Skip to main content

View Diary: Euthanize Wall Street to save the economy (34 comments)

Comment Preferences

  •  Next crisis starts today! Just watch. (4+ / 0-)
    Recommended by:
    gatorcog, terabytes, BYw, bfitzinAR

    Bond insurer Ambac reported a huge loss yesterday, and their stock tanked more than 40%.

    Their stock was already down 90% from its all time high before the credit crisis.

    Even excluding non-recurring charges, they reported a net operating loss larger than their market cap.

    Translation: Ambac just reported losses so huge that you could have bought all their stock for less money than what they lost!

    But to read the market news, you'd think that all anyone cared about was that Boeing earnings beat estimates handily, and that the dollar rebounded from 0.60 Euros instead of falling off a cliff.

    Wait until this sinks in. Ambac could very well be the next Bear Stearns. In the meantime, doesn't it just make you wonder if the markets and financial news are being choreographed and info-warred like everything else seems to be?

    It should be a felony to put fine print in a bill that contradicts the stated purpose of the bill. But then all of Congress would go to prison.

    by toddpw on Thu Apr 24, 2008 at 01:06:54 AM PDT

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site