Dave Fry at ETF Digest, March 9, 2009
Sanford “The Candyman” Weill his cronies and enablers Greenspan, Gramm, Rubin, Clinton and Dodd to name a few were at the birth of this crisis. His lobbying and influence peddling caused the demise of Glass-Steagall which then permitted Smith Barney and Citigroup to merge with others to follow. There were never enough regulators to oversee this new structure and the damage the fox in the henhouse caused.
Question: Do you think Sen. Dodd will haul this guy’s sorry okole in front of his committee? Not a chance for one of the coconspirators to do that, eh?
Today was sort of like watching a failed “wave” attempt in some football stadium—you know where a few enthusiasts try to get something going but it’s not happening. The market was like that today as early enthusiasm petered out.
Volume seemed about average and breadth continues to be miserable.
Meanwhile, our man in Geneva, David Hurwitz, gives us his take on volume and breadth.
We’re having plenty of internet and power outages tonight. Further compounding the problem is that we have a bug in the software. Yikes!
The bottom line today is the early morning cheer which was leftover from the Friday “stick save” didn’t hold and we drifted lower throughout the day.
I worked once at Shearson a long time ago when Sandy Weill was up to his megalomaniac ways of buying and selling companies including ours. We changed business cards so often that owning the stationary store downstairs was more profitable. Anyway, Weill is a creep. The media has left him alone but many of us know the truth about this guy. He’s at the forefront of our current problems.
Another power surge is arriving and I’m gonna check out while I can.
Have a good one.
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