Markets Gone Wild

Voltron says: Market down 300 then up 300. Crazy. Good chance to short MBIA. I have not mentioned it much on this blog. They insure mortgage backed securities against losses. If they lose their triple-A credit rating, they will go out of business. They've been told by Moody's and others that they need to raise two billion dollars to keep their credit rating. They had to pay 14% interest in order to raise new capital! Triple-A rated companies usually pay around 5-6%