Mommy.
Folks, I can tell you I've never been more concerned about the upcoming news on the markets than I am right now. I'm going to sleep now, but I tell you what I just read off of CNBC is downright scary. In the words of Roy Scheider, "I think we gonna need a bigger boat."
$700 billion may not be enough to bail out Wall Street says one analyst, given the lack of transparency and the length and breadth of financial markets involved.
Marc Faber, editor & publisher of 'The Gloom, Boom & Doom Report', told CNBC's Asia Squawk Box on Friday, he doubts that $700 billion would make any difference when you consider the size of U.S. credit markets.
Now if anyone who has any newsletter or magazine called "The Gloom, Boom and Doom Report" is either a decedent of Nostradamus or he looks for the bad news of the day and boy did he deliver it. In fact, Rachel Maddow had a piece that a source from the U.S. Treasury chose the number $700 billion dollars because "it sounded like a big enough number". REALLY? Oh God, you can't tell us how much we owe and you pull a number out of your behind for the heck of it? Bump Nero! We're screwed!
Here's the rest:
"Looking at the size of the credit market in the United States, the equities market, the housing market and then looking at the size of the credit default swap market, which is around $62 trillion now, and the world wide derivatives market which is now $1,300 trillion dollars, I very much doubt that $700 billion would make any difference at all. In fact, I think it's a bad proposal in the sense that it will distort market pricing," Faber said.
See the actual interview on this link: http://www.cnbc.com/...
I'm not one to panic, but the way this is turning is...scary. I keep think of the song "The Wreck of the Edmund Fitzgerald" where the cook says "It's too rough to feed you." We've gone far from that point and now the bulkhead caved in and we're at the point of "Fellas, it's been good to know you."
My only hope is someone will see the last light America and hopefully throw a rope to save us. I'm banking on Obama because we need a grown up to take back the playground and play like an adult.