Wednesday, February 10, 2010

Rick Santelli and all the other "God Guns and Guts made America Great Conservatives"

Today Ben Bernanke announced that the Federal Reserve would begin to pay interest on deposits held at the Federal Reserve.  This will essentially remove cash from the banking system and reduce the money supply.  The result of this announcement sent the market averages in a downward spiral.  This is why Rick Santelli and his comrades on the floor of the futures exchange hate government intervention.  When futures traders are on to a trend, they want to profit from that trend no matter what the effect of that trend is on everyone else in the country.  They would like to stay short throughout the total collapse of the entire economy and condemn any government intervention as the path to Perdition.  I have always called these traders "God, Guns and Guts Made America Great Conservative Republicans" now they started calling them selves the "Tea Party"
The reality is that the last T I drew was going to end sometime this afternoon 2/10/10 anyway so Mr. Bernanke just accelerated the end of that T and in doing so has saved the Republic. I am going to close out my long position and go short between now and the close.

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