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Originally Posted by CNN
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Quote:
Originally Posted by CNN
Looks promising. I bet we can top that tomorrow.
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Originally Posted by John McCain
This fall in value is really the ultimate outcome of bogus accounting that sprang from the deregulation of the 90s (starting with repub congress and clinton presidency) and has roots in reagan's 'the bill will never come due budget philosophy'. The deregulation has led to incredible information assymmetry in the investment market. only insiders have any clue about the value of most companies. Creative accounting tricks have been the rule more than the (enron) exception. Quarterly statements have always tended toward the misleading, but statements seem to be almost meaningless at this point. No one knows the true value of many publicly traded firms. markets with information assymetry are NOT efficient.
What has been the precident for prosecuting insider trading from enron? How many people were prosecuted for unethical conduct? There was no punishment for making shit up. eventually, these companies fall beneath the weight of their own incompetence. anyways, once the world realizes how little they actually know about corporate america, the whole system could really collapse at any moment. these financial institutions truely represent the roman leaders partied the night away while rome burned beneath them.
Companies like lehman bros. don't fall over night. their value has declined over the last few months based on when each type of investor learned about the reality: first high placed managers, 2) their friends, 3) high $ investors, 4) mutual funds, 5) index funds, 6) everyone else.
It could be the case that other sectors of the economy have been more truthful and it might be a mistake to pull money out now, but we don't know. Anyways, i stand by what i said in april.
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Originally Posted by myself in april
I've said this before, but I don't really care about the Dow or whatever. That's not "our" economy. That's the rich people's economy. Their economy can be perfectly fine while ours is in the shitter, so I don't care to hear about it anymore.
But if I did care about the rich people's economy, I'd probably be fascinated with the levels of delusion out there in the media. "Huge banks getting bailed out or sold for parts weekly; everything is fine."
The Dow, bonds, and home equity constitute a lot of regular folks' retirement money. All are under siege.
You know it rebounded yesterday, right?
Blame Chris Dodd.
And it was a great rebound. Go down 500 points, rebound 140 points.
Seems like a solid economy.
This is as much about the failure of U.S. economic principles as anything.
This is socialism at the highest levels, the largest single nationalization of resources the world has ever seen.
Capitalism is pretty much dead.
If you have any skin in the game beyond the cash in your wallet, there's some reason to worry. Mortagages and the financial instruments derived from them have poisoned the entire financial well.Quote:
Originally Posted by Big Swami