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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: Jim McMannis who wrote (92451)	3/18/2008 7:56:12 PM
From: George K.	Read Replies (1) of 110194

I'll guess the 7th or 8th inning for insolvencies. The way I see it the big dealer banks were stuck with a few quarters of toxic securities they couldn't sell to the saps. Hopefully we're through the death cases caused by this unsold inventory or at least it's parked in a lead vault at the NY Fed. The Lehman call today was truly impressive - Fuld really laid out the numbers - basically opened the books. Schwartz and Greenburg (a couple days before) lied and died. The Vix collapse today says to me we can get back to the easy stuff now - liquidity troubles (Bear collapse was beyond a liquidity issue), weak earnings, recession, etc.. :) Still though, I worry about a HF collapse. If I have it right, they can't borrow from the NY Fed. Geo.

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