Thursday, 20 March 2008
Woah! - I've angemeldet and entered my waachtwoord tonight and everything is different again!
Amazingly, the Dow has leapt from the doldrums to add 420 points in a single day. Some would call this magic, some would call this a miracle and some might even attempt to make profit from this remarkable turnaround.
Perhaps everything I said yesterday was wrong. Perhaps the economy hasn't really got a hole in it.
Or maybe the Fed bouyed confidence by dropping base rate by a whopping 0.75% in a day, so that its now at its lowest level in years and close to the point where it can't really go any further. Or maybe even the further $200bn just slipped into the American economy through support for the Fannie Mae and Freddie Mac government back mortgages has some tiddle of an effect.
Perhaps Mr Bush reads rashbre central too, and felt compelled challenge my points in his speech just delivered to the Pentagon. He emphasized that the world is a better place as a result of the Iraq war. The half trillion spent has been worth it.
Perhaps my thinking needs adjustment. Perhaps I've been sitting in this koffie shop in Amsterdam too long and the smoke is beginning to get to me. I'll be seeing pink bicycles next.