This crisis is not about the stock market, it is about the Fixed income market! There are some people who work on the street that are Bond traders not equity traders. Right now as of today some primary dealers cannot meet T_Bill obligations, because that is the only thing people and institutions are buying and hording, all other paper is not trading, including commercial paper, overnight paper, etc!!! this will kill the money markets.. State Street and BK-Mellon are under a huge squeeze right now, as the main Money market trustees on the street!
I work for a Midwest, not Wall Street, regional firm.
I see the total lock-up in the credit markets and it is destroying our business here the last week.
The problem though is that my firm that engaged in NONE of these shenanigans and can probably survive this. I’m starting to say to myself that maybe I’d rather my firm take a short-term hit, but have a chance to grow here down the road than see my competition like you Wall Street guys get bailed out.
Yes I understand everything is inter-related and it will hit everyone. It’s killing me now. But tonight I’m actually ready for the pain. Let’s get rid of these firms that are holding this crap. Let em die. Let honest firms like mine come in to fill the void.
I’ve switched 180 degrees on the bailout bill. Let the fields get scorched and the wheat will grow stronger next season.