Welcome to GD2. Fasten your seatbelts, it’s going to be a bumpy ride.
For a long time now, ~25 years, a bull market has been in full force- artificially propped up by lies, deceit, treachery, and unfathomable ebulllience, by methods manufactured by “financial engineers,” conceived in boardrooms by ruthless executives who snatched the creedo “greed is good” to their bosom, never understanding the irony with which is was intended, but neverthelss vauumed up handsomely enhanced bonuses.
And it is all about to unravel.
Game Over some win, most will lose [Market Ticker]
Circuit Breakers, Curbs, and Down Limits the exchanges get to test their crash equipment tomorrow [Jesse’s Café Américain]
Greenspan Says Its a “Once in a Century Crisis” whilst looking in the mirror with a totally straight face [Jesse’s Café Américain]
The Mortgage Based Securities Fire Sale or, the housing market ain’t coming back in your lifetime [The Great Depression of 2006]
How Washington Failed to Rein In Fannie, Freddie and all we got was a lousy bubble [The Big Picture]
The Federal Reserve, Inc., Expands Lending Facilities to Equities (ahem, that’s stocks to you civilians)- wow that’s great because just like real estate, stocks never go down [WSJ]
Looking more and more like, that in the end- if events continue go the way they look right now- I think it will be accurate to say the terrorists won— by default (heh). So thanks, Al, Hank Spank, Bendover, Tangelo, Mudd, Syron, Crammer, Doddery, Krudblow, Frank, and Clueless George for showing us first hand how to bankrupt a nation, and finish the job that Bush’s family friend Osama bin Laden started. Anyone not mentioned by name, and you know who you are, queue up for the slow train to hell in front of CNBCS.
Way to (over)react to a crisis!