It’s times like these you learn to live again
It’s times like these you give and give again
It’s times like these you learn to love again
It’s times like these time and time again
- Foo Fighters 2003
It looks like the market has reset its expectations. And it looks like the people have reset their expectations for their government. I am not going to comment on the President's speech but something Timmy Geithner said recently was unnerving to say the least.
He said, with regard to Standard & Poor's downgrade, "They’ve handled themselves very poorly. And they’ve shown a stunning lack of knowledge about the basic US fiscal budget math.”
Does this not scare the bejeezus out of you? There is such a thing as "US fiscal budget math" and it is different from regular math?
I'll end it there as it stepped over the line into politics.
As for the stock market, it is gearing up for another Bernanke put.