Quoted: Frontline (one of my favorite programs) has a riveting hour-by-hour, day-by-day account of meltdown that took down some of the biggest banks on Wall Street. It’s called Inside the Meltdown and it’s as riveting as any episode of 24 (trust me). It is available for viewing online.

Quoted: The disclosures by G.M., contained in a viability plan submitted to the government, means that G.M. plans to cut its brands in half, to four: Chevrolet, Cadillac, Buick and GMC.

Professional money management is like gambling, except it is with someone else's money instead of your own.

Quoted: Among the false systems that intuitively feel right, there is none as insidious and deadly as the Martingale, where a player doubles his bet after every loss.
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Semyon Dukach is an angel investor, high tech entrepreneur, and former president of the MIT Blackjack Team.

Quoted: This transformation will not be fun, but it is necessary. Our standard of living must decline to reflect years of reckless consumption and the disintegration of our industrial base. Only by swallowing this tough medicine now will our sick economy ever recover. By accepting a lower standard of living today, we will eventually be rewarded with a higher one tomorrow.

Interesting

Quoted: Uncle’s simple but powerful framework: China is supported by a three-legged stool, but two legs are now broken
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China’s economic growth is supported by three primary legs:
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1. export-led growth
2. real property growth
3. government spending

ReFaving @merle

Quoted: Equities will almost certainly outperform cash over the next decade, probably by a substantial degree. Those investors who cling now to cash are betting they can efficiently time their move away from it later. In waiting for the comfort of good news, they are ignoring Wayne Gretzky’s advice: “I skate to where the puck is going to be, not to where it has been.”

This was written a year ago.

Quoted: The global imbalances created by this dynamic of American borrowing and foreign lending appear stable for now, but if they slip suddenly, that could pose serious dangers for middle- and working-class Americans through soaring interest rates, a crash in the housing market, and sharply higher prices for anything no longer made domestically.

This is not too surprising given Japan's dependency on U.S. consumers.

Let's see how this affects the U.S. markets tomorrow.

Quoted: Japan’s economy has been hurt by weak export growth and steep cuts in corporate spending amid the worsening global slowdown.

Peter Schiff's predictions regarding the collapse have been right on, although his investment strategies have not yet panned out.

Quoted: On October 28th 2008, Schiff stated in an interview on Bloomberg TV that the investment strategies outlined in both books currently "are NOT working" due to the collapse of foreign currencies, foreign stocks and the failure of gold prices to go up significantly as most of the world entered an economic recession and foreign investors flee to cash. Schiff, however, remained optimistic on his theories and stated this was a good opportunity to buy foreign stocks trading at yearly lows.