At least he is out of profound ignorance. I stay in it. Market size estimates of this particular issue Market Size Estimates as of 2/27/08 Variable Rate Demand Notes $375 billion Tender Option Bonds $200 billion Auction Rate Securities $300 billion According to SIFMA
"Many brokers and financial planners are advising investors not to panic. They point out that most of the securities are issued by high-quality issuers, so the chances of defaults are slim. " famous last words.
"its not money market funds...only a select few people are effected." Honestly - what the hell do u think tax free money market funds are buying friend??? UBS just threw the entire industry under the bus by recognizing the decreased value in these securities and taking its hits early. The implications should be big, because these markdowns should cascade into additional markdowns at every other firm. Just one more example of the historic times we're living in, and that's not a good thing.
I would think that this would lead to their correcting the problem and getting on with taking the necessary steps to get back to profitability. The others are just liars and bullshit artists who continue to sweep the dogshit under the rug in the hopes that no one will smell it.
"Cash is King" and that doesn't mean mutual funds either. ING is now locking up retail funds in New Zealand is the US next? http://www.stuff.co.nz/stuff/4457547a13.html Kiwi investors caught in global credit crunch By MARTA STEEMAN - The Press | Monday, 31 March 2008 Half a billion dollars of small investors' money is frozen in two funds managed by ING - the biggest local fallout in the global lending crisis. Hundreds of investors who have nest eggs in two funds managed by ING are hoping that not all is lost. Three weeks ago ING, New Zealand's largest manager of small investors' funds, froze indefinitely $520 million of small investors' money. ING can give no idea when the funds will open again and investors can take their savings out. It will keep paying the interest investors are due, it says.............
because the spammers who are short sound like they are desperate, not that there is anything wrong with being short
Where's Ben? We need a 10,000,000 BP cut RIGHT NOW!. Oh fer chrissakes, throwing up in the john again.