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100% correct, it has gone way beyong that point. It is now an issue of the faith in the viability of the credit market.

http://www.bloomberg.com/apps/news?pid=20601087&sid=alKf23cwrb5Q&refer=home These Central bankers with all their education are going to fuck the system and all of us along with it. They are going to send us back to the financial dark ages. The stimulus packages is a bunch of BS and will...

I need some of what you are drinking LOL.

Its just a nightmare, go back to sleep.

Feel for the guy but couldn't help hearing that Vonage "woo hoo hoo" song in my head as I was watching. I should send him a video response with the amount I am down today just to make him feel better.

Good points Daal. The more I look in to this whole mess the more it looks to me that the US Gov doing something like this is the only way to restore faith in the credit markets http://online.wsj.com/article/SB120085762367003651.htm Then there will have to be some regulation to ensure...

http://online.barrons.com/article/SB120071150488302379.html Before Warburg cut its deal with MBIA it brought in outside consultants to stress-test the company's portfolio, subjecting it to Armageddon-like housing and other economic assumptions. It found that annual loss expenses -- actual...

http://online.wsj.com/article/SB120061980722699349.html?mod=googlenews_wsj With no central trade processing of credit-default swaps, defining trading-partner risks can be a Herculean task. Mr. Buffett learned the difficulty of unraveling such complex instruments in 2002 when he directed...

Anyone can make great calls now and then, very few can make significant money from great calls, even their own. Luck, trade and money management, and the exit all play a critical role.

http://www.bloomberg.com/apps/news?pid=20601087&refer=home&sid=asLtTQyLRQQs It is no wonder Buffet just entered this business, the risk premium now is such that it represents significant opportunity for deep pockets with cash. If the State regulators get involved and the fed helps with some...

Cowardly selfish bastard. Suicide is the ultimate losers way out. To kill youself if you have kids is about the most selfish thing you can do.

Yes he looked thouroughly depressed with the weight of the world on his shoulders. This is his nightmare playing out on his watch. His whole career has been built on the thesis that the Fed can stave off another '29 event and yet it is what seems to be unfolding.

I may be wrong but I think that was prior to the fitch downgrade. I think that they may get the forebearance (thought it will certainly cost them), afterall what is the alternative. Read that C, MER, and others are heavily exposed.

http://www.bloomberg.com/apps/news?pid=20601087&sid=a3Xei2RV5MCY&refer=home Damn this is the other shoe. "I think the role of the regulator has to be a facilitator. To speed in or somehow facilitate those possible bailouts or transactions, that is our number one goal as a regulator right...

bgp, i'm long too short term but staying away from financials because the fresh capital they have taken onboard has essentially scuppered their earnings. All this fresh money was gauranteed a ROR (pretty high ROR considering these are some of the best assets in their class) which essentially...

Added to QQQQ and EMM Calls today, looking for a rally in the next couple of weeks back to 12400-12500 area. Incidentally, if we don't rally I don't think we just stay put or grind down, we unequivocally crash though I would say there is a 2% chance of that vs a 98% chance of a rally.

Nikkei rallied 500 points off its lows. Yen drop suggests fresh liquidity to the party. If GE isn't going to deliver a shocker could be a rally to remember. $800 is ridiculous and who knows how much damage will be done before some sense prevails and those in charge of the country's fiscal...

Was also fishy that many of the indicies like XLF, SOX and BKX to name a few and some of the tech stocks were not confirming the lows in the SPX. I think the vix was low because the smart money knew that shorts were going to get ripped tomorrow and they have been selling puts hand over fist.

Great journal Anek, thanks very much for sharing your knowledge so generously. I have learned a great deal. Good trading.

http://www.bloomberg.com/apps/news?pid=20601087&sid=afwwP1rDSh10&refer=home Seems to be a fairly substantial package and will put a floor under the market. They have been talking about it since Nov and seriously in the last few days, obviously this was known by the smart money players which...