Did U Think The Ponzi Scheme Would Last?

Whitman's Q2 Letter and Disclosure Requirements

You forgot one thing - most of the evidence shows that ABK and MBIA are leading the charge in bringing their own businesses down by the use of disgusting amounts of leverage. Their greedy actions are affecting the whole market. They are the bathwater, not the baby.

Financials: This Is What the Start of a Bottom Looks Like

You are catching a falling knife. The leveraged credit bubble is a problem beyond anything we have ever seen. The greedy abuses can not be waved away with a panic purchase of CFC (which was only done to avoid writing down the original 2bn loan) and some foreign gov'ts that are holding WAY too much of that depreciating asset known as the USD.

This isn't a buying opportunity at the end of a big bear market. At Dow 12600, we are still in the nosebleed levels for the index. There has been no big capitulation and investors are merely annoyed that the Dow is off its 14k highs. The talking heads are just STARTING to mention "recession". This isn't over until things get really bad and really ugly and everyone is clutching their gut in pain. The ECB dumped 1/2 trillion in liquidity into their system and it didn't make a dent in the freefall. This time I think we need to brace for impact.