Six months ago the price of oil was $140. BAC stock was $35. Today, oil is $45, BAC is $4. The same illustration could be done with GE, GS, JPM, C, the list goes on. To say the chickens are coming home to roost is an understatement. Our federal government's response to this day of reckoning is to print money and spend it through government agencies at a rate never before seen in history. For what purpose and to what end is this mad spending spree for? Evidently, we are trying maintain a standard of living which by definition is unsustainable. Whether we like it or not, whether we admit it or not, we need to let prices and markets find a level (bottom) which will attract buyers. To the extent that government continues to artificially prop up prices, will be the extent to which the inevitable process of bottoming will be delayed.
BO and Mr. Geithner appear somewhat like children learning to swim without instruction, but with the knowledge that their parents are standing close by ready to pluck them out of the water. The children haven't a clue what they are doing, but neither are they as terrified as well they should be.
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