Paulson admit mistake.

The US Treasury Secretary,Henry Paulson expressed regret today for the many errors made that led to the biggest financial crisis in seven decades, but he insisted the administration is pursuing the correct course now to end the debacle.
"We're not proud of all the mistakes that were made by many different people, different parties, failures of our regulatory system, failures of our regulatory system, failures of market discipline that got us here," Paulson said in an interview on Fox Business Network.
This is not an excusable act as this former CEO of Goldman Sachs must have given the tips to his cronies to short the market while on the other hand misleading the world financial markets on all the pre-emptive measures that were already taking place as at the start in August last year.
He got the chick to say that he had "no regrets" about the steps the government is taking now to address the problem.
He might as well use the $700 billion program to shore up cronies giant hedge funds, largely unregulated pools of investments, or insurance companies.
This man has brought disaster to the world financial market even to the American baby-boomers whose source of retirement pension funds have also dwindled.
Tracking the Dow on Thursday,16/10/08 (One more day to Expiry Index)


9:30am:--A mild open near overnight.
Merrill Lynch (MER) posted a loss of $5.56 per share in the third quarter. The firm incurred $5.7 billion in net write-downs. Citigroup (C) reported a loss of $0.60 per share. Revenue was down a sharp 23% year-over-year and the bank was hit with $4.4 billion in pretax write-downs. The Swiss government and central bank will inject the equivalent of $5.3 billion of capital into UBS (UBS) and assume $60 billion of risky assets from the financial giant, according to The Wall Street Journal.
10:30am:--Bearish hammer follow through.
September Consumer Price Index (CPI) was flat, which is better than the 0.1% increase that economists were expecting.
11:30am:--Session low with ascending soldiers.
The Philadelphia Fed Survey, an assessment of regional manufacturing conditions, came in with a reading of -37.5 for October. It was expected to come in at a reading of -10. The prior reading was a positve 3.8.
12:30am:--Bearish engulfing.
The Volatility Index, or VIX, which is often referred to as the Fear Index, is currently at 79; it has never been higher.
1:30pm:--Bears resting at session MAV.
The weakness in the broader financial system and, in turn, the markets has hedge funds facing continued pressure and redemption calls.
2:30pm:--A 2nd MAV call for bulls.
Filings for jobless benefits declined 16,000 to 461,000, which was below the consensus 470,000 claims.
3:30pm:--Positive territory session high.
A liitle jolted by the Industrial production for September which decreased 2.8%, which is worse than the 0.8% downturn that was anticipated.The core rate for CPI dropped to 0.1% in September and will probably stay at that level, or even drop to zero for the next few months.
4:00pm:--The shooting stars,the hammer,the graveyard doji.
A confusing and mixed closing.We are still in the bear county.

The 3rd Friday,tomorrow being the Dow Index expiry will see another round of short-covering with high volatility again.
The best for the market is to head towards the MAV so there'll be relief for the financial markets.