Wednesday, November 19, 2008

This Can't Be Good

Randolph Duke: "Exactly why do you think the price of pork bellies is going to keep going down, William?"
Billy Ray Valentine: "Okay, pork belly prices have been dropping all morning, which means that everybody is waiting for it to hit rock bottom, so they can buy low. Which means that the people who own the pork belly contracts are saying, 'Hey, we're losing all our damn money, and Christmas is around the corner, and I ain't gonna have no money to buy my son the G.I. Joe with the kung-fu grip! And my wife ain't gonna fu ... my wife ain't gonna make love to me if I got no money!' So they're panicking right now, they're screaming 'SELL! SELL!' to get out before the price keeps dropping. They're panicking out there right now, I can feel it."
Randolph Duke: "He's right, Mortimer! My God, look at it!"

— Trading Places

Citigroup below $7. Goldman below $56. Morgan Stanley below $11. Blackstone below $6. Fortress below $2.50.

I'm beginning to smell a black, black Christmas on Wall Street. Furthermore, I don't think we're going to see any babies born on the Upper East Side, in Greenwich, Connecticut, or in Mayfair next August, September, or October, either.

Get your G.I. Joes with the kung-fu grip while they're hot.

© 2008 The Epicurean Dealmaker. All rights reserved.