Financial Quotes of the Day

"We had just come through a decade-plus where the Fed intervened "successfully" enough so that folks came to look upon the stock market (and then the real-estate market) as pet kittens that spit out hundred-thousand-dollar bills. Markets are not like that at all. They are more like savage beasts looking to rip your head off."

...Bill Fleckenstein

"So, another Secretary of the Treasury goes down in the history books as getting it all wrong, although Paulson will get extra paragraphs describing how he sensed he was going to botch things by inserting at the very outset a clause saying he couldn’t be criticized or accused or whatever his language was. The language now is bailing out the previous bail which bailed out the initial bail, while bringing out a multi-colored Tarp to cover over the previously 'wrong' black-and-white Tarp.
"Is there something in the Kool-Aid at GS that produces such 'leaders' who have trouble in the real world (Paulson, Corzine, Thain)? The market obviously didn't take fondly to his what-should-we-call-it? back-handed admission. . . . There is no sense . . .. of how the climate will feed on itself -- out of work, can't buy anything, store becomes empty, has to lay off employees, and so on."

...Justin Mamis

(via Fleckenstein capital)