It will be interesting to listen to the financial talking heads on CNBC, CNN, and FBN spin this 300pts dump in the markets ;-) The explanations should be very robust and involves lots of hand waving. I will report back to you tomorrow what they all try to say that its only a 1 day pull back.
The Dow would be down over 500 pts if the Dow financial stocks were not being bolstered up by the Fed/Treasury action of buying equity positions in the banks and directly adding liquidity to their balance sheets. Something the government was surely empowered to do by the Constitution (satire, folks, satire).
I believe that both Hamilton and Jefferson would agree on this government action - pure crap!
Paulson and Bush just spoke on the Treasury $250 Billion USD direct infusion of monies and the market did a little pop, but the volume is very light. If it lasts it will be thin.
Bush 43 said, "It will be a very short term proposal, only 3-4 years." Well by then, the government intervention will be so normal that it will be considered the typical governmental purpose. So now the Constitution is violated via the soothing refrain of, "Trust us, it will only be for a short time."
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