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Strategies & Market Trends : The coming US dollar crisis
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To: Pogeu Mahone who wrote (13348)10/23/2008 4:42:56 AM
From: Mike Johnston2 Recommendations  Read Replies (2) of 71456
 
Note that the dollar is soaring like a rocket tonight.... All around the world the toxic waste exported by NY bankers is destroying the balance sheet of foreign banks

In aggregate, Wall Street has come out of this relatively unscathed up till now ( JPM, GS, BAC are the best performing stocks in the market, JPM for example is the only stock in the market that did not crash ), they took advantage of asymmetric information and dumped worthless paper on naive buyers. Then they took billions from taxpayers and the Fed and stashed away the loot, while everybody else is sinking and many have been wiped out or are in the process of being wiped out.

But the US will pay the price for this eventually.

I bet that nobody is going to buy any Wall Street paper for many, many years to come.
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