Interesting
Posted on July 11th, 2008 by techstock2000
On July 11, 2008, pingdave posted the following:
http://applelot.org/2008/07/11/marke... //
So every rumor today was false again.
Rumor: The US Government is going to take over FNM and FRE making the stock worthless!
Fact: Paulson came out said the government wants to support them in their current form, and currently sees no need to do anything now. He and other officials said yesterday that both FNM and FRE were fully capitalized.
Rumor: Israel was flying planes into Iraq air space on test flights.
Fact: Denied that completely in Israeli paper. Not flying at all into Iraq air space. No flights happened.
Yet, here we are. The result of this false rumormongering crap: Oil is up, markets at lows.
And what is the real news today?
- GE didn’t miss, as many had expected like last time, instead, it reported in line.
- Trade balance was better than expected, US exports were strong.
- Michigan consumer sentiment came in better than expected.
If the government wants to stop this and restore some sanity to the public markets, they need to:
- Rescind the ability to trade on margin on oil futures.
- Reinstate the uptick rule.
- Halt trading on FNM, FRE and LEH for 4 weeks while the investigate the trading in these companies, and demand records of all transactions of options for the last month.
- Then find and prosecute the people doing this crap.
