Friday, July 11, 2008

Dr Greenspan or "How I learned to stop worrying and love the recession"

Holy crap, is there anything more scary than this? Fannie and Freddie

Remember how bad it was when everyone thought Bear Stearns was going under? This is 1000x worse than that. The thing that keeps ringing in my head is how in Series 6 training they kept hammering home the idea that a US government bond was the most secure of all securities offered... think about all those people who have portfolios that include these bonds!

While im fairly confident that some bail-out will be hammered out over the weekend, just think of the worst cast scenerio here, we come back, investors sell their holdings off en masse and we have another Black Monday. If that happens, oil will not be the biggest problem anymore, thats for sure.

But lets be cheery while we can, enjoy the weekend, win lots of money at the tables, and stay safe.