The market is poised to come to a full stop this week and probably backup, or so the financial articles indicate.
In my opinion the big news is Krugman saying that the Geithner plan is rearranging the chairs on the Titanic as a way to miss the iceberg.
Details aside, we are not comforted.
The Geithner bailout plans have all the hallmarks of trickle down economics. We throw tons of essentially debt riddled cash at corporate and bank CEOs and hope for the best. No question about it, someone will benefit, but we suspect it might not be the ordinary average American.
Regardless, we have plenty of time to wait for a recovery. The G20 is aiming for global economic growth by the end of 2010. Rounding it off, that would be roughly 2 years from now. So will equities go anywhere this year? Invest in stress reduction and personal growth.
GM CEO Rick Wagoner falls on his sword with a quick shove from the White House. Dinosaurs really are extinct.
Reuters: Nikkei slips 0.2 pct, recent winners retreat
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