What I said yesterday…

Applies to today. The bailout passed and the market faded fast. This could be “buy on runor and sell the fact.” However, it seems probable that the market doesn’t think the nbailout will help much.

Both Soros and Roubini are saying that the banks that look like they will survive should be recapitalized by the government (and private money) and the rest left to die.

And while we’re at it, let’s ban CDS.

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