Wednesday, September 19, 2007

Enjoy the Fed Rally while it lasts

So the market got a bigger cut than it expected and now everyone's singing Bernanke's praises. All he has done is stave off the inevitable. This problem is bigger than the Fed or even all the world's central banks put together. The system needs a painful cleansing, sooner or later. Bernanke's hair of the dog that bit you cure for the hungover U.S. financial system works in the short-term, but doesn't address the bigger issue which is our drinking problem.

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