by Bill McBride on 4/27/2010 03:56:00 PM
Tuesday, April 27, 2010
Making the rounds, a little Goldman humor (ht Brian):
"You want the truth? You can't handle the truth. Son, we live in a country with an investment gap. And that gap needs to be filled by men with money. Who's gonna do it? You? You, Middle Class Consumer? Goldman Sachs has a greater responsibility than you can possibly fathom. You weep for Lehman and you curse derivatives. You have that luxury. You have the luxury of not knowing what we know: that Lehman's death, while tragic, probably saved the financial system. And that Goldman's existence, while grotesque and incomprehensible to you, saves pension funds. You don't want the truth. Because deep down, in places you don't talk about at parties, you want us to fill that investment gap. You need us to fill that gap. "We use words like credit default swaps, collateralized debt obligation, and securitization? We use these words as the backbone of a life spent investing in something. You use 'em as a punchline. We have neither the time nor the inclination to explain ourselves to a commoner who rises and sleeps under the blanket of the very credit we provide, and then questions the manner in which we provide it! We'd rather you just said thank you and paid your taxes on time. Otherwise, we suggest you get an account and start trading. Either way, we don't give a damn what you think you're entitled to!"credit: StatsGuy at Baseline Scenario.
The S&P was off 2.34% today - not much compared to the huge rally over the last year ...
Click on graph for larger image in new window.
From Doug Short: Bear Turns to Bull?
This graph from Doug is titled: "Four Bad Bears".
Note that the Great Depression crash is based on the DOW; the three others are for the S&P 500.
Posted by Bill McBride on 4/27/2010 03:56:00 PM