More news of the regulatory overhaul...
continued to leak on Friday and started coming out Friday late afternoon and then through the weekend. Some of the underlying points are not favorable, but, a lot of it is also non-substantial or more accurately, not as changing as possibly expected even if it is hundreds of pages.
Takeaway - only things involved with the government, in this case the Treasury, Fed, Administration, are this backwards. The Fed gets more power and more control after helping create and perpetuate the problems. Only after it is first totally wrong and then many months behind not only all last year, but, going back many years when they basically set up the conditions and promoted the recklessness with no oversight and let it grow with Greenspan.
And real change in Washington doesn't come when it can head off some problems, it comes only after the problems hit and then take hold does everyone then feel a need to act to do something quick.
Today started with a short speech from President Bush with Laura beside him outside the White House in the dark with only the early morning light in the background. No doubt to show us that they all have been busy again all weekend.
They are now desperately trying to put a floor under this situation and this market right here. Only thing is, by continuing to prevent the flush, we don't get new strong long term holders. Instead we grind along.
But, maybe with enough new changes and late actions, the floor is put in and it holds.
Good luck.
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