Tuesday, April 12, 2005

The Worm Turns

wall streetAP photo of Wall Street today.

Big fat headlines at dear Dow Jones Market Watch:


It is the same story as the AP at the NYT only the army of TV talking heads touted this as "good news" that the Fed isn't going to raise interest rates! Huh? I read it and it seemed to me, they were worried sick about the need for the Fed to raise interest rates due to obvious inflation. But the talking heads assured investors, the American House ATM machine will grind onwards! Forever and forever! Bless their pointy little heads!

Well, here is another news item, a real winner: Three men have been indicted on charges they plotted to attack financial institutions in New York, New Jersey and Washington. This reminds me, a chap called "bin Laden" has been missing, no?

Note how the "talking up the markets" worked. Reading "Only Yesterday", there is a great deal of Chapter XIII about how the Fed and the President and all the rich guys tried every trick they knew to kick the market upstairs again. It is pretty grisly reading.


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