Appears as though the "bail out" bill has been defeated at the House level. Which is fine considering it was a bill that purchased securities nobody understands with ramifications no one can predict.
Volatility ahead for certain.
My own framework of thinking about this: we are seeing the response of several different Trophic levels to a forest fire.
And now, pundits are desceding upon the networks to relay more "information" about the bail-out bill. The networks have an obvious bias: their viewership increases in bullish markets.
The "guests" on these shows imparting "opinion" to the masses are simply talking their books. One right now is talking about the "creditworthiness" of the United States. Interesting. (WHAT IS OUR DEBT DENOMINATED IN???) This same person states the bill "must be passed" for the market to "stabilize". One wonders what his firm's positions are.
Ah, to be alive in during this...
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