Super Bernanke To The Rescue, Or Is he?
January 23rd, 2008So the markets across the world started seeing exactly how screwed the US is over “our” weekend and holiday and they went into a tailspin. Who the hell could blame them, when you strip off all the bullshit away from the US economy it’s a feeble old man with no clothes! The Nikkei on Monday was down over 750 points sparking the “oh my god” attitude to the rest of the world. I actually saw pictures of Indians (the SE Asia types) praying to a big screen hoping the numbers would reverse! Sorry my Indian friends, your god can’t help you here; this is a job for Super FED!
The stories go Ben and company spent the whole night in meetings deciding what to do about this mess but do us both a favor and don’t believe that crap! I told my wife at 8pm Monday night Ben and company would do at least a 50 basis point cut before the market opened with the top at 100 basis points and I slept damn well JUST LIKE Ben and his cronies did! It took them about 30 seconds worth of phone calls to decide on that .75 point cut that “saved the world” and then they too all went to bed! So “Super Ben” saved the day …. or did he? Personally I think he screwed us (the US) SO BAD he may have actually put the final nail in the coffin. Mr. Bernanke followed the Allan Greenspan play book by the letter and once again gave up the US dollar and OUR well being to save his rich ass buddies on Wall Street but who cares, he saved Wall Street didn’t he?