The fundamentals of the economy, of individual companies, of regulatory failure have NOTHING to do with this. It does not matter.
No one asked the government to take over AIG. The Fed never asked for permission. No, no, no ... Somehow, overnight, a Bridge Loan turned into a Government Takeover. WTF?!?
There is absolutely no analysis of the underlying problems needed at this point. Even if the Oracle of Delphi appeared and told the world what caused these problems, it all means NOTHING.
NOTHING will stop Wall Street from declining every single day from this point on - UNLESS the Fed releases AIG.
The first shot has been fired - by the Federal Government: Death to the Free Market!
Traders, investors and economists are not stupid. No one, not a single American, or a single foreigner will put a single penny into another stock until the Fed sets AIG free and a law is passed absolutely forbidding such a maneuver by any agency of the government from doing any such thing again.
I have never, ever, in my wildest nightmares, imagined such a disaster as this. WTF was the Fed thinking?!? I cannot grasp this AT ALL.
And the WORST thing about it? NO ONE is complaining!!! Not seriously, at least. Even Kudlow, thinks it's not good ... But. NO! NO BUTS ABOUT IT!!! NO! NO! NO!
How can these analysts not see that the reason the Market fell was not because AIG or Morgan Stanley or any other firm was in trouble, but because of the way the Fed "solved" the problem. The Fed takeover was like dropping a nuclear bomb on a city because of a flu outbreak.
The only people who have said anything are Hank Greenberg, former CEO of AIG who is pissed that no one bothered to answer the bloody phone at AIG - He wanted to buy back some of AIG's assets - but they didn't pick up the bloody phone! And then the bloody Fed took AIG over? What planet are we on?
The only other person to complain was Andrew Napolitano, a Constitutional Attorney, who flat-out declared this move a direct violation of the Constitution. Like his book says: We are a Nation of SHEEP!
I cannot believe that the only way we can save Wall Street is to sue the Federal Government.
Alas, it is the only way. The fate of the Free Market now rests in the hands of the Supreme Court.
As for the Presidential election: Obama and McCain need to SHUT UP! All Obama does is LIE, LIE, LIE - he did NOTHING, EVER to stop this crisis; his bloody advisors CAUSED this crisis. All they do is plagiarize Ron Paul and others and take credit for stuff they never did. And McCain? Suddenly he has joined the bailout bandwagon. JUST SHUT UP!!! SHUT UP!!! SHUT UP!!! ALL OF YOU!
The more Obama lies, the more his popularity rises and the stock market falls. The market rallied when McCain gained. But now, who cares? The Market cannot rally any longer - it has been taken prisoner.
Hannity's interview with Sarah Palin just aired, but I could not even pay attention. I have been so shaken up to the point of becoming ill over this disaster that I don't know if I should just curl up into a ball and die or if I should go blow something up. She did say bailing out AIG is bad - private companies who screw up should be allowed to fail. "Taxpayers cannot be looked to as the bailout for Wall Street." NO DUH!
Forgive me for not caring, but nothing matters anymore unless the Fed gives AIG back to the private sector. If it does not do so, this is THE END.
Bahhh! Bahhh! Bahhh! Stupid SHEEPLE!
