Dan M wrote:
> 
> "Oh, the irrationality."  Why would people be reluctant to by one 
> day notes from GE.  Does any sane person think GE will go belly up 
> _tomorrow?_  That's what the interest rate measures...the 
> willingness of folks to buy GE notes. All of a sudden, buyers dried 
> up.  That's a measure of the panic. A rational market wouldn't 
> change GE's interest rate that quickly because companies with idiots 
> as managers (e.g. AIG) went belly up and had to sell most of their 
> equity to the government at a discount or go bankrupt.
> 
Are you sure _they_ (the managers) are the idiots? They probably
were richly paid, lived lavishly and became the alphas of their
peer group, while it lasted. Who cares about the future? 
Stockholders want profit _now_.

Maybe we are the idiots.

Alberto Monteiro

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