Showing posts with label Wamu. Show all posts
Showing posts with label Wamu. Show all posts

Sunday, September 14, 2008

"You've got to accentuate the positive Eliminate the negative Latch on to the affirmative Don't mess with Mister In-Between You've got to spread joy up to the maximum Bring gloom down to the minimum Have faith or pandemonium Liable to walk upon the scene" written by Johnny Mercer/Harold Arlen.

The above lyrics sum up the Pollyanna talking heads on CNBC. Buy, Buy, Buy!!! Its a bottom! I have heard more about bottoms than in a J. Lo music video. Then when something tragic happens its a surprise, because Wall Street is programmed to lie. Lie about solvency, lie about risk, sweep all potential negativity under the rug. Well now Lehman is belly up, Merrill is taken over, Wamu is on the ropes as is AIG. But if we went to the videotape and pulled the CNBC appearances over the past 12 months, all you would hear is, "There's value here. Its an overreaction. There is plenty of capital available. Buy! Buy! Buy! This watershed event will convert the Pollyannas, make them panic. Then and only then can we buy, buy buy---when these shameless imbeciles are on the unemployment line.