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Strategies & Market Trends : The coming US dollar crisis -- Ignore unavailable to you. Want to Upgrade?

To: Real Man who wrote (12283)	10/3/2008 11:58:35 AM
From: stan_hughes	6 Recommendations Read Replies (1) \| Respond to of 71463

I might accept that premise, but only within the shortest of time frames -- minutes, maybe hours, but definitely not months, and this bad paper has been cratering for over a year now Granted, sometimes I think that certain things are over or under priced too, but that doesn't alter what the market price actually is. The holders of these failed instruments might like to believe their crap is worth more than it's trading for, but so what -- IMO that just says to me that they're still in denial about where the housing market and the economy is headed Let me put this another way -- I'm part of the market price discovery mechanism too, and I wouldn't give you 20 cents on the dollar for most of this stuff, much less the 40 cent model price, god forbid at the 65-70 cent valuation they plan to use when they stick these things to the taxpayer and walk away laughing If anyone trafficking in instruments which display a lot of volatility or illiquidity (in pursuit of alpha to line their pockets) now finds themselves caught holding the bag, that was their risk to take, and it's also their loss to take if those bets haven't gone their way -- it most certainly isn't your or my responsibility to dig into our wallets to give these gamblers the money back and send them back into the casino