I’m having far too much fun in Beijing to put together a decent post, but the temptation to send out another “find an exit” email grows ever stronger. Looking at my archives, the last time I sent such an email was September 20, 2008. This rally still has space in which to run, but it appears to be nothing more than a standard bear market rally. I will instead throw out some recent quotations for your amusement.
In the past, I have gone so far as to imply the Realtors group are spinmeisters. This month, I will be more blunt: Their actual data has become untrustworthy, their spokesmen lie for a living, and their “news releases” is little more than misleading junk.
– Barry Ritholtz, The Big Picture, 2009-08-24
“No, no. That’s not the one you want. You want FAS!”
In what can only be attributed to a rogue computer blowing a vacuum tube, virtually all the names in the credit universe were wider over the past week, despite an equity market ripping, or, more specifically, AIG, FNM and FRE ripping and everyone piggybacking for the ride in a few bankrupt companies.
– Tyler Durden, zero hedge, 2009-08-24