3Sigma

Bill Fleckenstein On Alan Greenspan's 'Don't Blame Me' Attitude

The score is:

HARM = 2
Hugh = 0

Fed's Tight Monetary Policy

Jim:
On the contrary, anyone who has been following Mish is likely in a very happy place right now because he has been exhorting people to move to cash and treasuries for over a year now. He has been rightly cautious on the equity markets and therefore has had to endure much taunting over the past year from giddy bulls such as yourself. So even if the credit storm of the past month ends today (which I highly doubt) then Mish has been right.

Furthermore Jim, you can't go broke from following cautious advice from someone counseling a move to reduce risk by moving to cash, but you certainly can go broke from listening to drunken bulls taunting you to jump on the bandwagon near the end of a boom.

Now, I don't know exactly where the frustration pent up in your unprofessional attack is coming from (although current market conditions may of course have something to do with it) but hopefully you'll have something more constructive and helpful to add to this community body of knowlege next time you post. Have a nice day.

Mortgage Lenders and the Deflating Housing Bubble

Asif--take a look at the insider sales at Countrywide:

finance.yahoo.com/q/it...

Their corporate officers are dumping this stock at an astounding rate; clearly they share your negative outlook on their company. At the same time, the CFC corporate buyback policy is supporting the stock price. According to the most recent 10-Q, "the Company intends to repurchase $1 billion to $2 billion of its common stock in the fourth quarter of 2006 financed through the issuance of enhanced trust preferred securities."