Sept. 29, 2008

Today there was a crowd of people watching the TV screen in the library lobby watching the market panic plummet while the vote failed.

I missed most of the good trades because I had class today.  I traded a little later, made some money on GOOG and AAPL (long and short).

But it’s just really tragic to see the opinions expressed and actions taken today.  How long will it take to put together another deal while world markets crash and credit spreads go even higher?

We’ve dumbed ourselves down so much that we have no hope of getting ourselves out of this mess.

It’s a repeat of 1929.

Good luck to us all.  As for me, there’s lots of liquidity to daytrade this garbage.  But this is nothing like the 2001 bubble burst.

[Addendum:  Found an excellent additional read.  Will piggyback off of it in a post later.]

[Addendum 2: Is Morgan next? And then a massive bank-run collapsing the system? Nouriel Roubini speculates.]