A World of Hurt

So much for the rally attempt today in the U.S of A. Goldman's bailout of their funds might serve them well, but does nothing for the ills that continue to undermine the markets.

The subprime slime stories never end...

Asian financial stocks declined after U.S. subprime lender Aegis Mortgage Corp. filed for bankruptcy, renewing concern credit-market losses will spread.

Mitsubishi UFJ Financial Group Inc., Japan's largest bank, fell to the lowest in almost two years. Rams Home Loans Group Ltd., a Sydney-based mortgage lender, posted its biggest loss since its initial share offering last month after the company said the shakeout in global debt markets may cut earnings.

``The uncertainty created by the credit issue and what scenarios are going to occur has made people panic,'' said Paul Xiradis, who manages about $8.3 billion in Australian stocks at Ausbil Dexia Ltd. in Sydney.

Although it might be winter in Australia, it is summer vacation season on Wall Street. Hedging your bets and taking in a show at The Stephen Talkhouse beats taking on the beserk computers. This tape is hell.

The best we can hope for is a respite from the insanity. Of course, rallies seem to materialize when you least expect them. Maybe the B-teams staffing the trading desks will oblige. What do you say, guys?

Asian Financial Stocks Decline on Subprime Concern
Bloomberg

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