You think its normal for major institutions like Bear Stearns to be in the mess that they are? Does this not warn you that maybe things arent as cheery as you think?
Well, I could argue that after what has been happening over the past few year, is anyone really surprised that a major bank is in serious trouble? Think about it. You think there are no consequences for making loans where the main criteria to make that loan was based on the "stated income" of someone with a FICO score of under 550? Or that they based the loan amount on a gassed appraisal made by the mortgage brokers golfing buddy? What goes around, comes around. I hope we see a few more go under. The only mistake the Fed is making is trying to stop it. I think the world will get along just fine without a BSC or a C. The sooner this shit plays itself out, the better. Right now, we seem to be making the same mistakes the Japanese made. And their economy is still in the gutter after umpteen years. The only reason they are doing these bail-outs is to cover their own ass. Its ALL political. Peace
Off-topic but since cocaine doesn't take PMs: I'm a stock daytrader and know nothing about futures. I have read you have been successful for years trading equities but are trying to give it up. Why are you switching to futures? Thanks, Mike
I sure hate to be a trader dancing on other people's graves, but I do hope this volatility never ends. I'm getting spoiled with the VIX living above 20.
pardom me for mentioning CNBC-BS Fast Money show... those chumps looked like they had seen a ghost.... they are so below the water line that it is 60 minutes of wasted electricity even ratigan's rodent toupee was scrambling for the nearest skunk hole i was rolling when fineman was staring at the floor...priceless
Well, it's obvious now the market can humble all....with the exception of the great Jim Cramer who just celebrated his show's 3rd anniversary. And he never goes short. Right. At least for his audience.
I think it is finally sinking in that the 30 to 1 leverage that banks lent to hedge funds to go long Chinese bicycle tires and short Mexican coconuts is not going to pan out like the computer model predicted I hate it when that happens.... so when the lines form outside your local "bank" to pull 1923 Reichsmarks out of your 0.24% savings account, no bitching.
Cramer is a tout. He touts stocks for his buddies on the street. You could do better by trowing darts at the WSJ stock pages.