Ugly day today — Dow off 280 to 12,500 as I type this, the Nasdaq down 2.5%. The natural process of washing out excesses will lead to gnashing of teeth and begging for the Fed to intervene. (After all, isn’t it the role of the Fed to backstop speculators?)
My opinion: those people who only believe in free market so long as they are going higher aren’t capitalists, they are socialists.
Here are a few of today’s headlines :
Creative destruction, baby!