Tuesday, November 25, 2008

One more sucker's rally.

So Obama announced the only guy it could be for treasury secretary, then the government bailed out Citi, which we knew it had to do, and the market goes up 14% on these surprises? We already knew this was going to happen, although we didn't know the government wouldn't stick it to the Citi bondholders and shareholders (this is why I didn't short or buy the stock). They could have at least had the deceny to wipe out the shareholders, but at least Paulson is stealing money from me for a good cause (rewarding wealthy shareholders such as a Saudi Prince with a bad '80s mustache).

I'm getting ready to head up to Dallas for the week for Thanksgiving. There will be a slew of new posts to come including my report from Moscow.

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