Author Topic: 500 Trades from Armageddon! - Wow!  (Read 2811 times)

Offline ModernSurvival

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500 Trades from Armageddon! - Wow!
« on: September 22, 2008, 10:10:52 AM »
From the New York Post....

"The market was 500 trades away from Armageddon on Thursday, traders inside two large custodial banks tell The Post.

Had the Treasury and Fed not quickly stepped into the fray that morning with a quick $105 billion injection of liquidity, the Dow could have collapsed to the 8,300-level - a 22 percent decline! - while the clang of the opening bell was still echoing around the cavernous exchange floor.

According to traders, who spoke on the condition of anonymity, money market funds were inundated with $500 billion in sell orders prior to the opening. The total money-market capitalization was roughly $4 trillion that morning."

You can read the rest here - http://www.nypost.com/seven/09212008/business/almost_armageddon_130110.htm

This is really disturbing and simply we must ask so what happens when the next shoe falls, another bailout?  When will that stop working?

Offline BigDanInTX

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Re: 500 Trades from Armageddon! - Wow!
« Reply #1 on: September 22, 2008, 10:35:01 AM »
Saw that on the other thread.  Really scary how close we can get to the edge and not fall over with sheer momentum.

(But that article's choice of picture...Marlon Brando facepalm ftw!!)

It stinks that the thing that keeps people from losing all their investment money and the thing that would cause the Machine to break down is the same thing...people trying to pull out their money.

Offline Roknrandy

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Re: 500 Trades from Armageddon! - Wow!
« Reply #2 on: September 22, 2008, 12:07:30 PM »
pucker factor +1