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Is This The Day the Market Died?

It's early days in the saga of the Goldman Sachs prosecution. Nevertheless, this could be the thing that killed the post 2008 bull market.

The charges are significant for several reasons. First of all, they are directed at the very top of the food chain. No second-tier company here, mucking around in the backwaters. Goldman is the epitome of Wall St. respectability, having contributed several Treasury Secretaries.

Second is the scope of the charges. In essence, the SEC is alleging that Wall Street's leading brokerage house cynically and illegally manipulated a large segment of the market. The effect is similar to the time Toto, the dog in the "Wizard of Oz," scurried into the back room and tore away the curtain hiding the old man behind the screen. Fortunately for the Ozites, Dorothy had ALREADY slayed the Wicked Witch before the Oz's impotence in this matter was exposed. The American people haven't been so lucky.  Meaning that they will have to face the "witches" alone.

And even if it kills the market, hooray to the SEC for doing so. It finally shows that the commission does, in fact, have some teeth. At least under Mary Schapiro.