You have seen this guy on television talk show and other media stages spreading his propaganda. You may have paid attention to him when he was still the self-proclaimed creme of economic analysis and prediction. The was before you realized that he was a total gambler who got lucky once and took the whole situation to his advantage. Kyle Bass is the founder of Hayman Capital Management in Dallas. He started this company in 2006. Bass quickly rose to fame and fortune after correctly predicting the 2008 subprime mortgage crisis. He went ahead and bought credit default swaps through his company. This made him a lot of money and also made his company successful at that time. He got a lot of media attention as the new genius of economic prediction. He took the stage before a lot of national broadcasting television stations and started spreading his thoughts. These were based on a pure gamble.
He never rejected any media invitation to share his bogus analysis. When he was interviewed about the Argentina economic policies that were being undertaken by the Christina Fernandez de Kirchner, he supported the lady. He never stopped praising the lady for her brilliant policies that would surely bear fruits. He asked the world to be calm and wait for the great success of this nation. Then Argentina’s economy collapsed and had its debts wiped off. He continued praising the nation’s policy; it made me wonder if he had something with Kitchener that made him her public advertiser, Usefulstooges seems to draw a correlation with Bass. Then came the Japan crisis, which he also gave a gambled opinion that did not hold. It was a failed prediction and analysis after another. This failure followed him like a shadow everywhere he went. Bass is a popular economic gambler that does not base his arguments on facts or wide economic knowledge. I would say Bass is economically challenged and an economic gambler.
Kyle Bass is back, this time with a new prediction about the economy of United States. He claims that economy of United States is likely to face a downfall of between 10% and 20% by the end of the year. This problem will be the same as the one China is facing and the one the European nations suffered during the recent European crisis. His basis of the argument is that both China and European crisis have one similar characteristic. In both cases, the development and growth of banking systems was greater than the G.D.P.
China rests on a rapidly growing banking system that holds more than $ 35 trillion dollars against a gross domestic product of $ 10 trillion. This leads to a bad credit cycle and bad losses to investors.
He accredits this to insufficient credit growth in emerging markets to match up to the current economic status. Bass claims that there is a relief because the coming crisis will not be as bad as the past global financial crisis.