Look out Below!
Ugly day today -- Dow off 280 to 12,500 as I type this, the Nasdaq down 2.5%. The natural process of washing out excesses will lead to gnashing of teeth and begging for the Fed to intervene. (After all, isn't it the role of the Fed to backstop speculators?)
My opinion: those people who only believe in free market so long as they are going higher aren't capitalists, they are socialists.
Here are a few of today's headlines :
Wall Street to Fed: Cut rates now!
Why Give the Fed the Benefit of the Doubt?
Stocks in U.S. Tumble on Citigroup Earnings, Unexpected Retail-Sales Drop
Creative destruction, baby!
Tuesday, January 15, 2008 | 03:12 PM | Permalink
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I guess all the bearish sentiment was not yet priced into the market like bulls have been saying ... LOL. Here are the next round of roaches that common sense knew would arrive.
Now, if only the bulls could figure out how to engineer a one minute recession and flash in the pan bear markets. Then, and only then, would something in the business cycle truly be different this time ...
Posted by: D H | Jan 15, 2008 3:17:29 PM
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