Could it be...maybe...that earnings have something to do with all this and interest rates, while important, are really just a cover for the inept ramblings of a few major CEOs?
Granted, higher interest rates didn't help...but the bubble needed to be pricked, and it is a very inexact science, at the best of times.
I am, right now, pissed at AG not for pricking the bubble, but for not acting more aggressively the other day. By witholding the right to do another cut later, he basically guaranteed the market would slide because everyone is waiting for the next cut.
Now, that, I agree, is a stupid and ego driven thing to do. While I don't hold with the good Cap'n's stance on AG, this particular cut was by committee decision...so I don't think he should have the entire blame. However, he is the driver of the car, even if he is getting bad directions, he should have some idea which way to go. |
