Wednesday, October 14, 2009

DOW Breaks 10000 (uh, yay)

The Great Intercession continues, and you have to admit the all the intervention of the previous year (when the DOW last stood at this point), has brought things back, at least for Wall Street.

In fact, there is almost a feeling that it came back too fast, like those chest pangs that subsided after a quick aortal boring. But after a few days of salad, the patient start reaching for the back ribs dipped in chocolate again. We got through the emergency room, but unless we see some major reforms from those ordering off the menus, we may be back in ICU, sooner as opposed to later.

I'm not quite ready to trade in my "Wall Street getting its comeuppance" duds for my "well Wall Street is doing well, how about some love for Main street" ensemble, and it is much too early to declare recovery on any front. But that time may come sooner than even I think.

More later,