Saturday, August 04, 2007

Incredible!

Talk about inciting a panic. I have never seen anything like this video. I expect it will be taken down at some point and I might have to re-link to Youtube. This from someone who was telling investors within the last few weeks that the bull market was great, tech is back and buy the dips to paraphrase a few themes. Do I take it that we shouldn't be buying the dips any more?

Thank goodness the Fed Chairman, the Chairman of the Senate Banking Committee, the Senate Financial Services committee and others aren't on TV responding in this fashion. Oh, and contrary to the statements made the Feds and Congress are closely monitoring the situation. Who has been saying the markets are not pricing in risk for quite some time? The European Central Bank and the Federal Reserve.

So, here's the question in my mind. Unless the markets seize up and cannot work themselves out in a fashion that is detrimental to long term stability of the system, is it the responsibility of taxpayers to bail out mistakes made by those who are pocking tens to hundreds of millions to billions of dollars creating the foolish, risky schemes that caused this mess? Oh, then in the end allow said people to walk away with that money while we as a society are left holding the bag?

By the way, how about an impassioned plea for those Americans who have lost their jobs to offshoring because of Wall Street's pressure on companies to do so?

If I were using sentiment as an indicator, I'd be calling a temporary bottom based on this. Okay, so watch for Monday to start down. Then watch for Monday afternoon or Tuesday to be a reversal off of a down start. A temporary bottom may be in based on this type of panic.
posted by TimingLogic at 9:25 AM

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