Stocks swooned today, and reached their lows around 10:00 Eastern US time, as fresh concerns about Spain and Greece caused a sell off.
After the European close stocks gained back about half their losses.
I think it might be useful to begin looking at this stock market action as the crooked carnival game that it is.
So really in the short term it means nothing except that the financial mechanisms that are intended to support the real economy are broken.
Washington and Wall Street need to be reformed before there can be any sustained economic recovery. And that is not likely to happen anytime soon.
