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#39896 - 09/19/08 12:31 PM Re: So is this the buttom of the rabbit hole? [Re: Smike]
oenophore Online   confused
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In my initial post in this thread, I began with the weasel words, “Some may say that” in order to conceal my ignorance of the subject. Here is some sound investor advice:

“The time to buy,” said Nathan Rothschild in 1815, “is when blood is running in the streets.”

From a viewpoint of advocacy of creative destruction/social Darwinism, perhaps it is best for governments to stand by and let this blood run.
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#39902 - 09/19/08 05:41 PM Re: So is this the buttom of the rabbit hole? [Re: alicex4]
Smike Offline
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 Originally Posted By: alicex4
Britain just made a move to regulate naked selling short, which the US is still letting happen willy nilly which is another reason why the market is fluctuating so wildly. You don't have to actually buy the stock when you do this. See the BBC news business section for the article.


Well the SEC just took action today. But they actually temporary banned all short selling till Oct 2.

God they are complete idiots.

This explains why:

http://money.cnn.com/2008/09/19/markets/thebuzz/index.htm

"The SEC is attempting to curtail market manipulation. But it is doing so by manipulating the market."

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#39903 - 09/19/08 06:13 PM Re: So is this the buttom of the rabbit hole? [Re: Smike]
alicex4 Offline
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#39938 - 09/22/08 05:01 AM Re: So is this the buttom of the rabbit hole? [Re: Smike]
MarcC Offline
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They're not idiots at all. By banning short selling for 2 months, they've ended the McCain campaign. It's obvious that the ban is intended to prevent speculators from betting on the decline of the US by voting for McCain.

[with plagiaristic thanks to The Satirical Political Report.]
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#39940 - 09/22/08 10:25 AM Re: So is this the buttom of the rabbit hole? [Re: mummert]
oenophore Online   confused
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#40195 - 09/28/08 11:01 AM Re: So is this the buttom of the rabbit hole? [Re: alicex4]
oenophore Online   confused
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#40308 - 10/01/08 10:44 AM Guess who wrote this [Re: alicex4]
oenophore Online   confused
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Markets have inherent and well-known inefficiencies. One factor is failure to calculate the costs to those who do not participate in transactions. These "externalities" can be huge. That is particularly true for financial institutions.
Their task is to take risks, calculating potential costs for themselves. But they do not take into account the consequences of their losses for the economy as a whole.

Hence the financial market "underprices risk" and is "systematically inefficient," as John Eatwell and Lance Taylor wrote a decade ago, warning of the extreme dangers of financial liberalization and reviewing the substantial costs already incurred - and also proposing solutions, which have been ignored.

The threat became more severe when the Clinton administration repealed the Glass-Steagall act of 1933, thus freeing financial institutions "to innovate in the new economy," in Clinton's words -- and also "to self-destruct, taking down with them the general economy and international confidence in the US banking system," financial analyst Nomi Prins adds.

The unprecedented intervention of the Fed may be justified or not in narrow terms, but it reveals, once again, the profoundly undemocratic character of state capitalist institutions, designed in large measure to socialise cost and risk and privatize profit, without a public voice.

That is, of course, not limited to financial markets. The advanced economy as a whole relies heavily on the dynamic state sector, with much the same consequences with regard to risk, cost, profit, and decisions, crucial features of the economy and political system.
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#40313 - 10/01/08 12:32 PM Re: Guess who wrote this [Re: oenophore]
Smike Offline
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Isn't Noam Chomsky a somewhat socialist?

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#40314 - 10/01/08 01:04 PM Re: Guess who wrote this [Re: Smike]
mworking Offline
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Registered: 05/26/04
Posts: 764
Doesn't matter what you call him. He was obviously correct when he wrote:

 Quote:
"to self-destruct, taking down with them the general economy and international confidence in the US banking system,"


What aggravates me so much is that I feel this was all so very easily foreseen and easily avoided.


Edited by mworking (10/01/08 01:05 PM)

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#40337 - 10/01/08 08:29 PM Re: Guess who wrote this [Re: mworking]
acdnyc Offline
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Registered: 11/10/04
Posts: 208
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Why avoid it. The whole planned idea behind deregulation was to bankrupt the US Government and us. I can't belive it only took 2.5 years.
I've been down on Wall St. the past few days and I haven't seen any chaulk outlines. I guess those windows are bolted shut. Darn.


Edited by acdnyc (10/01/08 08:30 PM)
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