You can almost hear the sound of shaking newspapers all over the country as the financial workers read things like this in the Washington Post:
"The turmoil in the U.S. credit markets turned global Thursday, prompting central banks in Europe and the United States to pump more than $150 billion into the financial system to keep it operating smoothly."
Looks like the financial Homer Simpsons forgot that if you give loans to people who have extremely low credit ratings, illegal immigrants and others who are barely able to make payments that maybe it might just be a house of cards. You can almost hear them say "Doh!" as they sit in their offices in Manhattan looking at the numbers. Like Homer Simpson these "masters of the universe" are coming to the realization that they are not as smart as they think they are and are looking for someone to save their butts:
"U.S. stocks suffered their second-worst decline of the year as the cost of borrowing for corporations continued to rise and some investors urged policymakers to help."
Been there done that. It was called the "savings and Loan Bailout". Not with my tax dollars you don't.
Memo: To my mutual fund managers
Skip lunch today and make sure the portfolio you manage comes out ok. This is why I am paying those fees remember? As for me I will be taking Warren's advice. That is Warren Zevon not Buffet:
"I think it's important not to get sidetracked from the immediate goal of having a really pleasant afternoon."
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