1/24/2008

Putting yesterday's 300 point Dow gain and the 500 point rally from low to high into historical context reveals that it ain't much. When viewed as a percentage, the move ranks #30. Be sure to read my post of several days ago, this is an insurance crises not an economic one....YET. MBIA follows AMBIC onto the destroyed bond ratings pile, in fact in a moment of satire a commentary states that one of them, Moody's, has placed itself on the watch list. In a "secret" memo from inside the company the joke is that "we suck" etc. etc. One would hope there was this kind of honesty within that stinking business, but we all know there isn't.

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