All the Kings Horses and All the Kings Men . . .
Humpty Dumpty sat on a Wall
Humpty Dumpty had a great fall
All the King's horses, and all the king's men
Didn't bankrupt the country and devaluate the currency putting the shifty bastard together again.
Monday, September 29, 2008 | 04:30 PM | Permalink
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Barry et al. PYMWYMI time:
PYMWYMI - Mar 10, 2008 1:38:52 PM - Called sub 10,000 Dow by October on Barry Ritholtz blog
http://bigpicture.typepad.com/comments/2008/03/golddollar-corr.html
Posted by: Agoracom - George | Sep 29, 2008 4:33:05 PM
don't jump.
Posted by: Mattie | Sep 29, 2008 4:35:22 PM
Gang, let's switch gears and start discussing ways to profit if indeed we are about to experience an avalanche.
Puts?
Gold?
...?
Posted by: Agoracom - George | Sep 29, 2008 4:35:50 PM
Damn it, not another cover of Palin looking at the Russian Financial Crisis again!
Posted by: brent | Sep 29, 2008 4:35:54 PM
Wall St lays an egg ?
Posted by: Ben Mealey | Sep 29, 2008 4:36:31 PM
My goodness, anyone else catching the parade of leech after leech on CNBC saying this bailout must pass?
I just turned the volume off.
So far, I have not see ONE SUBSTANTIVE, LOGICAL ARGUMENT from anyone - from Paulson to Bernanke to any CNBC parasite - WHY THIS BAILOUT MUST PASS, that this bailout will have any effect whatsoever on a complete credit freeze, or that a complete credit freeze would happen without a bailout. For once, I want to hear something more thought out than "We need a bailout because the credit markets need it".
Posted by: CNBC Sucks | Sep 29, 2008 4:36:56 PM
Nice one Barry,
Humpty Dumpty had a great fall...
... and then gets hit by the D-train™.
I hate "congressional arbitrage" and short-selling bans.
When do you think we will get free markets again?
When do we see some other kind of reflationary package?
When will gold zoom through $1000?
When will unemployment hit 10% (really it will be 20%)?
Stay tuned....
Posted by: leftback | Sep 29, 2008 4:40:22 PM
Well well well- Lying Paulson and his prophet Bernanke are on their own . There is justice . May they reap what they sowed in triplicut .
And amazingly enough , if even for "job loss" reasons ( selfish as usual- Know them by their works not their words ) our political (servants?) voted the biggest scam on Americans in history DOWN DOWN DOWN -
I think I need to celebrate - green teas all around .
Bill
Posted by: BILL | Sep 29, 2008 4:40:56 PM
Two fundamental problems:
1. House prices are still too high historically, thank Greenspan and cheap money for that.
2. The bid for toxic assets is 30 and the ask is 70. This whole idea the US taxpayer can make a market at 55 or 60 is ludicrious. If banks feel that good about the assets let them hold it for the next few years, but do not be surprised if nobody wants to trade with you until then. Merril sold all its nastiness off, but none of the players holding the assets want to pay the price.
Posted by: Grant Case | Sep 29, 2008 4:45:02 PM
I heard Dennis Kucinich comment today, via Democracy Now!, that the administration has been going around requiring banks to tighten up on their lending practices. He insinuated that this was causing the tight money supply and precipitating the current "liquidity" crisis. Is there any truth in this?
Posted by: Ryzome | Sep 29, 2008 4:45:03 PM
I just don't understand the comments on here, on every post all day since the bailout failed saying yeah for congress, etc. etc.
Are you all so stupid?. O.k., so the bailout didn't pass, lets say it never does, what's to stop the Fed from pulling more of the same that they have been doing all year???? Do you all think this is just over. Wake up!
This was not a victory for the taxpayer or the little guy, in the end, they are still fucked and the CEO's are still rich.
No more credit cards
No more sutdent loans
No more auto loans
16% mortgages
but I guess this is the way it "should" be.
Posted by: ben | Sep 29, 2008 4:48:03 PM
.... but they will try again. Too soon to gloat.
