Mar

20

 You know that feeling that everybody who has ever traded has gotten when the market is going sharply against them though with a velocity whose ferocity one knows can't be maintained. But a pain threshold has been surpassed so however around the corner the reversion to the mean might be, the stuff just has to be dumped.

The Mets are doing that now. In what must be the baseball equivalent of not be able to make a margin call, a few months back they went to the Commissioner's office to borrow $25m to remain liquid. So as shakily solvent as they would appear to be, they've taken to dumping onerous contracts in the hole. The other day they released second-baseman Luis Castillo though they still have to pay him $6m for this season and it is widely expected that any day now pitcher Oliver Perez will be cut as well, the $12m he is owed this season notwithstanding.

They're just dumping stuff in the hole. Most don't expect them to be competitive this year and I don't know how much worse they would be with these two guys on the team, especially in light of what they're owed. But those two guys were wildly unpopular. It's as if they sensed they were caught long public relations futures in a cratering market and their fan base was the clearinghouse that demanded they liquidate.


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