The Financial Markets... Crashing?
Futures indicate that the markets may OPEN lock-limit down tomorrow (Tuesday). The marking-to-market of many previously off-balance sheet holdings begins tomorrow. The indexes have violated some key technical support levels in the past week, and there's nothing holding them up from below for a while. We seem to be watching a market crash. Hope you're not in stocks.
(The photo above is actually of nano-wire explosions, but I thought it was pretty cool looking, and bears an uncanny resemblance to the U.S. economy right now.)
Let's hope the government does the right thing and forces these banks that mispriced risk to take it in the pants, instead of delivering the spanking to taxpayers and the Dollar. These banks need to be forced to sell more shares to raise funds, if they can--their investors will suffer from share dilution and being invested in a crappy business, but better them than me--*I* didn't invest in them.
