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Actually, according to Bloomberg's Tom Cahill, Goldman's Robert Litterman, (head of GS quant investments) said this at the GAIM Conference in Monaco on June 19th. Thankfully, I was not chasing "hedgies" around at this conference, so I am happy to take this quote on time delay...

"We couldn't get out and if we had it would have made it worse. We had to ride it out.'' -Bloomberg Article, June 24 ("Goldman's Global Alpha Fund Gains After 2007 Plunge")

Anyone remember 1987? Buler?

Liquidity remains one of the many reasons why the US stock market can bounce for a "Trade", but remains in a downward bear market "Trend".
KM