The brokers are in

Friday, September 19, 2008

You might imagine that phone lines at stock brokerages are especially busy this week. We ask two brokers what their clients are worried about.

The NYSE board (Getty Images)

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By Jim Hyland

From Rockville, MD, 09/20/2008

Re: A. Hutchinson's comment, "We've all seen this movie before."? He must be going to the Cinema of the Apocalypse! We have not seen banks hoarding money, credit freezing solid, commercial paper impossible to acquire, massive Govt. intervention on several fronts including insurance. A flight from Money Market funds? A Fed Agency set to acquire bad debt which beggars that of the S&L mess. Two stand alone investment banks survive? The myths that A.H. tells his customers are the untruths that got us into this mess. The last four rallies have been sparked by huge government interventions.The broker's clients would be better served if he levelled with them. We have never seen anything even remotely like this. This is the razor-bladed boomerang of deregulation, and non-accountability whistling home with a vengeance.
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