Bailout Backoff – From “irrational exuberance” to “irrational discouragement”
Well, I spoke too soon on Sunday. Looks like the off/on/off bailout is off at the moment. The House of Representatives said “no” to the bailout, and already stock markets around the world are reacting.
I would say that “irrational exuberance” is rapidly turning to “irrational discouragement.” Hang on and don’t do anything irrational, folks.
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I’m really not sure what I’m hoping for at this point. Although it is fairly obvious that if Congress doesn’t do Wall Street’s bidding, the big time investors are prepared to sink it all in retaliation. Yesterday proved that.