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the final number was around 186 million shares trading, this is beyond belief. reminds me of the part in Cramer's book where he asks the CEO of Cendant how things are going and he is told they couldn't be better. Two days later they announce accounting problems and Cramer's $17 million stake in the company vanishes in an instant. he said his fund spent the day day trading it to minimize their losses
The Fed said the new lending facility is $200 billion. bear stearns isn't borrowing $200 billion. who else is in trouble?
and in the blogs i read they said what did bear in was Alt-A and not subprime. supposedly the Alt-A market crashed this past week because a lot of supposedly AAA rated mortgage bonds are having default rates in the 20% range. but SP said things are going to get better soon
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