Wednesday, October 29, 2008

A Day of Shame

While all eyes were focused today on the Fed's rate cut, the big news was the Fed's latest cockamamie effort to save world.

Just when you thought the insanity couldn't get crazier, the Fed announced it's now going to funnel a massive $120 billion of U.S. funds into Brazil, South Korea, Singapore, and Mexico! We're circlingthe toliet bowl and we're sending money to other countries!

And that's on top of the IMF bailouts already committed to the Ukraine ($16.5 billion), Iceland ($2.1 billion), and Hungary ($25.5 billion)!

In response, some folks are cheering with glee, blindly believing that Mr. Bernanke can play Santa Claus, the Pied Piper and the Fairy Godmother all in one act. What idiots!!!

Anyone with any experience with the real world is quickly coming to the realization that Mr. Bernanke is Desperate — resorting to the radical measures of all time.

Playing his last cards — realizing that if these last-ditch rescues don't work, it's game over.

Taking huge risks — that his rescue-the-whole-world schemes will in the form of falling confidence in the U.S. government as a whole! Meanwhile, the much ballyhooed Fed rate cut was a dud!

After all the hope and prayer implied in yesterday's stock-market surge, today, the market literally saw a ghost: Just in the final 12 minutes of trading — from today's post-rate-cut high to the closing bell — the Dow nosedived by an alarming 372 points! And the fools on TV were tellingyou we had hit the bottom! What morons!!!

Not exactly a polite "thank you" note to Mr. Bernanke for his half-point rate cut! He sure does not get my "thank you"!

Bottom line: Some investors can be fooled some of the time. But the investors that move the market are painfully aware of one simple fact:

Mr. Bernanke cannot drop interest rates below zero!
He cannot force banks to lend money!
He can't compel consumers to borrow, or make people spend. Of course, ourso called "wise" leaders are doing plenty of it for us!
Nor can he turn back the clock to undo decades of financial sins ... or repeal the law of gravity and stop investors from selling.

Indeed, all of this week's wild events merely underscore that we are indeep, deep trouble and the Fed and that group of bandits and the politiciansare selling us out. I'm ashamed of my country, I really am!

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