The Saviour Bill is passed, and with a sigh of relief, the Dow... DROPS 157 points, as the dealers begin to realize that 200m American taxpayers have shelled-out $3,500 each for nothing at all. Look at the "panic" on Monday when the Bill was thrown out, and the "joy" now.
Maybe my almost constant posts of "The government doesn't create, it is an inefficient transfer agency" has had some effect on Homo-Stockbrokus.
ReplyDeleteThe government are feeding the woodworms, aren't they?
ReplyDeleteI'm still stunned by the cynical backsliding. I know we shouldn't be stunned but ...
ReplyDeleteIt's stunning.
It's mext Monday that I'm looking forward to. The FTSE might fall around 4% just to catch up with the DOW, and if the DOW futures are looking grim, and if the credit markets are still frozen, the FTSE might fall a lot more.
ReplyDeleteAs the above seems likely, and as the opposite to "likely" usually occurs so that those in the know can take my money, I think I'll bet on a 200 point rally instead.
The gvt ARE the woodworms.
ReplyDeleteI reckon I could construct several rationales for the cynical backsliding - all of which could make more bucks for the worms. It's only when they stop playing these games that the markets will stand any chance of recovery.
Sorry - here's me, a veritable finance ignoramus. But, blimey, common sense...!