There have been so many distinctions made between main street and wall street in the media that is sickens me. Its just the blame game. I expect it from those damned nay-voters on yesterday's bill... face it.... they're probably political "scientists" anyway. I told Will in my lab, the sad thing is, most Americans won't realize this crisis has very relevant causes from how they spent their money in the past. He agreed, and we agreed that this Bill had to be passed. My macro professor, Zubeyir Kilinc, also said it had to be passed. I couldn't help but smile when he told the class that papers, books, and dissertations will be written on what happened yesterday--something I've been telling everyone for the past few weeks. I also loved it when I asked him how people finance houses in Turkey to which he replied: "we save up for 20 years." This is exactly what my dad did! Look at what a little bit of skepticism did for my dad. He doesn't buy on leverage. He buys with money he has, and is therefore hardly affected by this mess. Sure he'll have to pay for this, but we all are.
Side notes. Bingham(Uk's FRE/FNM) was sold to govt yesterday. Spain's Fortis bank shut down. Credit rates rocket again b/c of intrabank lending fears. I realized yesterday just how much the market is hype after the bill failed in the House. We created this bill. We publiziced as our savior. Thus when it fails, regardless of wheter it will work or not the dow plunges 777. Think of it this way, if the bill was never written or spoken of, would the dow had fallen 777 points yesterday? Doubtful.
No picks or watches for me for a bit. I've got a wounded leg to take care of, and midterms/quizzes to read for.
