THE DOT - if this turns orange or red be alert

Wednesday, September 17, 2008

SEC bans all naked short selling - someone fire this Cox

Instead of intelligent monitoring of banks, they come up with pathetic short selling rules. Did that prevent any bank from going under? Slowly, it's more than disgusting to watch them at "work". That's a pure indication of panic and very dangerous thing to do. Some people might have to cover, but the big players anyway do the lending and most amazingly for this ...., it does not change the underlying problems at all.

Bush and his guys should step down from duty a.s.a.p., but I am afraid that would cause a panic and is not efficient. Nevertheless, the McPalin duo is out of any question advised by the same people who have no clue what to do. It is like watching the Titanic crashing into the iceberg - you see it coming but it cannot be avoided anymore. It's pretty depressing, but the whole world seems to have lost its grip on what is right and wrong. Lies, fraud and people without a backbone in charge. That's not a good mix and the making of a cathartic event to happen. All the wake up calls so far do not get the attention they deserve and the media is so occupied with details and distracting from the big picture.

The IMF confessed today that we might not have seen the worst and I can only agree. Mr. Bernanke with a Ph.D. on this matter should know better. In 2 years from here, the SPX will be at half of its value in the best case from here for good reason. All of these pathetic calculations (made until recently), on how rich sovereign funds will be in 20 years from here, were an excuse to underpin the exuberance of funds available. This was just an illusion for a wall of money, which was supposed to hold up markets. I remember they did the same thing for Japan 20 years ago. Well, these number crunchers are busy generating statistics, which are not even worth the paper they are written on. I think that after taking big losses on their current investments and commodity incomes decreasing sharply, that source will not be available anymore to bailout the world.


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