What was that Rodney Dangerfield line? The sewer truck with a sign that read, "We're number one in the number two business."
As I write this and the Dow is down 437, on top of yesterday's 370, on top of last week's 800, everyone is wondering why the dollar is not tanking, too. After all, the government is buying or guarantying everything there is, including the medical bills for Misty May-Treanor (Dancing with the Stars).
Well, as deep in number two are we are, it seems that that the poop on the rest of the world is just as bad. And they cannot seem to coordinate any sort of meaningful bailout. What did the UK kick in - 80 bil? And they said that the US plan of 800 bil was too little. Maybe if they add a little pork they can kick it up a notch. A bridge to Ireland?
In other words, they are going down faster than we are and the rate cutting has already started. The Aussies cut a full point yesterday and that currency had pluh-met-ted!
Excerpt from a chat list:
There is not a rush but a stampede from the Euro into the US dollar.
---- And this is coming from someone living and trading on that side of the pond.
Talk is that Russians they are quickly converting to the dollar
Is this not amazing? Less than three months ago - you remember when the first bit of good news came from the banking sector here? - THE WORLD HATED THE US DOLLAR. Nobody wanted to be paid in it. Nobody wanted to sell their goods in it. Nobody wanted it to be the world's reserve currency.
We're number one again but it is too bad we had nothing to do with it. The others guys are just worse.
Which stock market do you think will recover first, by the way? Hint - it's not them