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Sector Snap: Regional bank shares tumble
NEW YORK (AP) -- Several regional bank stocks were among the biggest decliners on the New York Stock Exchange Monday as investors worried about the prospect of more bank failures after the government's takeover of IndyMac Bancorp Inc.
It ain't over 'til the fat lady sings
This phrase in turn refers to the impression by many that at the end of every opera, an aria is sung by a heavy-set woman dressed like a valkyrie. A famous example of this is Wagner's Der Ring des Nibelungen (aka the Ring cycle). This is a set of four separate operas (lasting about 15 hours), in which the final scene includes Brünnhilde (a very large Valkyrie) singing, and then riding onto Siegfried's funeral pyre. The set collapses and the entire cycle ends up in the Rhine river, where it started. The "fat lady" is often illustrated with a horned helmet, a spear, possibly a shield, and possibly blond braids (to suggest Scandinavian ancestry).
I think this is where most contrarians make their mistake. It technically ain't over until the fat lady stops singing. She's belting out quite a tune right now and doesn't even seem the slightest bit winded.
15 hours? Seriously? And this is just act three of four? Somebody wake me when it is truly over.
Real Estate Newsletter Articles this Week: Existing-Home Sales Increased to
4.15 million SAAR in November
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At the Calculated Risk Real Estate Newsletter this week:
[image: Existing Home Sales]*Click on graph for larger image.*
• NAR: Existing-Home Sales Increase...
16 hours ago
5 comments:
Stag,
http://en.wikipedia.org/wiki/The_Great_Moderation
I recall hearing Bernanke use the "great moderation" phrase.
Where are we now? The great deflation. The great inflation. I don't see why we can't have both. The Greeks had Ajax the Greater and Ajax the Lesser. Both were formidable.
Also, don't forget the big fawoom.
Hey Mark,
Was looking up a Heinlein quote today and saw this one I thought you would certainly appreciate:
"$100 placed at 7 percent interest compounded quarterly for 200 years will increase to more than $100,000,000 — by which time it will be worth nothing."
Other than that, I gave notice at work last week... I'm gonna semi-retire: I'll probably work again, I just don't know when. :-)
My parents, ever the mid-west Calvinists asked, no really what am I gonna *do*. I told them same as any retiree, worry about my savings and investments.
Wish me luck!
MAB,
From your link to Bernanke's speech...
This conclusion on my part makes me optimistic for the future, because I am confident that monetary policymakers will not forget the lessons of the 1970s. - Ben Bernanke, Feburary 20, 2004
The whole speech makes me want to vomit, but with food and energy prices so "moderate" these days it is probably best to just keep it down lest I need to buy more gasoline so that I can buy more food. Here's some trivia. The DJIA closed at 10,619.03 on the day of that speech over four years ago. Long-term returns have clearly greatly moderated.
AllanF,
I told them same as any retiree, worry about my savings and investments.
Wish me luck!
Okay, I'm game to play the straight man in this comedy routine. You won't need luck to worry about your savings and investments! You can trust me on this. The ulcers are optional, but the worrying is a sure thing! ;)
Here's something else from Bernanke's speech.
Why has macroeconomic volatility declined? Three types of explanations have been suggested for this dramatic change; for brevity, I will refer to these classes of explanations as structural change, improved macroeconomic policies, and good luck.
But seriously folks, good luck is all part of the Great Moderation! We simply can't lose!
http://despair.com/misfortune.html
We just need to remember that the move in oil from $11 to $145 isn't increased volatility nearly as much as it is the "structural change, improved macroeconomic policies, and good luck." Therefore, the Great Moderation can continue unhindered!
July 14, 2008
CBOE to launch index to track oil-price volatility
http://www.chicagotribune.com/business/chi-080714cboe,0,1040256.story
The introduction of the index represents a move by the CBOE to extend its volatility franchise for equities into other assets. The exchange said Monday it intends to launch similar products for gold and foreign currencies.
Hey! Why on earth would they do that during the Great Moderation? Are they absolutely nuts?
That's got to be just about the funniest spam I've ever seen.
LOL!
All SALES ARE FINAL!
I count 27 uses of the word "fake" and 4 uses of the word "scam" in it. Yeah, sign me up!
THIS SYSTEM WAS NOT INTENDED NOR DESIGNED TO DEFRAUD ANYONE OR ANY BUSINESS! SHAME ON ANYONE WHO USES THIS PRODUCT FOR SUCH PURPOSES! KNOW THE LAWS IN YOUR COUNTRY/JURISDICTION PRIOR TO USE!
LOL!
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