Friday, January 23, 2009

Why bottom calling is like...

http://tpmmuckraker.talkingpointsmemo.com/2009/01/merrill_traders_to_mortgage_assets_i_wish_i_knew_h.php

Catching a 100 knifes at once.

And here's the larger point: Merrill's massive fourth quarter losses, which prompted B of A to seek a second government bailout, weren't caused only by investments made before the collapse of the mortgage market, and the extent of the financial crisis, became apparent. Rather, they were in part the result of continuing to buy bad mortgage assets into the fall.

Idiots.

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