Posted By:
Jeff LichtmanSix months later....and the financial markets are suffering their worst catastrophe in 80 years (says Alan Greenspan).
March 15 I said: "Guys, don't kid yourselves. The very rich will be getting pounded financially very soon. Bear will be the first bank to go and the rest may follow. It will be very, very ugly soon."
And: "I suspect that the failure of one of the top investment banks along with the fed's first intervention in 80 years is the sign of the beginning of problem, not the end of one."
And: "I can think of at least one more major investment bank that I think will be toast before the fall." -- Umm, I was referring to Lehman.
You said: "I will take your bet and say that most financial stocks will be higher 6 months from now...we can use the XLF which is a basket of all financial stocks."
And on March 18: "I feel bad for those that panicked and sold yesterday am."
But my favorite: "Lehman traded 24 on Monday...I wonder who will be happier in the long-term....those who bought at that price or those who sold?" Errr, Lehman is at zero now.
Lehman, Bear and Merril are gone...Fannie Mae, Freddie Mac...toast. AIG? About toast. Maybe 1000 banks will fail.
I'll give you a pass on our bet solely due to my shorting of Lehman stock which made me a few more bucks than the one you owe me. 