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PaperCut
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Posts: 1616
Joined: May 14th, 2004, 6:45 pm

What This Country Needs Is a Good Old Fashioned Financial Panic

August 12th, 2007, 7:35 pm

It's high time we had an actual financial panic in this country.In 1987, there was an honest-to-goodness panic for liquidity; people were selling any financial asset to raise cash.We need this kind of thing from time to time, to clean out the system. For example, to eliminate subprime borrowers, and the 4ssholes creating phony "hedge funds" to allegedly profit by trading this nonsense. Goodbye. Gone.There is an entire generation walking around out there who have never actually seen a real financial crisis - young people, in positions of high responsibility, who think that charging 2 and 20 is, well, normal. Like this fictional "2 and 20" world of insane banking leverage and "$9 cups of coffee" is going to last. Ha ha! Edit: spelling
Last edited by PaperCut on August 11th, 2007, 10:00 pm, edited 1 time in total.
 
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bogracer
Posts: 94
Joined: February 7th, 2005, 5:35 pm

What This Country Needs Is a Good Old Fashioned Financial Panic

August 13th, 2007, 5:59 am

There is no "normal". Somebody asked 2/20, and someone else lifted the offer. Free markets is never having to wonder what normal is...
 
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PaperCut
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Posts: 1616
Joined: May 14th, 2004, 6:45 pm

What This Country Needs Is a Good Old Fashioned Financial Panic

August 13th, 2007, 2:11 pm

QuoteOriginally posted by: bogracerThere is no "normal". Somebody asked 2/20, and someone else lifted the offer. Free markets is never having to wonder what normal is...I am also in favor of free markets. Free markets will always find a way to eliminate phoney hedge funds.
 
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TraderJoe
Posts: 11048
Joined: February 1st, 2005, 11:21 pm

What This Country Needs Is a Good Old Fashioned Financial Panic

August 13th, 2007, 7:46 pm

QuoteOriginally posted by: PaperCutQuoteOriginally posted by: bogracerThere is no "normal". Somebody asked 2/20, and someone else lifted the offer. Free markets is never having to wonder what normal is...I am also in favor of free markets. Free markets will always find a way to eliminate phoney hedge funds.And create them .
 
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Collector
Posts: 4683
Joined: August 21st, 2001, 12:37 pm

What This Country Needs Is a Good Old Fashioned Financial Panic

August 15th, 2007, 4:04 pm

PaperCut looks like you are in this category1929:Andrew Mellon Secretary of Treasury advice to president: “Liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate…purge the rottenness out of the system”however in todays market "farmers" should be replaced with "long carry funds"and I think it was Morgan that told: “ Get people to stop watching the stock ticker, listening to the radio, drinking gin, and dancing to jazz….and return to the old economy based upon saving and working”these days "stock ticker" should potential be replaced with "real estate and stocks"
Last edited by Collector on August 14th, 2007, 10:00 pm, edited 1 time in total.
 
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PaperCut
Topic Author
Posts: 1616
Joined: May 14th, 2004, 6:45 pm

What This Country Needs Is a Good Old Fashioned Financial Panic

August 15th, 2007, 8:28 pm

QuoteOriginally posted by: CollectorPaperCut looks like you are in this category1929:Andrew Mellon Secretary of Treasury advice to president: “Liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate…purge the rottenness out of the system”however in todays market "farmers" should be replaced with "long carry funds"and I think it was Morgan that told: “ Get people to stop watching the stock ticker, listening to the radio, drinking gin, and dancing to jazz….and return to the old economy based upon saving and working”these days "stock ticker" should potential be replaced with "real estate and stocks"Exactly !!"are there no prisons? Are there no workhouses? ARE THERE NO PRISONS? ARE THERE NO WORKHOUSES?" ( - Ebenezer Scrooge)
 
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Ghostface
Posts: 16
Joined: March 7th, 2007, 10:20 am

What This Country Needs Is a Good Old Fashioned Financial Panic

February 17th, 2009, 3:31 pm

QuoteOriginally posted by: PaperCutIt's high time we had an actual financial panic in this country.In 1987, there was an honest-to-goodness panic for liquidity; people were selling any financial asset to raise cash.We need this kind of thing from time to time, to clean out the system. For example, to eliminate subprime borrowers, and the 4ssholes creating phony "hedge funds" to allegedly profit by trading this nonsense. Goodbye. Gone.There is an entire generation walking around out there who have never actually seen a real financial crisis - young people, in positions of high responsibility, who think that charging 2 and 20 is, well, normal. Like this fictional "2 and 20" world of insane banking leverage and "$9 cups of coffee" is going to last. Ha ha! Edit: spellingAmen. There you have it. Good call.Ps. If you need an investor drop me a line.
 
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acastaldo
Posts: 1416
Joined: October 11th, 2002, 11:24 pm

What This Country Needs Is a Good Old Fashioned Financial Panic

February 20th, 2009, 12:12 am

Quote and I think it was Morgan that told: “ Get people to stop watching the stock ticker, listening to the radio, drinking gin, and dancing to jazz….and return to the old economy based upon saving and working” Just a minor quibble: this was said by Russell Leffingwell (1878 - 1960), a partner or J.P. Morgan, not J.P. himself.
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