An excellent article posted over at financialsense, its pretty heavy.
On December 9, 2008, $65 billion of investor money was at peace. On the fear / greed seesaw that is said to characterize investor emotion, fear was down on the ground, while greed was high in the sky, having all the fun. Greed was earning a steady 1% per month, making fear look like an over-cautious fool.
On December 10, 2008, six simple syllables transformed that greed into lead, sending it crashing to earth while launching fear to the moon.
The syllables were these: “It’s all just one big lie,” and they were spoken by Bernard Madoff, in an admission that his investment fund was nothing but an illusion and a fraud. They represented a savage truth that would wipe out the savings of thousands, and toll the bell for the rest of the world’s investing public.
Continued..
http://www.financialsense.com/fsu/editorials/2009/0714.html
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