SAY WHAT? Barney Frank Reverses Market Plunge Today By Vowing to Go More Lenient on Derivatives Trading
WHAT ELSE IS NEW? UPDATE: CULTURE OF CRONYISM BETWEEN OIL BUSINESS AND REGULATORS
SURE HOPE I'M WRONG, but it looks like markets are roiled big time today. Futures on all exchanges show breath-taking, nose bleed drops. Of course in the volatile, warp-speed markets we're in, we could bungee jump down, then jettison back up before the close. Overall, it's looks like we're continuing to head towards the economic abyss as central bankers window dress and arrange and rearrange deck chairs on the Titanic.
The welfare, high government pensions/entitlement states (and countries) are sinking and there's nothing real that will save them and us. The United States printing presses may delay the inevitable a little while longer, but it won't and can't forever. The longer we forestall the day of reckoning, the more painful and prolonged it will be.
I'll update this post as the day progresses and add some links.
DEFAULT NATION
Meanwhile, economic wizard John Tamny says we need to stop whining about the U.S. defaulting on its burgeoning debt and spending spree and see it as the only medicine that will cure us from what has ailed us---and the world---for over five decades. Warning, much pain ahead.
Stop Whining and Learn to Love A U.S. Default.
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