The market is in total disarray. I have to tell you, even I thought we would bounce today late day. And, we did! Unfortunately it lasted for a half hour and then they just slammed us to death!
The hearings are insane. The core issue is that they are trying to force this panic bill out there under threat of the whole world ending, when really what will end is a few banks and the 10,000 level on Wall Street!
It's a joke. The best part was when they asked Paulson if the banks are going to sell the asssets for what they are worth and he replied to the effect that the banks won't take what they are worth, they need to pay them a higher multiple!
Are they insane? The banks want to sell the assets for more than they are worth! BUT, Paulson adeptly pointed out that over the long run the tax payers will make money!
Really? Last time I looked when you buy something for more than its worth, you LOSE money!
Also, comparing this to the savings and loan crisis is ridiculous! Why? Because there was a market for those distressed assets. There is virtually NO market for the assets they want US to take off the banks books at more than they are worth!
What's really behind this is the desire to try to manipulate the stock market HIGHER. That's all it is. It's beyond absurd and its beyond obvious. Yes, we should pay more than things are worth, not cut executive pay and not take shares in the stocks themselves to give us some upside!
Where do I sign? This is possibly the most infuriating government intervention in the history of my life. I've disagreed with a lot of things we've done as a country, but I can almost always see the other side of the ledger. With this, I can't see why we are doing this other than pure unadultered cronyism!
I loved it when Bunning asked Paulson when he was CEO of Goldman! That was awesome, I thought Paulson's face was gonna fall off! I'm sorry, listening to this today should make Americans sick to their stomach. This is shameful, disgusting and an abuse of the system and principals this country was born out of. I am sure the founding fathers of this great land are turning over in their graves. ANd, its not a Democrat vs. Republican thing, its disgusting across the board. They are playing Russian Roulette (why not, we're suddenly communist!) with our finances, our futures and our kids futures. All under the BS guise of the world is going to fall apart if we don't rush and do it today!
Yeah, ok, well, how come we didn't fall apart today? I bet we don't fall apart tomorrow, or the next day!
The only thing falling apart is the stock market, and you know why? Because it is VASTLY overvalued by any historical or fundemental measure. So, it SHOULD fall apart, the same way housing prices should have fallen apart. That's what happens, markets go up and markets go down, and that, my friends is part of life. Deal with it! BS happens and it happened today on capital hill, folks, and if you think that these people aren't messing with YOU, you are sadly misinformed. And, I've been killing this market, so I'm fine with it going up and down, I just really can't stand being lied to and manipulated. Tomorrow maybe we get turnaround Wednesday, but it'll have to come on news or capitulation. Funny, I thought stopping the shorts would save us! Who knew the shorts have almost nothing to do with whats going on? Funny, markets should and do seek their own level and no matter what the Fed does longer term this market goes MUCH MUCH lower. They will prop it up again, and we'll go lower again. When they finally give up is when we'll have a true bottom. See ya manana! WAXIE