I bought 2,000 Walter Industries, Inc. [[WLT]] @ $58.21.
Disclaimer: If you buy WLT because of this post, you will get the black lung. And, you may lose money.
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Joined Nov 10, 2007
23,439 Blog Posts
Digging yourself in a grave, ehh? a coal covered grave?
Hehe, coals will eventually rebound, how much pain are you willing to stand? I would unload once WLT gets a 20% rally.
What is your thesis on coal buys?
Har! Har! Har!
No coah mining fo you, Fry!
We rimit all ploduction of duh-tee nasty coah fo dah dulation!
Mebbe you eat it, rike pop locks, yes??
Haaaaaah har! har! har!
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Anyone get some HANS today ? opened down and went as low as $26 before moving back to $31+ and nearly positive on the day. HANS is going higher.
From today’s WSJ European Edition Letters:
U.S. Treasury Secretary Hank Paulson was a great investment bank coverage officer and a solid CEO, but his newfound reflex for serial nationalizations of troubled financial institutions is another story. With opaque decision making and tight timelines, using the credit worthiness of the federal government and, worse yet, compromising both the previously pristine balance sheet and independence of the Fed to achieve “calm” is a mighty steep price for the U.S. to pay.
This momentary market “relief” is false security. Utilizing $400 billion of taxpayer money to calm markets has enormous treble effect on America’s financial credibility.
The notion that a mid-market lightweight like Bear Sterns should be backstopped for sloppy hubris is in itself reckless. The Lehman bankruptcy has been the only straightforward market correction to date, and it was indeed necessary. It is in harsh contrast to the government treatment of other wayward financial service houses. Having let Fannie Mae and Freddie Mac run amok, allowing the populist “dream team” of Chuck Schumer, Barney Frank, Chris Dodd and Nancy Pelosi to legitimize it now is further executive-branch failure.
There is only one outcome that is acceptable, and that is the systematic liquidation of both Fan and Fred. How Secretary Paulson rationally justifies this takeover while leaving the private subdebt outstanding has no reasoned explanation. While assuming control of AIG might be reluctantly acceptable, this too must be liquidated.
The right position for the Fed is not to assume responsibility for troubled private sector assets but to assert its influence and force combinations like last week’s merger of Merrill Lynch into Bank of America. If the government deems radical action as the sole course of responsible governance, it has a duty to articulate the how and the why.
Robert Agostinelli
Paris
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Hear! Hear!