elh Posted August 3, 2007 Report Share Posted August 3, 2007 I don't know why this guy even bothers. All he's gonna do is incur additional legal fees unless he finds a class-action sweatshop. The SEC, Congress, and Supreme Court have already shielded Wall Street from these 'frivolous' lawsuits. ________ Source: Crapvision ?Bear Stearns and several members of its senior management repeatedly misled investors in two sub-prime hedge funds to keep them from withdrawing money even as the funds were losing much of their value, according to an arbitration claim obtained exclusively by Crapvision.? ?The investor, whose named is being withheld, allegedly lost $500,000 in the high-grade structured fund after listening to the advice of Cioffi, and his other Bear Stearns employees, during a series of conference calls that began in late 2006 through approximately June 2007, the claim says.? Link to comment Share on other sites More sharing options...
LeeWhee Posted August 3, 2007 Report Share Posted August 3, 2007 This just in: White House says "Housing appears to have bottomed out"Source: Rob Portman, White House budget director on Kudlow 596326[/snapback] Given what has come out of the White House over the past 6+ years, they could say "the sun rises in the east" and no one would believe them. Link to comment Share on other sites More sharing options...
Schonthaler Posted August 3, 2007 Report Share Posted August 3, 2007 I guess its too late to short the indexes? What happen to Bob Stinker's call to buy the s&p at 1450? Could Bob and his listeners be wrong? Or does some other magical or critical resistance lie ahead? I think Wndy was saying that we have record shorts. If we are in a protracted bear market record shorts only confirms the reason for record shorts. Therefore it might not be a contrarian indicator? Link to comment Share on other sites More sharing options...
Sudaca Posted August 3, 2007 Report Share Posted August 3, 2007 What's really freaky is how Wall Street and other folks are still referring to this as a "sub-prime crisis", and continue to point out that "exposure to sub-prime is minimal" bla bla bla.... "Look at bank earnings, they're OK" yada yada yada Almost nobody is calling it for what it is: The end of the biggest credit bubble in history. I'm not saying that spreads are going to blow out 1000bps next week, but to think that the biggest bubble of them all can deflate without serious consequences across the financial board is definitely drinking the kool-aid. Link to comment Share on other sites More sharing options...
Sudaca Posted August 3, 2007 Report Share Posted August 3, 2007 That comment by Bear's CEO: "The worst credit market in 22 years" is absolutely true, and may have jolted many back to reality. Link to comment Share on other sites More sharing options...
FauxCaster Posted August 3, 2007 Report Share Posted August 3, 2007 Almost nobody is calling it for what it is: The end of the biggest credit bubble in history. 596337[/snapback] God, I hope so. I'm still not convinced. They pulled it off so many times in the past. Link to comment Share on other sites More sharing options...
mdporter Posted August 3, 2007 Report Share Posted August 3, 2007 I think on Monday I am going to buy some CEF. It's a pretty good setup. Link to comment Share on other sites More sharing options...
lineup32 Posted August 3, 2007 Report Share Posted August 3, 2007 That comment by Bear's CEO: "The worst credit market in 22 years" is absolutely true, and may have jolted many back to reality. 596338[/snapback] The s&P news on bear this morning got the ball rolling I think. Just returned from knocking on doors and asking for the order , added to my QID short at 45.48 as I went out the door this morning, so I was pretty happy to hear the news as I was driving down the freeway this afternoon. Great Day!!!! It's hard to shake me out when I can't watch the tape and don't have a stop. F*em Link to comment Share on other sites More sharing options...
DrStool Posted August 3, 2007 Author Report Share Posted August 3, 2007 New podcast posted http://radiofreewallstreet.fm/?p=341 Or use the widget at the bottom of the page for either the free preview or the full version (subscribers only.) Link to comment Share on other sites More sharing options...
Jetlag Posted August 3, 2007 Report Share Posted August 3, 2007 What happened no friday happy green print? Link to comment Share on other sites More sharing options...
Private Skidmark Posted August 3, 2007 Report Share Posted August 3, 2007 What happened no friday happy green print? 596343[/snapback] Yeah, but we got one for gold. Link to comment Share on other sites More sharing options...
FauxCaster Posted August 3, 2007 Report Share Posted August 3, 2007 Given the pouting going on on Wall St. would it not be possible for the Gang of 22 with their own equity market desks to tank the market enough to get Joe6Pack upset by the "crisis" so the Fed can step in and save their fixed-income gravy train? As it is, I see this as another "Rich Man's Panic" of 1907. Link to comment Share on other sites More sharing options...
lineup32 Posted August 3, 2007 Report Share Posted August 3, 2007 "Issuance has fallen off a cliff. Roughly $30 billion or so, was sold monthly this year but in July it was less than $4 billion," said Camurdan. "It's going to be a very slow year and I don't see anything changing for the foreseeable future unless the Fed starts lowering rates," the manager said. Securitization volumes are seen plummeting in the second half as mortgage originations slow due to tighter lending standards and less risky home loan products. "The buyer base is much less now that credit is much tighter. There's not much of a market for first time home purchasers and its hard to refinance your existing subprime loans," said Camurdan. "ARM loans are going to be resetting so we may see some more refinancings but I don't know how well that is going to go though," the manager said. According to JP Morgan Securites, borrowers of nearly half of the $500 billion of adjustable-rate mortgage loans due to reset at higher rates over the next 18 months will be unable to refinance their mortgages. "Foreclosures and delinquencies will definitely increase if borrowers are unable to refinance. Then that will begin to feed on itself because as foreclosures increase that's going to push house prices down which will increase foreclosures again," said Camurdan. http://www.reuters.com/article/reutersEdge...03?pageNumber=2 Link to comment Share on other sites More sharing options...
Jetlag Posted August 3, 2007 Report Share Posted August 3, 2007 Here come's all the screaming for a bailout... If you are short you are fuked. The fed needs to heal the market woes, and make all irresponsible lenders and borrowers whole again. Hedge funds and ultra large investors using 10 to 1 leverage (usually to to cause short squeezes) will be bailed out. The market shall only go up. 596312[/snapback] I think this may be a mathematical impossibility, but I'm purtty dumb 596322[/snapback] Having a little background in statistics...it is not impossible......but the odds are very very low on this one.... 596323[/snapback] They will try, but ultimately, they will fail. After all, who will be the ones to bail out the FED? They owe enough money as it is... 596324[/snapback] Isn't the japanese government still trying to paper over the 1989 collapse? Link to comment Share on other sites More sharing options...
mdporter Posted August 3, 2007 Report Share Posted August 3, 2007 just a flesh wound Link to comment Share on other sites More sharing options...
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