I would opine that it was also somewhat a result of what Greenspan said yesterday along with today's durable goods report.
The Fed always tightens too much and odds are we're headed for a recession. It's called the business cycle and the market has run up a lot and a sharp correction has been in the cards for a while now.
The Chicoms have been hiding truly astounding amounts of bad loans their banks have been carrying.
Greenspan? Bernanke is the new Fed chairman, as far as I know and he's the one who mentioned a recession by late '07 or early '08.
Now that M3 is no longer reported they can print money at will.
And now they have an excuse to inflate, and they'd better do it fast while consumer and investor sentiment is still high.
Dollar be d@mned.
BUMP