--- In [email protected], positif01 <positif01@...> wrote: > > For those of you who were in the US market back then in the late 1990s, you > must quickly remember one famous tragic story of margin-ers, and this is a > big big one. At that time, in 1998, it looked like the world was falling > apart, just the same as now. Worse even than Greece, Russia defaulted on its > government bonds. The turmoil caused a flight to quality. Investors rushed > to the safety of U.S. Treasuries, pushing up prices. > > And, there was this behemoth hedge fund which was spelled into trouble > because they bet on lower bond prices. Worse yet, Long Term Capital > Management used monster amounts of margin in its bets. Even with Wall St. > veteran John Meriwether and options gurus Myron Scholes and Robert Merton on > board, heavy leverage and a wrong bet led to disastrous results. > > Long Term Capital Management lost billions. It had to be bailed out in a > move orchestrated by the Federal Reserve of New York in late September 1998. > So, it is not only you. They were all the same at their own time. We know > this may not make you feel better, but at least in your bitterness there is > still a taste. > > Turn now to contemporary context, what if Greece will declare default in a > week or two from now? If there was only Russia in 1998, we have now Spain, > Italy, Portugal, Ireland, Belgium all have at least got their own stake in > being downgraded, the very least visible sign. > > We know, most of you, last Friday's margin-ers must have had the same > question. Well, do not worry, Whitney had long asked the same question back > in 1987: http://www.youtube.com/watch?v=HVws1rwqY9U > She asked, > > Where do broken hearts go? > Can they find their way home? > Back to the open arms > Of a love that's waiting there > And if somebody loves you > Won't they always love you > I look in your eyes > And I know that you still care, for me > > '+' >
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