On a day we did everything to help the markets: A question.
What if we did nothing?
If we offered no stimulus to calm them down? Cut not a single interest rate to calm them down?
Did not a thing to calm them down.
Nothing at all.
What if we let markets be markets and tumble on their own? And recover on their own?
What if we didn't cede to their tantrums and ignored their tantrums?
Very smart folks say a lot of not so very smart folks would get burned.
Cruel thing sometimes, these markets.
Crueler yet to extend that agony or delay that agony.
That's all I think you do when you throw stimulus to pacify these guys. Or cut interest rates to calm these guys.
They'll want more. They're pre-conditioned for more.
My worry is that we're giving them candy when maybe they could use castor oil.
And lessons, and reminders, that if good fundamentals can't get you buying stocks, maybe goosing those fundamentals with goodies like tax rebates and quick interest cuts will.
All for an economy with five percent unemployment and three percent growth.
If those are the conditions from which you have to be rescued, pray tell what are the conditions from which you don't?
Ask most people if they want lower rates, they'll always say yes.
Ask anyone if he wants an $800 rebate check, they'll rarely say no.
That doesn't make either tonic. More like cocaine.
Where we're the addicts. And the government is the pusher.
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