Um, Now What?
If you had to show the success of the FAILout in video format, this is what you'd end up with (click on full screen mode for maximum effect). A rocket exploding into smithereens, set to Tchaikovky's 1812 Overture. Perfect.
So now that the plan has been officially greeted by a giant Bronx cheer, what next?
Actually, LIBOR has dropped a bit so maybe something is beginning to work. Let's hope so, because the equity markets are having none of it.
Todays 4 week Treasury Bill auction result:
Price = $99.992222, which means if you loaned the U.S. Treasury $99.992222 today, in 4 weeks they'd give you your money back plus 8/1,000ths of a penny for your trouble. Not a great return, but if you'd had that $100 in the stock market today, you lost 8 bucks (which reminds me of another Wall Street adage: In a bear market, the guy that losest the least, wins).
The DOW dropped 733 points, down almost 8%. The S&P flirted with a trading curb halt after dropping over 9%. The NASDAQ fell over 8%.
In Asian markets, the monkeys tried to one-up the U.S. market monkeys and began throwing peanuts and feces at each other in a furious rage. The Hang Seng and Nikkei opened down 10% before bouncing off their lows.
Not to be outdone, the European traders will most likely fling a fair amount of limey poo as well.
So now that the plan has been officially greeted by a giant Bronx cheer, what next?
Actually, LIBOR has dropped a bit so maybe something is beginning to work. Let's hope so, because the equity markets are having none of it.
Todays 4 week Treasury Bill auction result:
Price = $99.992222, which means if you loaned the U.S. Treasury $99.992222 today, in 4 weeks they'd give you your money back plus 8/1,000ths of a penny for your trouble. Not a great return, but if you'd had that $100 in the stock market today, you lost 8 bucks (which reminds me of another Wall Street adage: In a bear market, the guy that losest the least, wins).
The DOW dropped 733 points, down almost 8%. The S&P flirted with a trading curb halt after dropping over 9%. The NASDAQ fell over 8%.
In Asian markets, the monkeys tried to one-up the U.S. market monkeys and began throwing peanuts and feces at each other in a furious rage. The Hang Seng and Nikkei opened down 10% before bouncing off their lows.
Not to be outdone, the European traders will most likely fling a fair amount of limey poo as well.
posted by proudmonkey at
8:59 PM
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