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Anybody on this site who is directly involved in the credit markets will confirm that things are far worse than the average person knows. Being in the middle of it, all I can say is that we are in an unprecedented financial vortex. All asset classes are getting hammered, with the exception of...

Because it wouldn't make a damn bit of difference - the Fed can say the target rate is blahblahblah, but if no one is willing to lend to each other, you get 8% fed funds offered rates like we saw yesterday

Wow, they just set the bar for other firms that hold Lehman debt due to the fact that the fund just wrote all of its Lehman cp and mtn holdings right down to zero - and if a money fund is that aggressively conversative in taking the immediate hit, other companies holding Lehman debt are going to...

Bingo! The Fed told the Street "you're gonna do this cuz we said so", and voila, LCTM's balance sheet was divied up and unwound under the ownership of consortium IBs/BDs. Bear was the one at the table that said "me no likey" and declined to participate, and when it came to pass that they...

And there you go, several firms coming together because they were commanded to by the powers that be - like you couldn't see that coming.

Anybody who works on the Street would tell you, off the record, that no one would touch a failing IB/BD unless they were persuaded/commanded to by the higher powers that be ie. the Fed/Treasury. There is no such thing anymore as a "great franchise". Everyone is holding crap paper, and the bond...

Nice post, spoken like someone actually in the biz...there are, believe it or not, a few left on this site:p

This has become a very real problem in the media....so much for unbiased objective reporting.

Precisely stated!!!

This has been going on for decades in America....do you honestly think John Q. Public will do anything to change it?

I do believe Aaron was being sarcastic - something that doesn't translate well on ET :p

Question - what would it take in this country for the citizens of the U.S. to exercise their Constitutional right to literally wipe the slate clean in all government offices and start anew? And don't say vote Democrat vs. Republican, the two party system IS the problem. Anyone????

While the Senate Banking Committee is rounding up a posse with ropes in hand to go lynch Bernanke and Paulson for the Fannie and Freddie debacle....they had better bring some extra rope for themselves. Because everyone who is in charge of governmental/regulatory oversight is just as much, if...

I knew I remembered that handle! Nice to see you actively posting again:cool:

Are you the same AMT4SWA poster that had a scorching record of day trading several round turns in ES futures per day?

Let's see.....permabear who has never made money in his career for his investors....is now barely up and claiming victory and a future windfall for his fund. This may just be a contrarian indicator that we are near the bottom of the market.:p

Nutmeg, I can identify with the rebirth of a downtown. I just moved to a city in the middle stages of reinventing itself. Over a billion dollars has been spent so far, more on the way. People tell me 3 years ago the place was a ghost town after 5 PM. Not anymore. Its a simple concept -...

Anybody trading that is based out of or near Kansas City MO?

These kids nowadays, no one wants to work for anything, they all want the easy way out and everything handed to them:p :p :p

The reason why there is a high failure rate is because people don't adequately prepare for it. Its not difficult, but you have to put in the time and study the large amount of information covered. Get the Securities Training Corp study guide and order the practice exams (disk or online, NOT...