Thursday, March 13, 2008
Reason the market is up.
Voltron says: S&P (affectionately known as "Poor Standards", who missed the whole subprime thing in the first place) issued a report that we are already half way through the subprime crisis. The market jumped at the light at the end of the tunnel like a moth. What S&P probably knows and did not mention, is that the light at the end of the tunnel is actually a train. Yes, the subprime crisis is half over, but the larger Alt-A/Option-ARM crisis will be larger, so we are less than 1/4 of the way through this mess and the Fed is running out of bullets.