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Ironically enough, Bear was the only firm on Wall Street ( among 14 ) that did not wish to participate in the NY Federal Resserve's "bail-out" of LTCM back in the Summer of 1998. Leverage is very common on Wall Street, especially as it applies to mortgage backed securities. I believe that...

You are Wrong. The NY Federal Reserve President negotiated the bail-out of LTCM. This move with Fannie and Freddie was NOT unprecedented.

The precedent was set with Long Term Capital back in the Summer of 1998. This is nothing new. If people are so upset about it, then LEAVE.

And as we ALL know, a bull market in the U.S. stock market indices cannot happen unless there is a bottom in housing. Has anyone here on ET ever been through more than just 1 bull/bear market cycle? Sheeeeesh!

Sure you did.

As usual, you didn't answer the question. And as usual, your last comment shows just how ignorant you are.

Leave it to you to actually be so freaking NAIVE as to think that the entire U.S. stock market revolves around housing. You need to go back to school and take a class in Econ. 1 Do you even have a clue as to how much of housing makes up of GDP? Do you even have a clue as to what...

Dollar getting crushed. Time for the Oil and Metals complex to head back up! :) http://www.nymex.com/index.aspx

It's not 150 points. Try +280 my friend!!! :D Blah, blah, blah, blah . . . Same old crap from you. Good luck on having averaged-down on your SKF Longs at 116-117. You're TOAST.

You are about to get your head handed to you . . . Congratulations!

It is indeed a tough call. :(

Kurt, you forgot about the 3.5% NYC residence tax. Had nothing to do with Clinton. It was all about Mayor Ed Koch and the weasel Giuliani. I walked across the Street and risked my own capital and paid that tax for 10 years. Unreal.

In case you haven't noticed . . . With the Republican Party these days, it's ALL about kissing up to the evangelicals and the conservative right-wing. Thus, people like Mit Romney, Rudy Giuliani, Joe Liebermann, Kay Bailey Hutchinson, Tom Ridge, Carly Fiorina, etc. never had a chance.

Don't worry. I won't take anything that you say personally - - - especially coming from someone with over 6500 posts of worthless drivel.

Too Funny. McCain running around Wisconsin telling people that Sarah Palin sold the Alaskan "Corporate" Jet ( used mostly to ferry prisoners back and forth to Arizona because Alaska doesn't have their own PRISON ) on Ebay for a profit. Sorry John. You are once again misinformed...

The guy is indeed a slimy son-of-a-bitch who was the first Prosecutor to turn the RICO statute into a growth industry . . . and to further one's political career. Just ask Mike Milken and a trading clerk named Lisa Jones. The guy is a douche-bag.

She's not hiding. She's sequestered in the George Bush Library learning all she can about "Foreign Policy" to prepare herself for the debate with Biden. :D

I think that it is actually an insult to women that the RNC seems to think that Palin will attract anyone close to being a Hillary supporter. Their views are literally direct-opposites. Hasn't America become "dumbed-down" enough after two-terms of Bush?

And don't forget that she attended that great educational bastion, THE University of Idaho - - - not once, but twice! :D

Yes, but it's far too early to bet on Hurricane Ike entering the Gulf right now. I believe a much more substantive catalyst for the energy sector would be the Euro rallying once again after this sharp USD rally of the last several weeks.