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For a bit of historical trivia, July 26, 2007 was when debt markets began panicking, causing the meltdown of Bear Stearns hedge funds, thus leading to the colla
by pw0ncakes 17y ago
For a bit of historical trivia, July 26, 2007 was when debt markets began panicking, causing the meltdown of Bear Stearns hedge funds, thus leading to the collapse of Bear and Lehman, thus bringing on the crash of 2008.
So this is like saying "So what if an Archduke gets shot?" in early June, 1914.
- adamhowell 17y agoAnd of course Kramer followed up nuggets of wisdom like this with "Bear Sterns is fine!" just 5 days before they were sold for $2 a share: http://www.youtube.com/watch?v=gUkbdjetlY8 http://www.youtube.com/watch?v=gUkbdjetlY8 I really thought his Daily Show appearance would be the beginning of the end for him, but obviously I overestimated the long-term memory of the average CNBC viewer.
- deleted 17y ago[deleted]
- hga 17y agoBZZZT! He said something to the effect that brokerage accounts at Bear Sterns were safe, not that the firm, its stockholders or bondholders were safe. That's what "don't take your money out" means, vs. "don't sell your Bear Sterns stock or bonds". A very different thing, and from what I've heard in the worst case he still would have been right. And you'll note that he called the subsequent buyout correctly ... and that very statement shows that he's not saying the firm "is fine".