February 27, 2008

Guys,

I talked to a mergers and acquisition bigwig Banker on my plane the other day (he was the friend of a fellow Delta Captain). I slowly lead the conversation to the credit crunch going on now. I used the phrase "cross current cascading defaults resulting from a derivatives market meltdown" to describe a probable economic scenario. He then said "yep, essentially a global economic collapse is on the horizon". My Co-pilot who I had been introducing this information to (with some skepticism on his part) sat with his mouth agape. It is interesting what some people in the know will say when they know they aren't on the record.....................D