Monday, November 21, 2011

While nobody can ever say for sure why the stock market goes up or down on a particular day, I am very, very, very skeptical of claims that the market drop today is because of the collapse of the so-called 'supercommittee'...

It's been apparent for a while now that the supercommittee wasn't going to come up with some universally accepted solution to the country's spending problems. In fact, there were some pretty smart people who on Day One claimed that this was all a waste of time, that there was no way the partisans on the supercommittee was going to come up with anything meaningful.

But... according to the wonderful MSM, we're supposed to believe that it was only today that traders and investors woke up to the reality of supercommittee failure and decided to dump their holdings?