The markets, and by the markets I mean CNBC and their chosen "analysts" are so full of crap. The S&P was down 10% the last 5, that's right 5, trading days and when I woke up this morning I knew what every other trader knew. We were oversold and a bounce was coming.
According to CNBC minions the 200+ bounce we got is because Bernanke provided details that both Obama and Geithner did not. I just finished hearing an analyst ruminate for 5 minutes on how Bernanke is providing clarity that the administration and treasury can't. When pressed on the exact detail Benrnake provided he cited 'no nationalization'.
No s%#. This is the same detail that Geithner provided over a week ago. And Bob Gibbs has been echoing ad nauseam. I guess CNBC.
This meme that somehow Bernanke said anything more than Geithner said will take hold and by 9AM tomorrow you'll hear every conservative shouting "details and clarity" from the roof tops regardless of how blatantly fallacious it is.
