The amazing thing about Markets(notice, I didn't say capitalizum, or Free markets). Is that they are so Elastic and Dynamic. They have a life of their own. They Defy Armageddon and economists alike.
How can the Fed buy all that stock... Must be printing money.
Tuesday, September 16, 2008
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2 comments:
People will make money where they think they can. That has no bearing on the potential for systemic risk. The Barclay's purchase of Lehman has been in discussion even before the market opened today. The timing of the Barclay's purchase announcement was masterful and may leave us in the green at markets close today (hopefully). The masters of the Universe (Paulson, Bernanke, etc.) truly are geniuses, but an up day on the market doesn't solve a problem decades in the making...
This doesn't change the systemic risk one iota.
Chuck,
they have come in like vultures, and purchased the "Securities unit". They didn't buy the company. The company has gone the way of numerous wall street firms over the past thousand years. They suffered hubris, and payed the price.
People will come in and pick apart all all kinds of different parts of LEH for weeks.
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