What a day! AIG is in trouble and needs capital. FRE needs capital. Merrill needs capital. Municipalities needs capital. Nobody has capital, and the only ones that will get any capital are those that own auction rate securities! And the capital that they are getting will weaken the capital constrained! Sell! Sell! Sell!
A cacophony of bearish themes reigned today.
AIG's conference call was just ugly. Packers' management looked like saints compared to these clowns!
And if AIG was that bad, then so are the monolines, and so was housing, and so was commercial real estate, and so was the economy.
AIG ugly. Coyote ugly. But after a coyote ugly night, don't you make a promise that you won't do that again?
A couple days ago, everything was coming up roses. Today, everyone just sniffed the roses fertilizers.
The picture on the top of the page, is the seven ton granite head of Ramses II brought from Egypt to England to it's final destination in the British Museum, by the the circus strongman, Belzoni, who was paid all of $100 pounds in 1817 for his seventeen months of work .
This head of the young Memnon was called "Caphany" as in the "Granite One." (The drill hole next to shoulder came from the French in a futile attempt to blast it off from the body. Needless to say they failed.)
So when you hear this "cacophony" of noise, it's just stock buyers losing their heads again!
And like the French, they can't get it right!
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