As I predicted yesterday, gold went up.
Ben Bernanke's gimmicks did not work. Sure, investors sent the Dow soaring, but to me that looks more like taking advantage of the gift, than a real change in fundamentals. As Paul Volcker said yesterday in Charlie Rose's program: Fanny Mae and Freddie Mac have to take care of this mess with government control. The private sector has failed to manage the mortgage industry.
Now all of us have to act more rational and stop spending money we do not have. Party is over.
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