I agree that I wish the .gov would just go hands off and let the market shake out as it may. The global injections of cash reserves the past week are very worrisome. Now we even have a few financial asshats on TV speculating about and fomenting for the FOMC to cut interest rates. There is some sentiment among the eternal optimists that today we "found bottom", the sub-prime mess is contained, the government will ride to the rescue, and now is the time to buy. Hmmm. While I still have money in stocks, I retain some on the sidelines until we have a little more spectacular of a crash.
Besides the sub-prime mess, the market is nervous now, they will be more nervous the more people like John Edwards or Hillary say "tax, capital gains, or health care", economic warfare will heat up internationally because with the coming Olympics it is quite the sport to stick it to the Chinese. I enjoy the show but pretty soon Joe sixpack will not want to buy Chinese and won't be able to afford to buy American. Factor in the traditionally crappy stock months of August-October and hopefully a hurricane season that shows us a little something and I think now is most certainly not the bottom.
So, I agree, no way the Fed can tighten down the money valve anytime soon without writing a whole new meaning to market bottom. Between Wal-Mart saying they see weakness in the economy and pressure on the consumer and the Treasury Sec. today saying the economy is in good shape I'll take Wal-Mart. In many ways the economy is in great shape. In many ways the Titanic was a great ship too except for those pesky bulkheads that did not go all the way to the overhead and some incredible pile of hubris at its con.