hoover

If You Think the Dow Did Well Today, You're Wrong

So, Friday the government announced it will remove up to one trillion dollars of unmarketable and impossible-to-price debt from any and all financial institutions, and add it to out-of-control government debt. In summary, one group of irresponsible debt-ridden balance sheets are transferred to a much larger irresponsible debt-ridden balance sheet. Net asset gain -- zero. Just the statement of intent to re-arrange the debt deck chairs sends the Dow up 900 points in two days. Utter insanity rules the market.