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On February 9, 1989 President Bush the first announced his plan to deal with the mounting fallout from the Savings & loan crises. His stated goal was to have legislation passed within 45 days, but the Financial Institutions Reform and Enforcement Act was not actually enacted until August 9th.

Today Paulson, Bernanke and President Bush the second are attempting to get a much more extraordinary piece of emergency legislation passed within a matter of days. This will be a very hard sell, irrespective of the fear mongering you saw yesterday and will continue to see tomorrow.

Investors do not trust this leadership.

Keith McCullough & Andrew Barber
Research Edge LLC