WAS IT BERNANKE'S RATE CUT...? WELL THAT'S THE HEADLINE BULLSHIT...
BUT THE MARKETS WERE MASSIVELY OVERSOLD.... AND READY FOR A SLIGHT BOUNCE...
FURTHERMORE, THE TOUTED RATE CUT IS USELESS IN CONFRONTING THE REAL PROBLEMS FACING THE BANKS...
TO WIT: THE BURSTING OF THE ASSET BUBBLES...WITH A MASSIVE DEFAULT RATE ON THE UNDERLYING LOANS...
WHAT DOES CHEAP MONEY DO FOR THAT...?
JUST BECAUSE BUBBA CAN AFFORD TO TAKE HIS FAMILY TO THE MOVIES ONCE A WEEK...ISN'T GOING TO STOP MASSIVE NATIONWIDE HOME FORECLOSURES....
SO AS A SYMBOLIC GESTURE...I GIVE THE FED'S "HAIL MARY" PASS A SHELF LIFE OF A COUPLE OF DAYS...PERHAPS TIL FRIDAY...
AFTER THAT...THE BAD NEWS WILL KICK IN AGAIN...IT ALWAYS HAS!
AND THE MARKETS WILL BE RIGHT BACK IN THE TANK...
NOTE ALSO: GOLD ROSE NICELY TODAY...
AND THE DOLLAR IS BACK IN THE TOILET...
