KT,
This is the second time the Fed made a surprise rate cut on an options expiration day. (Greenspan did the same thing) I have no problem with a rate cut. But no one is going to be able to convince me that doing it on an expiration day wasn't intentional. They could have cut rates at the last meeting, yesterday, the day before, Monday etc... But no, they did it on expiration day, most likely because someone's "book" didn't look good and they needed to get a pump in before the expiration, just like last time.
Some people that understood the situation were probably short options and futures heading into this morning and were sitting on potential fortunes as the market looked ready for another spill. Furthermore, in all likelihood, Thursday's late 300 point rally was probably the result of a leak about today. The fact of the matter is that huge sums of money were transferred from the prudent to the irresponsible dickheads again.
Wall St and the financial elites did everything they could to slice and dice mortgages, push crap paper on unsuspecting investors, and get middle class and other marginal borrowers to extend themselves way beyond all reason. Now it's all blowing up and millions of people are going to lose their homes, money invested in crap paper etc...
Yet, somehow, Wall St manages to get away relatively unscathed again.
What we have is a bunch of mentally deranged greedy Crameresque scumbags running the financial system and they have the Fed, IMF, and everyone else that matters in their hip pocket.
Personally, I am sick of it.
And just so you understand this anger isn't about losing money. I've been selling puts on some of the high quality financial stocks (banks) with little or no exposure to subprime. So today's rate cut was about the best thing that could possibly happen to me. I made a lot of money today. However, that doesn't make any more right.
When a poor man steals from a rich man, it's inexcusable, but understandable.
When a rich man steals from a poor man, it's evil.
I wish someone would round up all these scumbags and eliminate them Sicilian style. Anything less would not be satisfactory. |