Posted by: Mind | Sep 29, 2008 4:49:09 PM
Chances of a total collapse of the CP market on Tuesday, September 30, 2008, you ask?... and a subsequent money market mutual fund holiday of, say, from 1 to 5 business days?
Probably at least 50/50.
If it's going to happen tomorrow, we'll probably have a strong clue before midnight NYT.
Posted by: Eclectic | Sep 29, 2008 4:54:51 PM
try research ..read John Mauldins piece..if you don't think the badly named bailout plan is needed ...pretty smart cat ..I bought his arguments
Posted by: brasil | Sep 29, 2008 4:55:37 PM
....777....777....777....777....777....777
Does that number ring a bell with anybody?
That was the level of the Dow Jones Industrial Average in 1982 when this all started!
It's been one hellva ride, hasn't it?
WOW!!
I may get back my 6.25% Passbook account yet!
P.S. Give'em Hell, Rick!! Rick Santelli is getting pissed with the blather coming off the CNBC desk.
Posted by: BG | Sep 29, 2008 4:59:02 PM
He should be sitting on a bank.
Posted by: ramstone | Sep 29, 2008 5:00:44 PM
No bailout!?! I'm rolling over in my crypt. You can fly to Moscow and watch me roll over if you'd like.
Posted by: Vladimir Lenin | Sep 29, 2008 5:02:43 PM
brasil, your intellectual standards for becoming convinced are pretty low. I read Mauldin's piece on Saturday, which is why I asked these still to be unanswered questions on The Big Picture that day:
http://bigpicture.typepad.com/comments/2008/09/tally-of-federa.html
Any other brilliant ideas?
Posted by: CNBC Sucks | Sep 29, 2008 5:05:30 PM
CNBC sucks
chimp
Posted by: j | Sep 29, 2008 5:12:20 PM
Albeit minimally 227-205, democracy was still shown to exist here as the House voted down the bailout proposal based on what their constituency wanted. This is not the end of the proposal, however. To the cartoon: Wall Street deserves its fate as they shoulder the majority of the blame. It is called Tough Love.
Posted by: Pat G. | Sep 29, 2008 5:13:04 PM
What's that sulphur like stinking odor?
Fannie? Freddie? Wachovia? Oh, it's Greenspan.
Posted by: sanjosie | Sep 29, 2008 5:13:14 PM
I think we have seen today that the problem with the market recently has not been short sellers. The problem is with the longs that actually own the stock. Somehow they have got it into their heads that owning stocks means you can sell it. Even though all the experts on TV are telling them not to panic and "hold for the long term." I think it would be best for the SEC to reverse itself and allow the short sellers to be the only ones who can sell because, after all, they are pros! Thye know how to sell stock (Psst! Sell it when its high!) The longs get it all wrong. They sell it when its low.
Posted by: PureGuesswork | Sep 29, 2008 5:13:41 PM
THIS IS A BAILOUT OF GLOBALISM.
By sending American jobs overseas and running a large trade deficit they generate massive counter-flows of dollars from Asia and Germany to be invested in the US to fund more credit card debt so people will buy more Chinese goods, bad mortgages and car loans so people will buy more Japanese and German cars.
The average person will not pay the tab for a system that has undermined their economic interest. Now the Masters of the Universe are desperate and begging. Boo-hoo.
Posted by: Tom | Sep 29, 2008 5:25:20 PM
Listening to Bloomberg and Republican after Republican are all pointing the finger at that Democrat BaddAss Nancy Pelosi. While I often don't agree with her I would like to see her go over to these slimy Republican Congresspeople and kick 'em in the nuts.
McCain comes on blames Obama and all the Democrats and then says now is not the time partisanship. What a schmuck.
Posted by: grumpyoldvet | Sep 29, 2008 5:27:14 PM
Back in around 2000, Bill Fleckenstein used to talk about the possibility of a "triple red" on the Dow, Nasdaq and S&P 500. However, I don't think it's actually happened until today.
Posted by: Joshua | Sep 29, 2008 5:32:35 PM
