Originally posted by mel1962
The Fed to the Rescue!
between your thread here, and two other threads concerning the ongoing
market (correction) circa 15 August onward,
i addressed the problem, i also challenged the mortgage bankers & those
who created the bogus/overpriced debt instruments that are fast becoming
extremely cheap or next to worthless...that i could provide a means to save-their-butts...and the fee begins at $1,000,000.oo for my solution.
[no takers yet]
but as to the newest trick by the FED on reducing the overnight discount rate by .50%...it only allows the 'big guys on the block' to redeem a small
percentage of their holdings in the bogus mortgage instruments...
the small guy owning Funds that are glutted with mortgage pape/bonds etc
are positioned low-on-the-totem-pole
all this feel-good crud, that the 'Fed did a brilliant move' is just the money mongers & TV stockmarket mongers
throwing you a load of sileage (the chopped up plant material that milk-cows get rationed twice a day in their barn stalls)
I'm glad that reasoned investors see Friday's Fed rate cut, as holding absolutely no relief for the hundreds of funds, and private equity groups,
hedge funds et al..which are strapped with the bogus mortgage paper
And the 200+ market jump (on Friday) at the initial announcement from the Fed. is being reversed this Monday, as the brokers/investment banks
see through the veneer.
i only estimate 10,000 brokerage house layoffs, the year end bonuses as never materializing, (an the resulting fallout, of an economy built like a
house of playing cards)...but after today, when the MSNBC talking heads at the Market news hub said there are 53,000 brokers at all these
investment firms -who were busy selling the bogus mortgage paper & hedges- & received their extremely generous commissions already...
when i heard that all 53,000 have their heads on the chopping block....
well, i'm even more cynical of the eventual 'unwinding' and maybe the 10,500 bottom i suggested is too high itself. !!
will bore ya'll some more as the story unfolds
[edit on 20-8-2007 by St Udio]