Back in 2008, every time Henry Paulson appeared on TV to 'calm the markets', the markets would begin to tank ever more precipitously. OS privately called it 'The Paulson Effect', and was too naive to short the market. (Now no longer...)
Obama has assumed Paulson's mantle. As soon as he read his teleprompter remarks, and stalked out like the petulant child he is, the selling began in earnest.
OS went back to his work, and listened to Bach. He checked in again shortly after the markets closed, and spontaneously exclaimed an expletive he will refrain from repeating in print.
Just for the record, the Dow closed down 634.76 points, the S&P down 79.92, gold broke an all-time high, and silver is retracing to its earlier highs.
OS's liberal friends want to blame it all on the Tea Party, and ignore that the Dems were routed last November.
He gently reminds them that any country with over 50 trillion of unfunded obligations, and borrows .40 over every dollar it currently spends, is on the path to tragedy.
Not even the Fed can stop this sell-off. We've all learned too much, and are less susceptible to being stampeded, since 2008. The markets, both in equities and bonds, have a long way to go to align themselves with reality. OS thinks reality is Dow 7500 and S&P 600.
Disclosures: Short the S&P, long gold, long silver. Paying debts off as quickly as his little fingers can write checks, and has been for quite a while now. Looking to plant gardens and install livestock on his acreage for next spring. Renewing his hunting license.
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