CNBC acted the same way with the emergency rate cuts, opening of the discount window, Bear Stearns, etc etc etc. The rally monkey is in full force today and that is all they care about. As always the devil will be in the details. I find it somewhat sickening to see the smile on the faces when we are looking at a taxpayer bailout that is approaching $1.1 Trillion. In fact there is a bit of anger that is beginning to boil. Of course I would be just as angry if they let this go and we watched the entire western financial credit structure collapse (not hyperbole), that would more than likely take my primary income in the form of a job loss. This whole thing disgusts me to no end. The only you can do is grab a bag of popcorn and watch the show. Now the real question of the day is what the True Impact on the real economy has been?? After the market gets over its speedball high the market will be looking at how this whole thing has impacted earnings, don’t be surprised if it is very significant.
