Pfizer’s Covid vaccine’s efficacy is gone after about six months, and the CEO of Pfizer has admitted it. From Alex Berenson at alexberenson.substack.com:
Pfizer’s CEO Albert Bourla sees the dangers ahead, as his very carefully worded interview (worthy of close review) with CNBC yesterday shows.
Remember NINJA loans?
NINJA stood for “No income, no job/assets.” Back in the mid-aughts, when the banks and not the regulators were the ones going crazy and setting the financial system on fire with free money, they were all the rage.
I remember hearing ads for them in 2006 and 2007 and thinking, this has to be a bait and switch. You cannot walk into Your Friendly MegaBank and walk out with a few hundred grand for a house with no proof you even have a job! A job seems pretty basic.
But you could. And people did. Lots of people.
Underlying this madness was a model, naturally. American housing prices had never collapsed nationally and simultaneously since at least the Depression. Therefore the models that the banks and mortgage originators used said they never would.
Therefore on a national basis the collateral – the houses – underlying the mortgages would always be fine, even if the borrowers couldn’t repay them. The lenders just needed to be in different markets to be geographically protected. Besides, the bankers were all reselling the loans and offloading the risk. They got paid up front, whether the loans were paid back or not.
It was a very good business.
Until it went bad.
“How did you go bankrupt?” Bill asked.
“Two ways,” Mike said. “Gradually, then suddenly.”
You remember 2008. You were there.
In a matter of months, the big banks became the most hated institutions in the United States. The desperation to blame them ran so deep that we all seemed to agree collectively that the borrowers were the victims. The people who had taken the money had no responsibility for signing those loans, much less repaying them.
Obviously, that formulation was simplistic. Many of the NINJA and similar borrowers no doubt understood the game they were playing. They were hoping to buy and flip houses they couldn’t afford.
No matter. They had lost. Anyway, we couldn’t make villains out of millions of ordinary people. So we understandably focused our anger on the Wall Street tycoons who had crashed our financial system and made hundreds of billions of dollars.
Fast-forward to 2022.
This time around the myth of the truly innocent victim is not a myth.