In the now-agreed narrative, the current, or soon-to-be-ex prime minister of Greece is a villain, because he threatened to set in motion a chain of events that would have prevented Europe from giving Greece yet more money it has no intention of paying back. But if he is replaced and his successor agrees (reluctantly? “oh, all right, if you insist”?) to let Europe give Greece yet more money it has no intention of paying back, along the way agreeing to ‘austerity’ conditions it has no intention of actually implementing, you can guarantee the market will cheer this as a positive and healthy development and rally like gangbusters.Heh.
It’s enough to make you wonder where on earth Wall Street gets its reputation for being populated with brilliant minds.
Wednesday, November 9, 2011
Quote of the Day
I need to get Sonic Charmer as my investment advisor. He understands how the market thinks: