once a year. While the credit card market is small relative to the mortgage market, it has grown to play a key role in consumer liquidity. Declining liquidity here will have disastrous effects on consumer spending and the economy reading:
Meredith in Financial Times
Here are some easily adoptable changes that would make a difference.
First, re-regionalise lending. Since the early 1990s, key bank products, mortgages and credit card lending were rapidly consolidated nationally. Banking went from “knowing your customer” or local lending, to relying on what have proven to be unreliable FICO credit scores and centralised underwriting. The government should now motivate local lenders (many of which have clean balance sheets) to re-widen their product offering to include credit cards and encourage the mega banks to provide servicing and processing facilities to banks that sold off these capabilities years ago.
Second – fourth …
Yves in her comment:
One of her suggestions for regulators to focus on encouraging regional rather than national lending operations. Whitney stresses, as we have, that local/area knowledge is necessary for sound credit judgments; reliance on FICO scores has proven to be a disaster.
This is no time for partisanship. The situation is too dire. These changes are ones I would never have imagined endorsing a year ago, but these are extraordinary times.
My astrological comment:
There is an astrological tool, which is crucial in the mundane astrology, being derived from the Great Conjunctions, those regular meetings of Saturn and Jupiter, occurring inintervals of twenty years.
This tool has been in high appreciation within the Iranian/Arabic world astrology since the 8th Century after Christ.
The peak crucial versions of the Great Conjunctions (GC) are those “entrance conjunctions”.
They happen, when the sequences of about 10 GCs occurring in zoodions of the same elements (as they orderly appear in steps of 120° and the GC meetings are in steps of 243,…° ). So they walk slowly through the tripleticiy of a given element by about 10 times in about 200 years.
The entering of a following different element is the crucial birthmark of this newly entered element for about 800 Years.
I call these “entrance conjunctions” “Königskonjunktion” (kings conjunction), a tad more modern expression would be “alpha conjunction”.
In the astrological division of the whole of things being divided into four elements I count the element earth to be that with the largest intersection of physical hard facts.
The latest birthmark of the element earth, earth’s latest Alpha Conjunction, rose from 17.7.1802 and its government over physical reality will last until 12.1.2577.
Scrutinizing the following chart, focusing on sun one will learn, that the date of our current earth conjunction, 17.July, implies the meaning for the current 775 years , earth things are to be settled in the way of zoodion cancer, which means, the answers for the conundrums of earthly things are to be found in local, not in central frames, are to be met with internalization not with externalization, or following introversion instead of extraversion.
As a zoodion “Cancer” always means “strictly local”!
So as the first of Meredith’s recommendations leave completely the prevailing trend in western civilizations but meets exactly with the trend, things have to follow, to adapt to the “climate” signalized for earth stuff by the current earth alpha conjunction, this is a big thing.
17.7.1802, UTC 22:48:27 Alpha Conjunction Element Earth
“Sun” means the ability and power of a star, to be a sum of gravity, enlightment and warming. Sun in cancer applies to the locality of starship.
Sun accompanied by mercury means, ratio is to be on board together with sun in the realms of local/regional growth.
There is more to be found in the earth alpha chart about all the other items/planets and more will be provided in following takes.
But today the local item was hot.
So I remain your humble blogging
posted UTC 20:10