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Never argued it wasn't. :D

The average investor doesn't understand what is going on and isn't repositioning. Thursday would have pushed them over the edge though. So far, the powers that be are doing a GREAT job of keeping everyone confused. :D PS - Long only MF managers are only a notch or two above average...

Here's what you are all looking for. http://www.federalreserve.gov/generalinfo/fract/sect07.htm :D

FINRA :D

What firm has the resources to combat Citadel over their pro-rata share of a measly little $500mm money market purchase? Next question. :D

By pure chance I had dinner with Kiyosaki and his wife at Tomaso's when I was in Phoenix last fall...hubris was my take away of him. He said, "I only invest in three things: Oil, Gold, Real Estate!" I busted him out on his yahoo column from May06 when he said, "dump the funny money, buy...

Secretary Baker... :D

There are revolving credit cdos...do the math on those. "CLO" :D http://www.securitization.net/pdf/Barclays/CreditCard_26Jan06.pdf

By the "market" bernanke is referring to the market for commercial and cmo paper. There is plenty of money in the system, but the holders/controllers of that money don't want to buy commercial paper or CMOs from certain institutions. The FED has offered 30 days grace to these troubled...

You are assuming that the FED dropped the discount rate and extended to 30 days to stop the STOCK MARKET from dropping...that is where you went off track. :D

Virtually all mortgages going forward will conform to Fannie/Freddie standards because the bid in the secondary market is gone. That means the problems for refinancing arm/jumbo holders just went to the next level. :D If you are buying mortgage stocks here you are the bid for short-sellers.

Would you terminate your 10b5-1 if you thought your company might only have weeks of life left? If he was smart, Mozilo setup his offshore accounts several years ago in various situses around the world. :D

Gibsons has a better view. :D

The market tends to punish the majority. According to my retail sources on the front lines, the shills aren't selling but calling to ask if this is a good time to put more in. When names like BSC and GS are blowing up the sky really isn't blue. :D The yahoo finance indicator - can't...

If you didn't question GS's information edge before, you should be questioning it now. The market doesn't owe anybody anything, Goldman Sachs included. RIP - Solomon Brothers :D

It will also be interesting to see who steps up to the discount window exposing their vulnerability to the healthy institutions. :D

Exactly, they still have to offload these mortgages to someone. The fact that CFC setup their credit facility in May further illustrates that they saw this no-bid event as a probable outcome. The second facet of this problem is sustainability of earnings for these underwriters/originators...

Perhaps you should take a few steps back and review the situation from the perspective of an institution/large investor. Good questions/items to consider: 1) How long will it take to reduce size in this market? 2) How long will it take to allocate the fresh capital to new positions...

Breaking the FED would involve a substantial level of risk for any one of the major hedge funds to accomplish alone. Because of the amount of capital our major hedge funds have, it would have to be a very concentrated bet. Concentrated a la Centaurus taking out Amaranth, but a fund 10-20x as...

LOL...get bigger and the deals will find you! :D