Bernanke sure knows when to step in and help out his Wall Street masters.
But the only way out of this mess is to create new and even bigger bubbles, and a 0% interest rate policy and dollars falling from helicopters are gonna pump something up. Commodities and foreign currencies got the first bump, but you know damn well his top objective is to create a new stock market bubble.
When a nation loses its manufacturing base and incomes are declining, "equity extraction" and cap gains are really the only way we can keep this scheme going.
So, is today a classic dead cat bounce? Will we rally from here, or fall to lower lows?
And is there any chance housing could see a dead cat bounce? A false rally before heading lower again? Or will it continue down in a linear fashion until we're back below where we started?
Here's a trader yesterday, before today's big rally:
"We see markets leveling off ahead of the earnings announcements from the banks and ahead of the hedge fund earnings reports. As the week progresses, uncertainty will arise again. We have just sold off so much right now, I think we are in for a dead-cat bounce," said David Spegel, global head of emerging markets strategy at ING in New York.