For the sake of my arthritic hockey knuckles and their likely margin for transcription error, here is a paraphrasing of some of Timmy’s opening comments. Predictably, he went with the fear-factor strategy. This is consistent with Investment Banking Inc’s self-compensating view that “we didn’t see it coming” and “we had to purge the citizenry’s savings or we’d all be greatly depressed.”
Geithner:
‘the consequences would have been catastrophic…’
‘our actions cost us far less than the alternative…’
‘we were threatened like no time since the great depression…’
‘Your children, your security…’
‘AIG posed a threat much greater than Lehman…’
‘it stretched across the globe…’
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This is a conflicted and compromised view. In Timmy, Do You Trust? I don’t and neither does Mr. Macro Market. The market is down because the market fears this Bubble in US Politics.
The intermediate term TREND line of 1096 is broken. The next line of support is 1068.
KM
