Aug. 10 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke was wrong.
So were U.S. Treasury Secretary Henry Paulson and Merrill Lynch & Co. Chief Executive Officer Stanley O'Neal.
The subprime mortgage industry's problems were contained, they all said. It turns out that the turmoil was contagious.
This could be why the Feds are reacting with such extroadinary measures. They stepped out of their ivory towers and actually called some bankers. Does that make you feel better? Not me. If the markets give us a rally that stays below SPX 1506, sell it.
So were U.S. Treasury Secretary Henry Paulson and Merrill Lynch & Co. Chief Executive Officer Stanley O'Neal.
The subprime mortgage industry's problems were contained, they all said. It turns out that the turmoil was contagious.
This could be why the Feds are reacting with such extroadinary measures. They stepped out of their ivory towers and actually called some bankers. Does that make you feel better? Not me. If the markets give us a rally that stays below SPX 1506, sell it.
This entry was posted
on Sunday, August 12, 2007 at 8/12/2007 12:33:00 PM.
You can skip to the end and leave a response.
8/12/07 6:03 PMcheck this interview with Marc Faber. Good stuff!!! http://www.bloomberg.com/news/av/
Marc Faber Says U.S. Stocks Are at Beginning of Bear Market August 10 (Bloomberg) -- Marc Faber
8/12/07 6:44 PM
Thanks, I did listen to it last week. The one thing I did notice is that he is not pushing gold as much as before (or at all). In any case, I agree with many of his points.
8/12/07 6:54 PM
I would think it is due to his bullish out look on the dollar.
8/12/07 9:39 PM
Spot dollar is trading near 2004 lows when rates were a few hundred basis points lower. Odd divergence and somewhat alarming. I will post the chart.
» Post a Comment