Monkeys on typewriters
If one person can mismanage a stock portfolio to the tune of a $7.1 billion loss, then I contend no one on a trading floor really knows what the fuck they are doing.
A related thought: Is the stimulus package agreed to by the White House and Congress anything more than a back door way of redistributing tax revenues to the very creditors who are ailing because of their bad bets on subprime mortgages and credit cards?
Indeed, something seems fishy about a stimulus package premised on the idea that if you give more money to people who have already overspent you'll spur the economy forward by encouraging them to spend more.
But, then, I'm no economist.
Also, what's with the Fed's 3/4 percent rate cut? The solution to our credit crisis is to encourage more borrowing?
This is casino economics. Let the drunk who's down $500 at the craps table gamble the house's money and fleece him for another $700 as he tries to dig his way out of the hole he's in.