[cwd]

I_Am_Madness, on Oct 7 2008, 05:36 PM, said:

that's what i was saying.
it's been crashing...it's just happening in a larger timeframe.  Not your traditional 'intraday' down.

And I have been able to only extract a small amount although I was shorting the right stuff. The fraudsters just kept on shaking me out. I will figure it out about the time the market turns.

[astral mike]

Private Skidmark, on Oct 7 2008, 05:01 PM, said:

May as well enjoy it.

Happy Banking Holiday, everyone.

what banking holiday is this ?

i don't see any listed for today or tommorow...

http://www.buyusa.go...k_holidays.html

[capitall]

mdporter, on Oct 7 2008, 01:50 PM, said:

10-07) 13:08 PDT WASHINGTON (AP) --

Executives at American International Group Inc. hid the full range of its risky financial products from auditors as losses mounted, according to documents released Tuesday by a congressional panel examining the chain of events that forced the government to bail out the conglomerate.

The panel sharply criticized AIG's former top executives, who cast blame on each other for the company's financial woes.

"You have cost my constituents and the taxpayers of this country $85 billion and run into the ground one of the most respected insurance companies in the history of our country," said Rep. Carolyn Maloney, D-N.Y. "You were just gambling billions, possibly trillions of dollars."

taxpayers bailed out AIG fraudsters, no surprise there

Great...

Let's hope that eventually financial companies learn something from all of this.

This is a difficult situation for humans, because humans repeat a behavior if it is rewarded. So everyone made risky bets, and folks who were successful at the bets were rewarded financially and socially. But the behavior that was rewarded was the behavior of taking high risks. But now all of a sudden with the commodities tanking and the toxic waste paper worthless to everyone except Uncle Sam, people are being punished for the same behaviors they were rewarded for before--for taking big risks. So they are all confused.

Eventually perhaps folks will learn that it is not a great behavior to leverage your bets 40:1, because no one wins all their bets. And when you lose, if U R mega-leveraged, U can go bankrupt and bring the whole economy down with you. Which makes other folks very angry at you if they end up bailing you out or end up broke because of you.

So suddenly the highly leveraged financial risk takers, who are used to being treated as if they are God on a stick, are suddenly finding out what it is like to be scorned rather than worshipped.

I guess we are all going to have to stop worshipping people who leverage 40:1, even if they do happen by chance to win their first bet or 2.

[Yaryman]

The banned SNL skit that explains the current mess.

Sad but true.

[Yaryman]

mdporter, on Oct 7 2008, 02:39 PM, said:

WASHINGTON (AP) -- Consumer borrowing fell in August for the first time in more than a decade as households, battered by rising
job layoffs and the decaying economy, cut back sharply on their use of credit.

Sheeple correctly sensing that the wind is blowing, and it smells like shit.

No mention of the fact that the number they mention is seasonally adjusted.

Consumer credit outstanding on a non adjusted basis did go up from July to August.

Can't stop the consumer from borrowing

[BusKow]

hysterical VIX

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[DrStool]

For your viewing and listening pleasure.

[DrStool]

[Jetlag]

Japanese Bears on the loose

[DrStool]

[BusKow]

Technical shport twixt here and ~960, with big-time res @~1100

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[Private Skidmark]

astral mike, on Oct 7 2008, 06:43 PM, said:

what banking holiday is this ?

i don't see any listed for today or tommorow... 

http://www.buyusa.go...k_holidays.html

The FDR kind. This is speculation. None has been announced.

[BusKow]

Small fall - S&P600

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[Speakeasy]

Jetlag, on Oct 7 2008, 05:17 PM, said:

Japanese Bears on the loose

This is a rather critical juncture for our dearest creditor. I beginning to find all this somewhat worrisome. You don't think they'd quit lending us our monthly allowance, do you?

[Speakeasy]

DrStool, on Oct 7 2008, 05:17 PM, said:

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Dey panicking out dere. Man, if the Fed shoots that bullet and we get another Nuttin', we'll see some real panicking. The speed of the decline is breathtaking without the support from short covering.