Quotes of the day

... we partied like it was 1929--Stephen Green

It can be very difficult to hedge against several big market moves happening at the same time, which, when counterparties are going bankrupt, is usually happening ... Ultimately, you try to hedge what you can hedge; what you can't hedge, you try to quantify; what you can't quantify, you try to understand; and what you can't understand, you keep small enough not to sink the firm.--Anonymous credit derivatives trader

We now have the $700 billion package to prop up the mortgage security market -- just like [Jim] Cramer said we needed. We have interest rates down to 1.5% -- just like Cramer said we needed. On top of that we have the Fed stepping in to buy billions in commercial paper. These structural changes provide a rebuilt foundation upon which our financials can actually reap the benefits of capitalism. Capitalism doesn't work without a market. Now we have a market. And Cramer decides to bail! Over the ensuing months he must be held accountable for this one.--Jason Schwarz

Oh, thank you, thank you for this wheel chair! By tasting hell in this life, I’ve been driven to think seriously about what faces me in the next. This paralysis is my greatest mercy.--Joni Erickson Tada