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[DraggdOut]

8/15 was redemption day for the hedgies. I think next week the blotter could get interesting. My boyz at GS were late out last night because they were bidding on portfolios... Lowering the discount rate sounds so soothing but it doesn't change the liquidity reality, and there's no bid for all this credit risk that's been slathered across the world. Once the mark-to-market cascade really goes into affect the IT trend can resume itself. You may not be able to fight the Fed when they actually step in, but right now it's all smoke and mirrors. There's no change in the fundamentals.