“Problem? What problem? Y’all are a bunch panic monkeys, you know that?”

We shall see.

The market action after the announcement was truly astounding … down 100, then recover to up 150, back to 0, and settling out to up 35. Nice gain on the S&P too (0.5%) … wonder if it will hold tomorrow.

Is it possible the Fed is correct, and this whole subprime-credit crunch-mass defaults thing is just mass hysteria, a phantom crisis with no basis in reality?