Here's what we were posting:
11:55 a.m.
Jim Cramer Admits: "I Screwed Up" In Recommending Wachovia Stock Two Weeks Ago Because I Liked The CEO
8:18 a.m.
The Financial Times Sings Praise of Gold. They're wrong.
I was wrong. Alphaville was right and although I'm fairly savvy regarding commodities I, in the words of President Bush, misunderestimated the safe harbor attraction of gold.
I reversed the order of this post and the one immediately above to show that although Cramer could make a mistake, I could make a bigger one. We didn't hold the errant conviction very long being of the belief that if the market is telling you that you are a moron the market is probably correct and you shouldn't fight reality, yes, I are a maroon. So we reversed course but we did make that call, in the headline no less.
12:02 p.m.
The green bubble bursts
12:21 p.m.
Bailout: "Oh Come On. What's the Worst that Could Happen if Congress Does Nothing?"
William Buiter was a member of the Bank of England's Monetary Policy Committee, 1997-2000. He is currently Professor of European Political Economy at the London School of Economics. He tells scary stories as well as Stephen King. From the Financial Times:And in another "Hey would you look at that" moment:
Those whom the gods would destroy, they first make mad...
If You Can't be Lucky, Be Right. And: Climateer's Quote of the Day
Kids, don't try this at home. Yesterday, in "Get Ready For a Relief Rally. And: How Bad Can it Get" we said:The quote was Washington Mutual up 141% to 8.2 cents.
...A sixty percent retracement of today's (and tomorrow's?) decline is well within the bounds of possibility (I won't go all Fibonacci on you)....60% of 777.68 is 466.62 points. We closed up 485.21, an overshoot of 18 points. I'll lay it all off to luck. Here's our "Quote of the Day"...
That's a wrap for our nostalgic look back at September 2008 and I think this is a good place to stop with the serial "Today in the Financial Crisis" posts.
We'll have more, October 2008 in particular was pretty amazing from the perspective of an equities participant but it won't be every day.
The market was only down 5.78% for the month although it had felt like a lot more and looking at the DJIA, the 666 point decline would have seemed a bit ominous had anyone noticed.
The Ramones' 'I Wanna be Sedated' had been the theme song for the month but by the 30th everyone was just worn out and feeling old.
We started playing this version of the song:
Young @ Heart - Clip - I wanna be sedated by MyMovies_International