Thursday, October 02, 2008

Markets to Congress: Go Home

Coincidence? I think not. The House defeats the bailout bill and takes the next day off. The Dow Jones average runs up by nearly 500 points, gaining back much of its fall on Monday, when the outcome was uncertain and the political risks high.

Then, the Senate pukes up passes an even larger spending bill on Wednesday, whereupon the markets go down the drain again.

Market to Congress: get out of the way.

There's a liquidity problem, a capital problem and a political crisis.

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