Somebody had to bring it up.
Considering the action in the financials of late, we thought it might be a good time to finally get around to posting these.
As had been our habit for so long, and one we are glad to say we now make every effort to be rid of, we hinted at, waxed metaphorical about, and otherwise danced around the topic of financial terrorism for weeks. For example, we had spoken out against naked short selling, and observed, "markets do not crash one name at a time;" yet the broker/dealers were falling like targets in a sniper's crosshairs, as their stocks were relentlessly pummeled into single digits, clearly being shorted to death.
Finally, when it was to us so obvious a potential explanation for and yet so absent from any public discourse we had seen on the name-by-name unravelling of the financial system, we decided to speak up about our hunches.
On September 17, 2008, we were the "guest" who posted the following on Dealbreaker:
As had been our habit for so long, and one we are glad to say we now make every effort to be rid of, we hinted at, waxed metaphorical about, and otherwise danced around the topic of financial terrorism for weeks. For example, we had spoken out against naked short selling, and observed, "markets do not crash one name at a time;" yet the broker/dealers were falling like targets in a sniper's crosshairs, as their stocks were relentlessly pummeled into single digits, clearly being shorted to death.
Finally, when it was to us so obvious a potential explanation for and yet so absent from any public discourse we had seen on the name-by-name unravelling of the financial system, we decided to speak up about our hunches.
On September 17, 2008, we were the "guest" who posted the following on Dealbreaker:
The very next day, Mr. Jim Cramer said this:
Chalk up another one for the new media.
Incidentally, the correlation between lifting the moratorium on naked short selling and the collapse of giant US financial institutions is as close to a perfect 1.0 as it gets. Limitless shorting of the stock of a company whose survival is predicated on the stability and level of its share price -- a company, in turn, upon which the financial system is in a large or small way dependent, is a systemic flaw so egregious that it defies analogy. Soldier without a helmet? Knight without a breastplate? No problem in peacetime. But this is not peacetime, is it?
We trust you can come up with your own metaphors. Perhaps we could have a contest to see whose is best.
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