They want to know specific details about how the government is going to bail out failing banks. According to the finance articles, this is the key.
How these details come forward or do not come forward next week, will probably determine the direction of the market.
Reuters: Bank rescue details key to stave off bears
We don't care about anything but bank details at this point," said Robert Francello, head of equity trading for Apex Capital hedge fund in San Francisco. "It's all about bank details and a bank rescue."
3 comments:
The problem with the banks is they're all hiding how bad it really is on THEIR own books and as long as no transparency exists , no trust exists. It's a case of lying liars all realizing their being BS by each other. An example of the opposite is how the diamond trade is handled in NYC. No contracts all done by the trust in each man's word. The problem is none of the people who run these banks has any word (honor). The Chinese also do business with an honor system and it works! A friend of mine that did BIG biz for many yrs. with the Chinese told me that as hard as business people as they can be, one thing made them great to deal with. They honored their agreements to the letter! Even if they had to lose $$. Why? Because to the Chinese face ( honor) is everything. Paper contracts are like locks to them, to try and keep out thieves like Trump et al.
I like your post and what you are pointing out.
As you know its not about honor at all its about getting ahead of the other guy because if you do you are better or smarter. I see this when I stand in line in a store and a new line opens up. Usually some younger person in line behind me jumps up to the new cashier. I know you have experienced this. We teach this to our kids, gotta get ahead at the others guys expense. We are a nation of sociopaths because there is no honor and next to no compassion.
I think the only way that any of this changes is really just one person at a time. You make a connection, and you build from one single person. That's the main problem with this stimulus. It presumes everybody will be on the up and up. No way, not ever, not in America now. There's some bright boy Harvard MBA at this very moment figuring out how to con millions out of the stimulus, you can take that to the bank, as you know.
Yes, it's all about winning in our country isn't it? At any cost. That's what allowed Paulson to pull the plug on his career long rival at Lehman Bros. Mr. Fold. That's also the domino that sent this whole thing tumbling. Paulson, knows that now and has to live with it. But, if not Lehman it would have been another house of cards that would have eventually brought down this charade. Now it's to late. Were all going to pay for all the lying and winning aren't we? But, the really rich are ready for this aren't they. More buying opportunites for them is how they see it. Such a society is really nothing more then a war of everyone against everyone else, isn't it? To the victors go the spoils.
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