Wall Street is Insane
Jan. 11th, 2008 08:41 amSo, retail sales over December were flat at best. (Here's some stats) And credit card debt went up over that same time, which meant people were spending money they didn't have just to stay where they were.
Federal Reserve Chairman Ben Bernanke yesterday said "The outlook for real activity in 2008 has worsened," and "We stand ready to take substantive additional actions as needed to support growth and to provide adequate insurance against downside risks,"
The second translates to interest rate cuts. But basically he's saying the economy is not doing so hot, which most anybody could tell you. o in response? "Stocks in Canada and the U.S. shot up in the hours after Mr. Bernanke speech."
The stock market reacts exactly opposite to how common sense says it should. A company lays people off, its stock goes up. The chief banker of the US says the economy sucks, stocks go up. These people are insane.
Federal Reserve Chairman Ben Bernanke yesterday said "The outlook for real activity in 2008 has worsened," and "We stand ready to take substantive additional actions as needed to support growth and to provide adequate insurance against downside risks,"
The second translates to interest rate cuts. But basically he's saying the economy is not doing so hot, which most anybody could tell you. o in response? "Stocks in Canada and the U.S. shot up in the hours after Mr. Bernanke speech."
The stock market reacts exactly opposite to how common sense says it should. A company lays people off, its stock goes up. The chief banker of the US says the economy sucks, stocks go up. These people are insane.