Skip to main content

The People In Charge Of Our Financial System Are Clueless

Completely and utterly. As I've noted numerous times before, one does not have to be a financial wizard to realize that the panicky cutting of the interest rates in the last six months is a sign of a system in trouble. Along comes news that the Fed has cut rates again, on a Sunday night.

In related news, JP Morgan Chase is buying Bear Sterns - the mismanaged company being bailed out by your tax dollars - for $2/share, it had been trading for $50-something.

They. Don't. Know. What. They're. Doing.

UPDATE: This seems like a good time to remind folks of this quote from John McCain: "I don’t understand economics very well"