Exactly. Well, almost. Congress can trade inside info legally. Big firms can't, but they can be tipped by a politician. I can't believe there isn't more outrage over this. The media had a hissy fit over Martha Stewart, but is almost silent about Pelosi.
fed discussed it monday. obviously thats why stocks were up on monday. goldman front run the arse off it aready and most likely sold into today. only the mugs buying today at these these levels. expect the reality check in a few days with no deal in europe still.
I think it has more to do with "crisis fatigue". A decade ago, the kind of shit Enron was pulling with a one time reputable firm such as Arthur Andersen watching their backs was a real shock to alot of people. In short order, some high profile CEO's were taken down on the backs of alot of the negative public sentiment in the wake of the dot.com bust and the Enron event. Koslowski, Ebbers, Martha Stewart, Ken Lay, to name but a few. The problem is that 03-07 just ratcheted up the fraud to such an extent that to prosecute anyone could literally bring down the house of cards. It became systemic and now people don't even bat an eye when they hear about how some local politico embezzled millions or how the crooks in Washington just steal in broad daylight. People have come to accept that the system is rotten to the core.
All one has to remember is that EVERYTHING that has been done since the very start of this shitshow (insert start date...say 2008) has been to simply BUY TIME. It's as simple as that. Whether it's the "good cop / bad cop" routine with Eurozone shills or central bank intervention...There is no fix for this mess, it's all about who can dump as much toxic trash on the other guy's heads...
Denner: People have come to accept that the system is rotten to the core. --------------- I have to agree, hence the massive run way from the Markets. No trust in the STREET means pros trade against pros and wild swings. Plenty of other places to put money to work rather than the Markets. My Advice.... Get all debt paid up as fast as you can. Including No Car notes.... Pay your car off. If the only debt you have is a House, so be it...or rental property...that is even better debt. Scrap all cards but one...keep that balance at zero every month but build it up to a 20k credit line or more as this is your "Bail out" or safety net because if you need to tap it out...you can walk away if you can't pay...just like they taught us up there in DC. Stack cash in other hard assets and spend what you want. Enjoy life.