Based on my figures, points below 850 on the S&P 500 are ... looney territory.
During the property crisis in Hong Kong and associated attacks on that market, the authorities essentially monetized the equity market for a time...
Ben could buy some time for Paulson, that way. He might not have enough powder, but if he uses it in the right ways, he could get pretty far.
For instance, I've always thought that buying up 700 billion in sub-prime securities was an option for him and a place to start, if other approaches didn't ... it'd shock the hell out of everyone and the dollar might wobble, but it would be a blowtorch on 'the freeze', no doubt.
Friday, October 10, 2008
Reminder
