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Strategies & Market Trends : Value Investing
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To: Spekulatius who wrote (32082)9/19/2008 5:00:02 AM
From: Madharry  Read Replies (1) of 78476
 
although you got you short in under the wire, I question maintaining a short , now that the sec has banned short selling of financials, on top of that they are now under real pressure to do something about naked short selling as well. The SEC chairman is really looking like he's going to be taken to the woodshed over this even though he was one of many who looked the other way. i complained about this problem to all of my congressmen months ago and i just got back the standard response.
The huge rally in financials ahead of this announcement by the SEC is another indicator of how much inside information is out there.

OTOH
The folly of the mortgage lending practices continue to astonish me- California is a no recourse state yet people were easily able to get 100% financing loans. How stupid is it to provide 100% financing when if the price goes down the borrower can just walk away and turn in the keys. Worse, they can just stop paying on the mortgage and wait to be foreclosed upon thereby saving a year of rent probably. Meanwhile banks apparently are trying to get customers to absorb part of the loss of short sales. This bailout is going to cost trillions of dollars. Maybe you were wise to short wells fargo after all.
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