Interesting — looks like the Fed is staying the bubble-popping course for now. Keep on keeping on cutting by $10 billion per session regardless what it does to the markets. Question is, would they have been better tapering in September, when the markets didn’t have another 10% extra to fall?
HSBC is down below 52 — if it gets below 45 or 50 without other banks doing same, I might start to worry.
Anyway, what the Fed is doing is commendable. Stock markets and real estate should be driven by the economy at large, not the reverse. Anything else leaves us vulnerable to a crash — the big joke was that 50% of the Phoenix economy consisted of building itself, and when that stopped, what was left?
