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Posted on 02.08.10 by Thomas L. Knapp
“What is the benefit to Wall Street in killing things or bringing the share price of companies to near worthless? Tails they win; heads you lose. Wall Street can and does make enormous profits on bets that share prices will decline (shorting), that companies will disappear (credit default swaps), that the economy will crater (interest rate swaps). And there’s a slogan on Wall Street: the trend is your friend. When it’s clear the bull is lying in the center of the ring (think Lehman’s death and the Merrill Lynch shotgun wedding on September 15, 2008), Wall Street moves its bets to the downside.” (02/08/10) Link: http://counterpunch.org/martens03082010.html Filed under: PND Commentary and RRND Commentary | Report Bad Link Bookmark this post in Furl or Del.icio.us | |
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