"That the rate of interest will be lower when commerce languishes and when there is little demand for money, than when the energies of commerce are in full play and there is an active demand for money, is indisputable; but it is equally beyond doubt, that every speculative mania which has run its course of folly and disaster in this country has derived its original impulse from cheap money."
The Economist, 1858
"In their heavily self-biased opinion, if they want something, by rights it should be theirs. So, nothing if not opportunistic, they take from public and private coffers alike whatever they think they can get away with. And given their grandiose sense of self, they're inclined to believe they can get away with most anything."
Leon F. Seltzer
"The truth is most of the individual mistakes boil down to just one: a belief that markets are self-adjusting and that the role of government should be minimal."
Joseph E. Stiglitz, Capitalist Fools, January 2009
"Folly is found in every age we know,
Even the most careful fools differ, but only in their ebb and flow."
Nicolas Boileau-Despréaux, Satires, 1666 tr. by Jesse
The spokesmodels were agape with wonder as the markets tanked hard today.
"Could this be a delayed reaction to the FOMC?"
LOL
Stocks got hit hard and went out on the lows.
Gold and silver were body-slammed back down to support.
The VIX rose.
The Dollar DX rallied back from its recent low.
Tomorrow is the last big index option expiration of the year.
Duh.
The oligarchy is audacious.
Have a pleasant evening.
