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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: Ian@SI who wrote (49138)	7/13/2001 12:58:24 AM
From: Raymond Duray	Read Replies (1) \| Respond to of 70976

OT OT Hi Ian, Re: I've never won a Nobel prize in Economics. ... or any other discipline for that matter. :-) Well let me be the first to put your name in for nomination, then.... Given that Russia was and is still an insignificant part of the world economy, I suspect that the inappropriate bets made by "counterparties" (hedge funds and financial institutions) grossly aggravated any damage that Russia could have done on its own. It was a real ahhaha moment when I read MSDW and their VP for International Investments, Barton Biggs, were being sued by a fairly large investment fund that the VP managed to con into buying a bunch of Russian bonds mere days before they welshed on the deal. You'd a thunk MS would be looking out for its customer. Apparently not any longer. The white shoe days are over. Now the idea is to move the depreciating paper out to the sucker as soon as possible, as is where is. My impression is that the combined effect of everybody going after the same nickle irrevocably changed the system. I recently had an interesting debate with LPS5 over on the Daytrader Fundamentals thread. I insisted that it was "program insurance", with every Tom, Dick and Hairy financial algorithm programmer putting the same damn sell stop orders on the automata that cause the market to crater on Oct. 19, 1987. My debating partner said it couldn't be..... Because the Brady Report said so. I thought that was about as convincing as the "single bullet" theory that Arlen Specter wrote into the Warren Report. Not even close to dealing with reality.... My point is that I'm in complete agreement, when too many people get on one side of a market, mysterious and messy things happen. -Ray