Wall Street I hardly knew Ya?
The stock market’s cheering at the withdrawal of Larry Summers as Fed Chairman.
Huh? I thought Larry was good for Wall Street. That he loved their style and the big bucks. I’m confused. Why did he insist on the demise of Glass Steagall? What does he stand for?
Never did I think he was anti Wall Street. If that’s true, then I’m sorry his name is no longer in contention. Well, almost sorry. The Glass Steagall thing’s still bothering me.
I’ m also sorry that the Senate Banking Committee has at least 1 Senator from NY accepting campaign contributions from Wall Street. But that wouldn’t impact his decision, would it?
Let’s see who makes the markets Swoon. That’s our man or woman for The Fed?
Meanwhile, somberly, the Bloomberg announcer counts down 6 minutes to the Markets opening bell. 150 points up. Why? Because Larry Summers is out of the running for Fed Chair? In the entire Country, there is no one else qualified to go against Wall Street? Hard to believe?
Well, let me explain. “Markets and Summers’ Departure” may as well be called “The Emperor and his New Clothes”. The plot and moral of the stories are frighteningly alike: Once upon a time (earlier today) the DOW cheered and celebrated because…what? There are no new clothes—no actual added value. There’s just a confused naked man wandering around. Not Larry Summers—unfortunately, our “emperor” is our economy. The DOW is cheering for a fool.
The market is frothing over on nothing, no good news, no new jobs, Nothing! Not to worry , the same voice pontificates, a 10% correction in the Market is already anticipated. LOL The Market is predicted to go down 10%, when we’ve been told the market is overvalued 50%.? Wonder who’ll have the last laugh. Are they on Coke or what’s the new Drug Du Jour?
Next Bloomberg interviews Max Baucus Chair of the Tax Reform Committee!
He has convened a caucus of the major CEO’s and Titans of Industry and Technology, to discuss a most scintillating topic: TAX REFORM. Oh, and he looked so Tan and Business like in the Montana Woods, just like Davos:
Bloomberg is comparing The Montana Woods Summit to the Davos Economic Forum: An august body of economists, who gather in Switzerland after paying the $500,000 entrance fee to be seen and heard discussing global Economics. If only we could be flies on the wall, listening to Max Baucus' banter with the group, horse trading tax reform, for jobs! His New Job, the People's employment and the future of Corporate taxation. The dialog would go something like this: "You ( meaning the Corporations) will pay a flat tax, no real loopholes, and who ever agrees with me, gets me next year when I retire from Congress".
So it's part reform and part job interview; mixing business with pleasure. The best of all possible worlds for the lucky few! A win win. They will eat cake!