Well...
I spent 5.5 years as an investment banker. And while the present financial crisis is, well, bad, I dont think it's as bad as your mate Matt is saying.

Frankly, one of the MAIN reasons I am no longer working in the financial markets is precisely because of the .com bubble and the entry into the financial markets of uneducated individual investors (i.e. day traders). I SAW that with the 'unbridled' and uneducated enthusiasm of Joe Sixpack was going to significantly weaken the markets and that over-exuberance was going to further weaken the overall market.

Now, I am NOT displacing the blame from the IDIOT CEO's that loaned money at near loss, simply to book what appeared to be greater profits for their organization (a la Enron) in teh hopes of expanding the size and value of their golden parachutes as the rest of us sat on a plane with 3 of its 4 engines not only on fire, but mere seconds from an explosion.

This is a correction. One of the reasons that 1929 happened was because there was even LESS (if you can believe it) oversight on the financial markets. That loveable scamp, Joe Sixpack Sr. was borrowing money to buy on margin and wasnt in a position, eventually, to afford the eventual loss. This contributed to a rapidly decreasing value in stocks across the board. Add to that the subsequent panic selling and a 'problem' turns into a 'NIGHTMARE!'

We've got trading curbs in place. We've got a government (globally) that can help prop things up and slow down the panic enough that calmer heads can prevail.

At least that's MY outlook on things. BUt then what the hell do I know? I mean, I DID have my frontal lobe removed when I became a Marine. :)

And for the record: once it DOES crash, if that is what is coming, BUY like a DRUNKEN SAILOR! Take ALL your cash and gold and plunk it down on half decent stocks because, at the end of the day, a 'correction' is just the bottom of a trough...and those that know your economics charts know, a trough is where you Buy Low!

You'll be set for YOUR life and your kids! :)

So dont sweat it Loon. If the shit hits the fan, head up to Annapolis and I will provide you protection in return for your working a piece of my property...we will call it a fief and I shall henceforth refer to you as Vassal Loon.

Deal? :)

Sic Semper Tyrannis!

Citadel/Sean
( Citadel Because the world needs less morons, Tue 16 Sep 2008, 6:54, Reply)