Tuesday, August 28, 2007

Dow down 280 points

So Wall Street didn't get the word of a rate cut that it wanted from the Fed. Boo-hoo! I say no welfare for the rich. A rate cut would help the markets temporarily, but in the end, no one can stop the inevitable correction that's coming this market's way. The FOMC can only delay it. The business cycle is real. It can't be outsmarted, not even by PhD. economists. Besides, why should homeowners and mortgage companies go belly up, while their Wall Street co-conspirators get bailed out?

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