Money Heaven

No matter which number you want to believe, 1 Trillion or something less, the amount of equity loss to financial institutions in the past 6 months is staggering and it's gone to money heaven . . . . whooosh GONE. Now, the refinancing that's taking place with sovereign wealth funds, private equity, and government bailouts is not new money. It's money that is being borrowed from Mr and Mrs America or some other central bank or money being redeployed from another asset class but the stark reality is that a huge amount of equity is gone and never coming back . . . . oh yeah, that probably includes real estate.