Son Of A Bitch
Don’t get me wrong, we’re all gentlemen here. As your humble host though, I reserve the right to cuss when it’s time to cuss. We’re all big boys. Now as men here (and the very occasional woman) we have the deserved right to express either astonishment or even outright dismay at the market’s behavior today. I won’t lie: with all the talk of a quarter point reduction over the last several weeks, I was nearly certain that it was priced in, thoroughly. Any talk of a half-point reduction was mere sideline wishful thinking, but now, after the Titanic is underwater, all the talk is about the disappointment of the rate cut, so meager as it was. Also, don’t get me wrong here, I think some thorough market cleansing vis-à-vis a market downturn is healthy if not even desirable—in other words, I don’t think extreme strength in the market is ultimately sustainable, but what can I say? I could really use a good rally about now. In fact, it feels like we’ve been limping along for months now. Haven’t we though? All right already! I’m all for buying into weakness—to the bone, but I can’t keep buying if no one else wants to buy because the prospects of the most prosperous nation on earth aren’t so pleasing; to the contrary, they seem to be rather miserable. And why? Because we can lend all damned day long but never pay our bills? Where’s the get up off the old arse and go to damned work attitude that pervaded half the damned globe for half the damned modern era? What now? It’s all about easy money I guess. Lenders wanting money they can’t have from consumers who want things they can’t afford. Meanwhile, the rest of scrabble around breaking our backs trying to do the right thing. No easy money for us. To hell with them all.
Ok, I’ve vented now. Thank you.