Now even the fig leaf is gone.
In good Financial Crisis manner, stuff blows up despite the Fed’s effort to stem the chaos. Now hoping for taxpayer bailouts.
Even after the bottom is perceived to be in, “buybacks may be slow to come back” as companies struggle for cash amid potential government restrictions on buybacks and their dismal public image: S&P Dow Jones Indices.
S&P made up for its tardiness by downgrading the CMBS in one fell swoop by 9 notches from AAA to BBB-, just one notch above junk.
This is the moment when yield-chasing turns into a massacre.
Triggered by the belated realization of the risks in mutual funds that offer daily liquidity but invest in illiquid assets.
Chapter 11 bankruptcy that wipes out shareholders is the correct solution for collapsing share-buyback queens. US airlines already know this from experience. It works.
A gigantic spike at the very end after two of the craziest trading days I’ve seen. Here’s how my trades went. But that’s it for me. I’m staying out of this market, it’s just too crazy.
The Fed is going nuts trying to contain this.
Holy moly, that’s fast. Too fast. Desperate Fed rolls out biggest bazooka yet.