Quote from stonedinvestor:
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How soon everyone forgets the 2000 point advance from April to July 07 in the dow.
leftist elitist
Now we are down 1000, and everyone on wallstreet is crying for a rate cut, it's absurd.
I think the point is that the thousand points came in 5 trading days! Also world borrowing markets are seized it has noting to do with stocks. Ben is not targeting stocks he is trying to forestall a great calamity. Don't forget his specialty in 1999 he co authored a significant paper with Mark Gertler & Simon Gilchrist on how MARKETS CAN WORSEN AN ECONOMIC DOWNTURN. How funny that it has all come to light. Ben is VERY familiar with past Fed moves AND mistakes and happens top be a Great Depression buff! Nobody is crying for anything but a fair shake. Why should my stocks go down because some fat cats over leveraged and got caught with their pants down? Why should the fed allow shortsellers to try and take advantage of the market? Why not make it a level field and show them trades go both ways? Not one hedge fund will be bailed out- just banks. The Harvard endowment fund which took a $300 million plus loss in July on Sowood's antics... would you believe even with that- they are flat for the month! Yes while all our stocks go down the tubes for no good reason- the folks at the heart of the missteps- they are even! Obviously with no withdraws from an endowment fund, Harvard enjoys a unique position of not having to sell at the bottom, but it just goes to show a well run fund can survive if they are spread out with good risk perimeters in other areas than the blowup.... SI
