Media Morons do it Again

All reasons given by the MSM for any big market moves are complete fabrications from some loser in the middle of a vomit chain. I guarantee you that the remarks by Timmie the Genius that the press said were too bland and lacked details did NOT cause the 400 point decline and had any of these network assholes checked the time Geithner started to speak and the time the move started would have known it. The market sell off began at exactly the moment he started to speak which means it sold off before anyone knew what was or wasn't in the speech. Ridholtz, who I greatly respect, remarking half a day after the mini-crash says the cascade happened as it became crystal clear that Wall Street wasn't going to get more free tax money. Ridholtz may or may not be correct but his judgment is made long after the fact and is more reliable than any take made the split second after the speech. My take was, and is, that nobody knows the "real reason" other than there were more sellers than buyers. Meanwhile, back at the ranch, the Lone Ranger and his faithful companion Tonto are warning the ranch hands that the EU is on the verge of a major collapse. He says this as mountains of debt threaten Spain, Italy, Greece, Ireland, most of the old Soviet block, and the clothing charges run up by President Nicolas Sarkozy's wife. It is becoming increasingly clear that our problem is debt; consumer, business, and government. As I've said here repeatedly: there is no such thing as the EU. It's strictly paper, a pretense that there is something there. Each of the countries has an independent government and independent banking systems and it doesn't seem possible that, aside from France and Germany, these debts can be paid. Spain is not the same credit risk as Germany and to treat it like it is doesn't work. So what? We have a trillion in debt we cannot pay back and we're fine. Yeah, but let's not test this concept, just understand that the EU is more like our states than it is a single country.